Philippines

It appears that the Philippines government has at long last prioritised the development of the country's IT industry, though the sector still faces numerous challenges in order to modernise its infrastructure.

The Philippines boasts one of the few banking sectors around the world to have evaded many of the consequences of the US-led financial turmoil. Certainly much is owed to lessons learned in the form of strong monetary and fiscal policy reforms after the Asian financial crisis in 1997-98. Relatively conservative banking practices also played a significant role in sheltering the country's finances during what has proven to be one of the most siginificant economic downturns in recent history.

The Philippines is on the verge of completing the long-awaited privatisation of its energy sector. Adopted in 2001, the Electricity Power Industry Reform Act mandated the sale of a minimum of 70% of the government-owned power-generating assets held by National Power Corporation (NPC). With the recent sale of the 600-MW Calaca Power Plant to the Consunji-owned DMCI Holdings, the Power Sector Assets and Liabilities Corporation (PSALM), the government body charged with overseeing the sale of government power assets, has reached the 70% threshold.

At a glance the Philippine educational system appears healthy, robust and efficient. The reputation of Filipino nurses, teachers, engineers, accountants and other service-related workers is well established. Global demand for skilled English-speaking Filipino workers often masks the fact that the country’s educational system faces a number of challenges – not least of which is a shortage of teachers caused by the exodus of many of the Philippines’ brightest in search of more lucrative opportunities abroad.

The Philippines, a country with an abundance of natural resources, has remained a largely untapped market for the mining industry. However, it seems the Filipino government has finally decided to start capitalising on its inherent asset by pursuing investor-friendly reforms designed to benefit all stakeholders.

Development of the Filipino agricultural sector is key to the economic and social progression of the country, especially considering the potential impact the industry can have on poverty and unemployment. In 2007 agriculture activity already employed nearly 12m people, equating approximately to one-third of the country’s entire labour force, while also accounting for nearly one-fifth of GDP at 18%. The government’s primary focus is on food security for the country’s growing population. In order to accomplish this goal the Department of Agriculture has set its eyes on maintaining at least 5% annual growth in the sector over the long term.