The new administration of President Rodrigo Duterte inherited a robust economy with good economic fundamentals. At the start of his term, President Duterte was quick to present his 10-point economic agenda with a focus on reducing government bureaucracy, improving infrastructure development and enhancing human capital investments, while undertaking a careful review of the current tax system and introducing a tax reform program. With these, most Filipinos have remained hopeful and positive about the country’s economic growth.
Doing Business in the Philippines focuses on the requirements needed when setting up a business in the Philippines. With the government’s development plans and initiatives, the firm is optimistic that it will create a more conducive business environment, foster inclusive economic growth and further enhance our country’s competitiveness.
In recent years, the country has grown into one of the strongest economies in Asia. The World Bank has identified the Philippine economy as one of the top growth performers in East Asia, driven by strong exports, robust domestic consumption, and infrastructure expenditures. Furthermore, according to the World Bank, the government’s commitment to further increase public infrastructure investment is expected to sustain the country’s growth momentum, thereby reinforcing business and consumer confidence.