Philippines

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The Semiconductor and Electronics Industries in the Philippines, Inc stated on October 9 that it expects to earn $32bn this year, up from last year's total of $29.6bn.
The real estate industry, which posted growth of 30% in the first quarter of 2007, is the fastest-growing sector in the Philippines, according to the National Statistical Co-ordination Board.
The Philippines' global ranking in terms of the ease of doing business tumbled even further this year, according to a recent International Finance Corporation study.
Manila Electric Co and the National Power Corporation have agreed to put a price ceiling on generation charges. As a result, companies located in economic zones will receive lower power rates.
The International Finance Corp recently recommended the government withdraw the income tax holiday incentive enjoyed by some businesses.
President Gloria Macapagal Arroyo and the department of budget and management (DBM) have submitted to the House of Representatives a budget proposal for 2008, which is scheduled to be reviewed and approved before the end of 2007.

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