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The Philippines is a key bridge between the Americas and Asia, making it a natural conduit for global trade flows. The country also has some of the strongest eco¬nomic growth rates in the Asia-Pacific region, with growth at 6% or more for 16 out of the 20 quarters between 2014 and March 2019. The nation will continue to have considerable demand for imports as major public infrastructure projects are rolled out and industries expand and move towards higher value-added products. Demand for intermediate goods, as well as building materials and finished prod¬ucts, is therefore high. At the same time, insufficient upstream output of oil, gas and coal means that energy imports are also growing as the economy expands. This chapter also contains interviews with Charito Plaza, Director-General, Phil¬ippine Economic Zone Authority; and Allard Nooy, CEO, InfraCo Asia.

With some 175 ethnolinguistic groups spread across the vast archipelago of the Philippines, uniting remote regions and distinct communities under a national identity has been a challenging task for the central government. Political power gradually became concentrated in the present capital Manila under Spanish and US colonial regimes, and the notion of a strong central government was embraced by many of the initial post-colonial administrations. However, the enactment of the Local Government Code of 1991 transferred more power to local government units. In order to promote development, resolve lingering tensions and attract investment in the regions, the administration of President Rodrigo Duterte is trying to gain support for constitutional reform to establish a federalist system of government that hands more autonomy to the regions. This chapter also contains an interview with Vince Dizon, President and CEO, Bases Conversion and Development Authority.

Spanning more than 300,000 sq km, the Republic of the Philippines reaches from Taiwan in the north to Indonesia in the south. The Philippines is the fourth-largest country in South-east Asia in territorial size and is home to some 175 ethnolinguistic groups across over 7000 islands. In terms of population, it has the 13th-largest population in the world and the seventh largest in Asia. According to the UN, the population reached 107.4m in the first quarter of 2019. Income inequality and uneven growth are problems that need addressing if the country is to escape the middle-income trap, with poverty incidence among Filipinos in the first quarter of 2018 estimated at 21%. This chapter also contains interviews with President Rodrigo Roa Duterte; and Teodoro L Locsin, Secretary, Depart¬ment of Foreign Affairs.

With strong economic growth, an expanding population and an increasingly sophisticated internal market, the Philippines is one of Asia Pacific’s brightest investment opportunities. Concerted efforts to reform taxes, improve the ease of doing business and shore up capital markets are under way, while inflation is back under control and a major programme of infrastructure development is accelerating. Meanwhile, structural reforms are continuing and significant shifts are being undertaken in key areas such as fuel subsidies and rice imports. Additionally, more sectors of the economy are being opened up to foreign participation as the country moves towards greater integration with its international partners. All these moves are helping the Philippines move up the value chain, diversify its economy and attract greater foreign direct investment. This chapter also contains interviews with Carlos G Dominguez, Secretary of Finance; and Kevin Tan, CEO, Alliance Global Group.

After a surge in stock prices in 2017 that saw the Ghana Stock Exchange (GSE) become the best performing exchange globally, the GSE experienced a significant setback, posting net declines in 2018. Nevertheless, the strong performance of the country’s main index in 2017 has renewed interest in the market as a means of raising capital and made Ghanaian equities a more attractive prospect for investors. While challenges remain, including a lack of variety in investment instruments and low levels of liquidity, the introduction of new minimum capital requirements for banks, coupled with the sustained growth of one of sub-Saharan Africa’s fastest-growing economies, appears set to boost the raising of capital and stock prices over the course of 2019. This chapter contains interviews with Daniel Ogbarmey Tetteh, Director-General, Securities and Exchange Commission; and Alex Asiedu, Managing Director, STANLIB.