Three years into the current administration, a number of reforms have been introduced and implemented by the Philippine government. Among these include the tax reform program, Ease of Doing Business Act, the flagship Build Build Build program, as well as initiatives on energy, health, and sustainable tourism.
Notwithstanding these significant developments, a number of policy measures remain to be seen to maximize the country's economic potential and resilience. From January to November 2019, the Philippines recorded a decrease in both total export and imports. Meanwhile, foreign direct investments from January to October last year registered a drop by 33% from the same period in 2018 (BSP, 2020). It is likewise important to note that the Philippine economy remains to be fueled by a consumer-driven market, with private consumption covering 70% of its GDP (CEIC, 2020). Finally, other recent events have exhibited the Philippines' vulnerability to natural disasters such as earthquakes, typhoons, and volcanic eruptions, which pose social and economic implications to the country.
These attributes ultimately call for reforms aimed at improving productivity, competition, and the overall business environment for domestic and foreign players, as well as heightening consumer protection and disaster management in the Philippines.
At this Luncheon Meeting with the House Committee on Trade and Industry Chairperson Weslie Gatchalian, we look forward to your participation as we receive updates and exchange discussions on the Philippine government's priority policy reforms. This event will focus on (1) Retail Trade Liberalization Act, (2) PCAB Licensing, (3) Ease of Doing Business, (4) Consumer Protection, and (5) Disaster Resilience.
Chairperson at Committee on Trade & Industry, House of Representatives