JOIN us in the TNK Webinar, "Stock Market Investing for Beginners," on 18 Philippine Embassy in Germany Philippine Consulate General in Frankfurt. OTHER SERVICES. Driver's License, NBI Clearance, GSIS, Pag-IBIG Fund, SSS, and more. PASSPORT STATUS. Track status of your passport application. Anyone, regardless of nationality, is welcome to invest in the Philippines. With the liberalization of the foreign investment law, % foreign equity may. PREDICTIVE FOREX STRATEGIES Session activity logged are listed below:. This allows to automatically once the troubleshooting log I. Password is your. Feature Network diagnose email' Tap 'Next' on, most of the configurations need fog lights, a on the actual Swift Bugfix. The screenshots are name "ext" is.
As it has grown, the industry has diversified significantly in breadth, scale, and maturity of services from contact center to back office, IT, healthcare, engineering, finance and accounting, business analytics, big data, animation and game development. Over 40 of the Fortune and other large global organizations, including those from India have a Global In-House Center in the country. These have built sizeable scale in the Philippines and have been driving the growth of non-voice and complex services.
The Philippines looks forward to the participation of Singapore in developing Philippine infrastructure and logistics that will hasten movement of people and goods and linkages with regional markets. Investors are invited to bid for major Philippine projects as the current administration hikes up infrastructure spending to improve and modernize road networks, railways, seaport systems and airport systems.
The rollout of infrastructure projects would be accelerated with the revitalized PPP. These make for convenient import and export transactions. It enjoys natural protection from typhoons, with the Sierra Madre to the West and the Zambales mountain range to the east. Being in a special economic zone, CGC has tax benefits which will be favorable to percent foreign-owned companies. To attract more investors, BCDA will grant fiscal and non-fiscal incentives for locators.
However, operations in Singapore are constrained by rising rental and labor costs and in recent years, tightening of flow of foreign workers. The Philippines is poised to be a viable option for setting up RQHs and ROHQs, with its excellent track record as a back-office location for multinationals and abundance of skilled and English-speaking workers. Shipbuilding The arrival of foreign shipbuilders in the Philippines propelled the export growth of the Philippine-made ships and vessels.
With available skilled labor and areas for shipyards, the Philippines is able to support the Singaporean shipbuilding and marine and offshore industry. An example is Keppel which has shipyards in the country. The increasing tourist arrivals in the Philippines and the corresponding requirements for tourism facilities and services offer an opportunity for Singaporean companies seeking growth prospects in ASEAN and particularly in the country. For the month of May , visitor arrivals reached a total of ,, an increase of It could be noted that from to , the month of May only generated more than , visitors while it produced more than , visitors last year.
For the first time this year, visitor arrivals in May surpassed the , mark providing a bright outlook for Philippine tourism. This positive growth in arrivals can be attributed to aggressive marketing efforts and international events which included the ASEAN 50 meetings held in the country. CapitaLand operating the Ascot, Somerset and Citadine brands, has several projects in the country.
In one of the Slingshot events in , DTI unveiled the Startup Ecosystem Development Program SEDP , an industry cluster program to foster inter-enterprise linkages among micro, small and medium enterprises and strengthen collaborative networks.
SEDP is composed of a five-point program with short, medium, and long-term impact. Some of the action points have been implemented such as the establishment of the Negosyo business Centers Plus which have the capabilities to service technology startups and engage the local community through relevant activities, mentoring, networking and pitching.
The availability of a thoroughly capable workforce in the Philippines will help Singapore companies achieve scale and speed. Philippine universities produce thousands of graduates specializing in engineering and technology annually, with majority of them skilled in app design and programming languages.
The IPP is a list of priority investment activities that may be given incentives. Broadly these changes include further emphasis on innovation-driven and job-generating businesses; inclusive business for agribusiness and tourism; broadened coverage of manufacturing; information technology IT and IT-enabled services for the domestic market and telecommunications services for new market players; environment and climate change-related projects; LGU-initiated PPP projects; drug rehabilitation centers; state-of-the-art engineering, procurement and construction EPC services; and the lifting of geographical restrictions for most agriculture and tourist accommodation facilities.
Latest News. Stories of Hope and Resilience. Antonio A. Jose P. Investment Opportunities. Philippines as a Business Destination With an impressive growth of 6. In addition, a complex and slow judicial system inhibits the timely and fair resolution of commercial disputes. Philippine law generally treats foreign investors the same as their domestic counterparts, with important exceptions outlined in the Foreign Investment Act detailed below.
Investors generally report that the Philippine bureaucracy is nondiscriminatory but slow to process these requirements. To streamline business registration process, the GPH is implementing the Philippine Business Registry PBR , a single, web-based business registration system that integrates business registration processes now handled by five government agencies. The FINL is comprised of two parts. Part A details sectors in which foreign equity participation is restricted by the Constitution or laws.
There is no procedural mechanism to request a waiver from the negative lists. The Constitution prohibits foreign nationals from owning land in the Philippines. The Investors' Lease Act of ILA allows foreign investors to lease a contiguous parcel up to hectares for 50 years, renewable once for 25 additional years.
The Dual-Citizenship Act, which allows natural-born Filipinos who became naturalized citizens of a foreign country to re-acquire Philippine citizenship, gave Philippine dual citizens full rights to possess land. Ownership deeds continue to be difficult to establish and are poorly reported and regulated. The court system is slow to resolve land disputes.
Only Philippine citizens can practice licensed professions such as engineering, medicine, and allied professions; accountancy, architecture, interior design, chemistry, environmental planning, social work, teaching, and law, real estate services, respiratory therapy, and psychology. Top positions and elective officers of majority foreign-owned BOI-registered enterprises i.
Other investment areas reserved for Filipinos include mass media except recording ; small-scale mining; private security; utilization of marine resources, including small-scale utilization of natural resources in rivers, lakes, and lagoons; and the manufacture of firecrackers and pyrotechnic devices. Foreign investment is highly restricted in the retail trade industry. The Philippines limits foreign ownership for reasons of national security, defense, and public health.
The SEC expects to release implementing rules and regulations in that will enable it to monitor, investigate, and impose penalties on corporations that do not comply with foreign ownership equity requirements of sectors covered by the FINL. Foreign ownership in the banking sector is restricted by the Foreign Bank Liberalization Act. The Act limits at 10 the number of new foreign banks that could open full-service branches in the Philippines, and those licenses have already been issued.
The banks are limited to six branch offices, each. In addition, each of the four foreign banks operating in the Philippines prior to is allowed to open up to six branches each. Micro-finance institutions are exempt. Offshore companies not incorporated in the Philippines may underwrite Philippine issues for foreign markets but not the domestic market.
Current law also restricts membership on boards of directors for mutual fund companies to Philippine citizens. The Lending Company Regulation Act of , which established a regulatory framework for credit enterprises that do not clearly fall under the scope of existing laws, requires majority Philippine ownership for such enterprises. The order imposes a moratorium on the new mining agreements until the Philippine Congress defines a revenue-sharing scheme.
It additionally confines small-scale mining to designated areas, requires the government to review and renegotiate existing contracts, requires reserves to be rewarded through a public bidding process, provides state ownership of mine wastes upon the expiration of a contract, creates the Mining Industry Coordinating Council to implement reforms, and bans the use of mercury in small-scale mining.
The BOT Law provides the legal framework for private sector participation in large infrastructure projects. While U. Resources for right-of-way and land acquisition have been allocated and single borrower SB limits for Philippine banks that finance PPP arrangements have been relaxed.
The Central Bank has worked since to relax and streamline the Philippine foreign exchange forex regulatory framework. There are no restrictions on the full and immediate transfer of funds associated with foreign investments, foreign debt servicing, or payment of royalties, lease payments, and similar fees. Central Bank regulations provide specific requirements for foreign exchange purchases from banks and their subsidiary foreign exchange corporations and from non-bank foreign exchange dealers, money changers, and remittance agents.
There is no mandatory foreign exchange surrender requirement imposed on export earners or other foreign currency earners such as overseas workers. The Central Bank follows a market-determined exchange rate policy, with scope for intervention targeted mainly at smoothing excessive foreign exchange volatility. Philippine law allows for expropriation of private property for public use or in the interest of national welfare or defense.
In such cases, the Philippine government offers compensation for the affected property. In the event of expropriation, foreign investors have the right under Philippine law to remit sums received as compensation in the currency in which the investment was originally made and at the exchange rate at the time of remittance.
However, agreeing on a mutually-acceptable price can be a protracted process. There are no recent cases of actual expropriation involving U. Many foreign investors describe the inefficiency and uncertainty of the judicial system as a significant disincentive for investment. Investment disputes can take years to resolve. While the judiciary is constitutionally independent of the executive and legislative branches, it faces many problems including understaffing and corruption. In addition, a number of Philippine government actions in recent years have raised questions over the sanctity of contracts in the Philippines.
High-profile cases include the government-initiated review and renegotiation of contracts with independent power producers, court decisions voiding disadvantageous and allegedly tainted BOT agreements, and challenges to foreign participation in large-scale natural resource exploration activities. In July , President Aquino signed an executive order requiring all government contracts involving PPP, BOT, and joint ventures with the private sector, to include provisions for alternative dispute resolution.
According to the order, the goal is to make resolving disputes less expensive, tedious, and time-consuming, particularly for large-scale capital-intensive infrastructure and development contracts. However, Philippine courts have shown a reluctance to abide by the arbitral process or its resulting decisions. Enforcing an arbitral award in the Philippines can take years. In July , the Philippine Congress passed a new bankruptcy and insolvency law that provides a more predictable framework for the rehabilitation and liquidation of distressed companies.
Rehabilitation may be initiated by debtors or creditors under court-supervised, pre-negotiated, or out-of-court proceedings. The law also sets the conditions for voluntary debtor-initiated and involuntary creditor-initiated liquidation. Regional trial courts designated by the Supreme Court have jurisdiction over insolvency and bankruptcy cases.
Performance requirements are established by the BOI for investors who are granted incentives and are usually based on the approved project proposal. BOI-registered companies provide a projected yearly production schedule and export performance targets. As of March , foreign retailers are no longer subject to local sourcing requirements. Although Philippine law outlines objective criteria for selection of a single portal electronic procurement system, U.
Filipino consultants also enjoy preferential treatment in government projects. If Filipino consultants work for foreigners on such projects due to technical need, the law requires that they are the lead consultants. Where foreign funding is indispensable, foreign consultants must enter into joint ventures with Filipinos.
Multilateral donor agencies report that their implementing partners have thus far been able to comply with both donors' internal procurement guidelines and Philippine law. The Official Development Assistance Act further authorizes the President to waive statutory preferences for local suppliers for foreign-funded projects. Implementing regulations set the level of countertrade obligations at a minimum of 50 percent of the import price and set penalties for nonperformance of countertrade obligations.
According to the Senate Tax Study and Research Office, there are about fiscal incentives laws and issuances in the Philippines as of December President Aquino has stated his support for fiscal incentives rationalization publicly and listed fiscal incentives reform as a priority legislative measure. A number of bills have been filed in the Philippine Congress but the scope and detail of reform remain contentious.
Screening for the legitimacy and regulatory compliance of companies seeking investment incentives appears to be nondiscriminatory, but the application process can be complicated. A project study is required when applying for BOI registration and enterprises must adhere with the representations they submitted to the Board during its application. To encourage wider distribution of industry across the Philippines, BOI-registered enterprises that locate in less-developed areas are entitled to "pioneer" incentives.
Incentives also apply specifically to export-oriented firms. Aside from ITH and duty-free importation of capital equipment, registered enterprises may also be entitled to tax credit for taxes and duties paid on imported raw materials used in the processing of export products for ten years and may have exemption from taxes and duties on imported spare parts, and access to customs bonded manufacturing warehouses. Registered exporters may be eligible for both these and BOI incentives, provided the exporters are registered according to BOI rules and regulations and the exporter does not take advantage of the same or similar incentives twice.
Specific export incentives include a tax credit ranging from 2. Philippine law also provides incentives for multinational enterprises to establish regional or area headquarters and regional operating headquarters in the Philippines. Regional headquarters are defined as branches of multinational companies that do not earn or derive income from the country, and which act as centers for supervision, communications, or coordination. Incentives include exemption from income tax; exemption from branch profits remittance tax; exemption from value-added tax; sale or lease of goods and property and rendition of services to the regional headquarters subject to zero percent value-added tax; exemption from all taxes, fees, or charges imposed by a local government unit except real property taxes ; and value-added tax and duty-free importation of training and conference materials and equipment solely used for the headquarters functions.
Foreign executives working at regional operating headquarters may import personal and household effects duty free and may obtain immigration benefits. Multinationals entities that establish regional warehouses for the supply of spare parts, manufactured components, or raw materials for foreign markets also enjoy incentives on imports that are re-exported, including exemption from customs duties, internal revenue taxes, and local taxes. Imported merchandise intended for the Philippine market is subject to applicable duties and taxes.
Philippine law recognizes the private right to acquire and dispose of property or business interests, subject to foreign nationality caps specified in the Philippine Constitution and other laws. The Constitution grants the government authority to regulate competition and prohibit monopoly, but there is no implementing law. The Aquino administration has prioritized the enactment of an anti-trust law. Congress is considering several anti-trust bills. A few sectors are closed to private enterprise, generally on grounds of security, health, or public morals.
Generally, only the state-owned GSIS may insure government-funded projects. BOT projects and partially privatized government corporations must meet GSIS insurance and bonding requirements in proportion to Philippine government interests. In addition, government funds are usually deposited in the Central Bank or in government-owned banks. The Philippines has established procedures for registering claims on property, but delays and uncertainty caused by the judicial system remain a problem.
Questions regarding the general sanctity of contracts, and the property rights they support, have also clouded the investment climate. Furthermore, trademark infringement of a variety of product lines remains prevalent. The Intellectual Property IP Code provides the legal framework for intellectual property rights protection in the Philippines, especially in the key areas of patents, trademarks, and copyright. Investor concerns include deficiencies in the IP Code and other IP laws that have unclear provisions relating to the rights of copyright owners over broadcast, rebroadcast, cable retransmission, or satellite retransmission of their works, and burdensome restrictions affecting contracts to license software and other technology.
The Philippines has generally strong patent and trademark laws. Its first-to-file patent system grants patents valid for 20 years from the date of filing. The holder of a patent is guaranteed an additional right of exclusive importation of his invention. The PPH is a global program that streamlines the examination process for patent applications filed in participating countries.
However, the Cheaper Medicines Act limits patent protection for pharmaceuticals and significantly liberalizes the grounds for the compulsory licensing of pharmaceuticals. Trademark law protects well-known marks, which do not need to be in actual use or registered to be protected under the law, and prior use of a trademark in the Philippines is not required to file a trademark application.
In July , the Philippines acceded to the Madrid Protocol, an agreement that facilitates the protection of trademarks in a large number of countries by obtaining an international registration. In the area of copyright law, legislation that would fully implement the World Intellectual Property Organization WIPO Copyright and Performances and Phonograms treaties has been ratified by the Philippine Congress after being pending for more than a decade.
Philippine law also protects computer software as literary work, and exclusive rental rights may be offered in several categories of works and sound recordings. Further, the enactment of the Anti-Camcording Act in provided stringent penalties for illegal camcording of motion pictures in theaters. The Act has reportedly helped to significantly reduce unlawful camcording incidents in the Philippines.
The IP Code also recognizes industrial designs, performers' rights, and trade secrets. The registration of a qualifying industrial design is for a period of five years and may be renewed for two consecutive five-year periods. While Philippine law recognizes performers' rights for 50 years after death, the exercise of exclusive rights for copyright owners over broadcast and retransmission is ambiguous. While there are no codified rules on the protection of trade secrets, Philippine officials assert that existing civil and criminal statutes protect trade secrets and confidential information.
Other important laws defining intellectual property rights are the Plant Variety Protection Act, which provides plant breeders intellectual property rights consistent with the Union for the Protection of New Varieties of Plants Convention, and the Integrated Circuit Act, providing WTO-consistent protection for the layout designs of integrated circuits.
Generally, the Philippine government enforcement agencies are most responsive to those copyright owners who actively work with them to target infringement. Agencies will not proactively target infringement unless the copyright owner brings it to their attention and works with them on surveillance and enforcement actions. Although intellectual property owners have sometimes used the IPOPHL's administrative complaint system as an alternative to the judicial system, the process can be slow-moving due to limited resources.
Enforcement actions are not often followed by successful prosecutions. Intellectual property infringement is not considered a major crime within the Philippine judicial system and takes a lower precedence in court proceedings. The special rules include: streamlined procedures to expedite cases and rules of evidence for IPR cases; provisions for the speedy, summary destruction of seized goods; designation of four courts with national jurisdiction to issue search warrants; and regional IP commercial courts.
The special rules have the potential to improve IPR-related convictions as it shortens lengthy court action that led many cases to be settled out of court. Convicted intellectual property violators rarely spend time in jail, since the six-year penalty enables them to apply for probation immediately under Philippine law.
As of November , IPOPHL reported that out of IP violations cases filed in their office since have been dismissed, while the latest statistics on court convictions on IP violations are not yet available as of the reporting period. Philippine national agencies are required by law to develop regulations via a public consultation process, often involving public hearings. In most cases, this ensures some transparency in the rulemaking process. New regulations must be published in national newspapers of general circulation or in the GPH's official gazette before taking effect.
On the enforcement side, however, regulatory action is often weak, inconsistent, and unpredictable. Regulatory agencies in the Philippines are generally not statutorily independent, but are attached to cabinet departments or the Office of the President and, therefore, subject to political pressure. Many U. The Philippines is generally open to foreign portfolio capital investment. Non-residents may purchase domestically-issued securities and invest in equities and money market instruments.
They may also invest in bank deposits, although foreign exchange purchases from banks to remit profits and repatriate capital for Peso time deposits with maturities of under 90 days face some restrictions. Nevertheless, private sector issuances have been steadily increasing and now constitute an important source of financing for major Philippine enterprises. Although growing, the Philippine stock market lags many of its neighbors in size, product offerings, and trading activity.
Investments in any publicly-listed firm on the PSE are governed by foreign ownership ceilings stipulated in the Constitution and other laws. To encourage publicly-listed companies to widen their investor base, the PSE introduced reforms in to include trading activity and free float criteria in the selection of companies comprising the stock exchange index.
The 30 companies included in the benchmark index are subject to review every six months. Cross-ownership and interlocking directorates among listed companies also lessen the likelihood of hostile takeovers. The Securities Regulation Code of strengthened investor protection by requiring full disclosure in the regulation of public offerings, and implementing stricter rules on insider trading, mandatory tender offer requirements, and the segregation of broker-dealer functions.
The Code also significantly increased sanctions for securities violations, and mandated steps to improve the internal management of the stock exchange and future securities exchanges. The enforcement of these strengthened laws is mixed. While there has been some progress from the creation of special commercial courts, the prosecution of stock market irregularities can be subject to delays and uncertainties of the Philippine legal system.
The Central Bank has worked to strengthen banks' capital bases, reporting requirements, corporate governance, and risk management systems. Commercial banks' published average capital adequacy ratio was Time-bound fiscal and regulatory incentives to encourage the sale of non-performing assets to private special purpose vehicles and asset management companies promoted a resilient post-Asian crisis banking sector in the Philippines.
Philippine banks also had limited direct exposure during the global financial crisis to investment products issued by troubled financial institutions overseas. As of September , non-performing loans and non-performing asset ratios of commercial banks were estimated at 2. The General Banking Law of paved the way for the Philippine banking system to phase in internationally accepted, risk-based capital adequacy standards.
Since , the Central Bank has broadly revised its risk-based capital framework in step with adjustments in the Basel capital adequacy rules. The Central Bank began the staggered adoption of Basel 3 capital adequacy rules for commercial banks in January Full implementation is scheduled for January — four years ahead of the timeline provided by the Basel Committee on Banking Supervision.
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