The Philippines has undertaken a wide range of banking reforms in recent decades, and the efforts have contributed to making the sector sound, stable and resilient. The one lingering issue has been foreign participation. For years the authorities offered only conditional access. In 2014 the doors were finally opened.
Strong macroeconomic expansion, rising consumer incomes and soaring import demand has kept trade volumes in the Philippines on a consistent upwards trajectory over the past decade. However, the country remains in trade deficit, with exports faltering in recent years as a result of external challenges such as low global commodity prices;...
Although small and medium-sized enterprises (SMEs) comprise 99.6% of all businesses in the Philippines, employ 65% of its workforce and account for 35% of GDP, they face a host of growth challenges including lack of technical capacity, difficulty in accessing regional markets in ASEAN and, most notably, lack of access to finance. While the...
Years of robust macroeconomic growth combined with prudent fiscal policy have left the Philippines well positioned to boost public spending in 2017, with infrastructure, security and education set to benefit from double-digit increases this year. Although the fiscal deficit is set to hit a record high, the country’s positive growth outlook,...
New job opportunities have accompanied economic growth in the Philippines, but unemployment remains relatively elevated, compared to elsewhere in the region, while chronic underemployment and static wage growth have seen the number of working poor expand in recent years. The government is addressing these challenges through investments in...
After five straight years of robust macroeconomic expansion, the Philippines ranks as one of the best-performing economies in South-east Asia. With rapidly rising domestic consumption, soaring foreign direct investment (FDI) and a growing services sector, the country is set to record world-leading growth rates in 2017. Although weakening...
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