Philippines

A drive to increase the number of industrial parks opening their doors across the Philippines is gathering pace as the country moves to build on a landmark level of foreign direct investment (FDI) notched up last year.

A new law is expected to boost medical research in the Philippines, potentially opening doors to greater private sector involvement in the health services industry.

Air travel in the Philippines could see major changes this year, with the government working to improve airport services and update older facilities in Manila and Cebu City.

A new incentives programme to be rolled out across the Philippines next year is expected to help the government boost the renewables sector, while also meeting rising domestic demand for power.

After years of slow growth in foreign direct investment (FDI) following the global financial crisis, the Philippines is now showing high potential for a return to 2007 FDI levels. The country still lags behind some of ASEAN neighbours in overall investment per capita levels, although strong economic growth and new anti-corruption measures, combined with a recent credit rating upgrade from Fitch Ratings, have improved the Philippines’ reputation.

In a move that should pave the way for renewed growth in the minerals sector, The Philippines has lifted a moratorium on issuing new mining exploration permits. However, the end of the ban may not lead to the surge of new investments the government is hoping for, as local and foreign investors are likely to be cautious as they assess the impact of new capitalisation requirements and tax regulations.