The Philippines : Toward a Better Investment Climate for Growth and Productivity

This working paper concerns the growth of investment climate in the Philippines. There are several resounding ideas in areas both positive and negative. The growth potential in the Philippines is considerable. The country has significant natural re...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Publications & Research
Language:	English en_US
Published:	Manila 2015
Subjects:	ACCESS TO FINANCING ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ADMINISTRATION OF JUSTICE ADMINISTRATIVE CORRUPTION BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BORROWING COSTS BORROWING REQUIREMENTS BUDGET DEFICITS BUREAUCRACY BUREAUCRATIC QUALITY BUSINESS ENVIRONMENT CAPITAL INVESTMENTS CAPITAL STOCK CENTRAL BANK CHECKS CITIZENS CIVIL SOCIETY CIVIL UNREST CLAIMANTS COLLATERAL CONTRACT ENFORCEMENT CORPORATE BOND MARKET CORPORATE BONDS CORRUPT POLITICIANS CORRUPT PRACTICES CORRUPTION CORRUPTION INDICATOR COUNTRY RISK COUNTRY RISKS CREDIBILITY CREDITOR CREDITOR RIGHTS CRIME CRONY DEBT SERVICING DEBT SERVICING COSTS DEBTS DECENTRALIZATION DEMOCRATIC INSTITUTIONS DEREGULATION DEVELOPING COUNTRIES DEVELOPMENT BANK DOMESTIC CORPORATE BOND DOMESTIC CURRENCY DOMESTIC MARKET DOMESTIC MARKETS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC REFORMS EDUCATIONAL ATTAINMENT EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS ENFORCEABILITY ENFORCEABILITY OF CONTRACTS EQUIPMENT EXCESS SUPPLY EXPENDITURE EXPENDITURES EXPORTER EXPORTERS FIGHTING CORRUPTION FINANCIAL CRISIS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR REFORMS FINANCIAL SYSTEM FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED INCOME FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT GLOBAL ECONOMY GOOD GOVERNANCE GOVERNANCE INDICATOR GOVERNANCE INDICATORS GOVERNANCE ISSUES GOVERNANCE PROBLEMS GOVERNANCE RATINGS GOVERNANCE REFORM GOVERNMENT BORROWING GOVERNMENT EFFECTIVENESS GOVERNMENT FINANCE GOVERNMENT REVENUES GOVERNMENT SECURITIES GOVERNMENT SPENDING GRAND CORRUPTION GROSS DOMESTIC PRODUCT GROWTH PERFORMANCE GROWTH RATE GROWTH RATES HOLDING HUMAN CAPITAL INDEBTEDNESS INFLATION INFLATION RATES INFRASTRUCTURE INVESTMENT INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL ENVIRONMENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTOR INSTITUTIONAL QUALITY INSTITUTIONAL REFORMS INSTITUTIONAL WEAKNESSES INTEREST PAYMENTS INTERNAL ACCOUNTABILITY INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEBT INTERNATIONAL TRADE INVESTING INVESTMENT CLIMATE INVESTMENT DECISION INVESTMENT POLICY INVESTMENT REGIME INVESTOR CONFIDENCE ISSUANCES JUDICIAL PROCESSES LABOR MARKET LAND TITLING LAW INDICATOR LENDERS LIVING STANDARDS LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MARKET ECONOMY MARKET REFORMS MARKET SIZE MULTINATIONAL CORPORATIONS NATURAL DISASTERS NATURAL RESOURCES NEGATIVE SHOCKS NON-PERFORMING LOAN NPL OIL PRICES PER CAPITA INCOME PHYSICAL ASSET POLICY OUTCOMES POLITICAL ACCOUNTABILITY POLITICAL COMPETITION POLITICAL DEVELOPMENT POLITICAL ECONOMY POLITICAL INSTABILITY POLITICAL INSTITUTIONS POLITICAL PARTIES POLITICAL PARTY POLITICAL STABILITY POLITICAL STRUCTURES POLITICAL SYSTEM POOR GOVERNANCE POOR PERFORMANCE PRIVATE CAPITAL PRIVATE CREDIT PRIVATE INVESTMENT PRIVATE INVESTMENTS PROFIT MARGIN PROPERTY RIGHTS PUBLIC ASSETS PUBLIC DEBT PUBLIC INSTITUTIONS PUBLIC INVESTMENT PUBLIC OFFICIALS PUBLIC PROCUREMENT PUBLIC SECTOR BORROWING PUBLIC SECTOR DEBT PUBLIC SECTOR GOVERNANCE PUBLIC SPENDING REAL INTEREST REAL INTEREST RATES REGISTRATION SYSTEMS REGULATORY INSTITUTIONS REGULATORY QUALITY REMITTANCES RETURN RETURNS RISK PREMIUMS RULE OF LAW SECURITY INTERESTS SERVICE DELIVERY SHAREHOLDER SOCIAL DEVELOPMENT SOCIAL OUTCOMES SOVEREIGN DEBT SOVEREIGN RATINGS SOVEREIGN RISK SUSTAINABLE ECONOMIC GROWTH TAX TAX COLLECTION TAX EVASION TAX EXEMPTIONS TAX POLICY TAX RATES TAX REVENUES TELECOMMUNICATIONS TRADING TREASURY UNDERDEVELOPED FINANCIAL SYSTEM VIRTUOUS CYCLE
Online Access:	http://documents.worldbank.org/curated/en/2009/01/23866303/philippines-toward-better-investment-climate-growth-productivity-philippines-toward-better-investment-climate-growth-productivity http://hdl.handle.net/10986/21559

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Summary:	This working paper concerns the growth of investment climate in the Philippines. There are several resounding ideas in areas both positive and negative. The growth potential in the Philippines is considerable. The country has significant natural resources; a large pool of managerial and entrepreneurial talent; and widespread proficiency in English. The Government's Medium Term Development Plan (MTDP), 2005-2010 sets ambitious growth and employment targets. Recognizing the opportunity at hand, the MTDP sets much higher growth targets than recent outcomes. The government aims to raise GDP growth from 6.1 percent in 2004 to 8 percent by 2010; increase investments from 19 percent of GDP to 26 percent; create two million jobs annually by 2010 and reduce the incidence of poverty from 26 percent to 19 percent. Meeting the ambitious growth targets will mean addressing key vulnerabilities that has made the Philippines less attractive to investors. From a long-term perspective, the Philippine growth and social development record could have been better. Reforms have delivered only modest growth. Low institutional quality and poor fiscal conditions lie behind reforms, delivering only modest growth and private investments. The importance of the fiscal and institutional environment is further underscored by the Investment Climate Survey (JCS). A survey of more than 700 firms was conducted jointly by the Asian Development Bank (ADB) and the World Bank between 2003 and 2004. The survey confirmed the broad cross-country analysis. The two biggest impediments to a good investment climate identified by firms were macroeconomic instability and corruption. Electricity supply, security and regulatory uncertainty, all related to institutional quality also figured prominently. A deeper analysis of the aforementioned themes is contained in this working paper.

The Philippines : Toward a Better Investment Climate for Growth and Productivity

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