Rapid macroeconomic growth has worked to strengthen trade and investment in the Philippines. Build, Build, Build (BBB) – the government’s infrastructure development agenda – is supporting soaring imports, while the fast-growing manufacturing export base remains an economic mainstay. However, export revenue has failed to keep pace with import...
In late 2017 the Philippines reached a major reform milestone when President Rodrigo Duterte officially approved the first of five Tax Reform for Acceleration and Inclusion (TRAIN) packages. These initiatives are set to lower personal income taxes, expand the value-added tax (VAT) base, and increase taxes on petroleum products,...
Over a decade of robust macroeconomic expansion has driven the Philippines to the forefront of regional economies, with personal consumption driving GDP growth and a swelling middle class expected to attract foreign investment in the coming years. However, despite a strong emphasis on poverty reduction and income equality in...
With GDP growth averaging 6.4% between 2010 and 2017, the Philippines is one of the top-performing economies in South-east Asia. Underpinned by its robust services sector, it is seeing rising investment in manufacturing, strong remittance inflows from overseas workers and an infrastructure spending surge under the Build, Build,...
The government is moving full steam ahead with its infrastructure development programme, Build, Build, Build, entailing $158bn of infrastructure investment over 2018-22. However, the authorities have gradually shifted away from using public-private partnerships, with a growing emphasis on overseas development assistance and public...
Decades of growth in trade and foreign investment have seen global economies become more interconnected than ever before. This trend has been reinforced by the steady liberalisation of international trade and investment, at the bilateral, plurilateral and multilateral levels. National economic specialisations, and regional economic...
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