Philippines - Country Information
Strong economic fundamentals
The Philippines has seen strong annual GDP growth of 6 - 7% from 2012 till 2016, driven by both consumption and investment. In 2013, Philippines’ credit rating was raised one level to investment grade by Fitch, S&P and Moody's. In 2014, S&P further upgraded its credit rating to one that is higher than Brazil, India and Spain. In December 2017, Fitch raised the country’s credit rating yet again to BBB, forecasting growth of 6.8% in 2018 and 2019.
Support from remittances
An estimated 10% of Philippines' population live or work abroad, generating US$31.1 billion in remittances in 20161. The value of remittances has been steadily rising and this trend is expected to persist in the medium term, supporting consumption across the archipelago.
The government embarked on an ambitious Public-Private-Partnership (PPP) Programme in 2010, across various sectors including aviation, infrastructure, transport, water, healthcare and education. There has been a steady pipeline of projects since then, with 15 awarded projects, 2 other projects under procurement, 3 projects for government approval, 3 projects under review and 15 projects under development as of December 2017.
Venture to the Philippines
Singapore firms can enter the Philippine market through 100% foreign-owned enterprise (for industries that are not included in the negative list), joint venture agreements or a business cooperation contract with a local partner. Some investment areas/activities such as food processing and ownership of commercial buildings have foreign ownership caps of 40% to 60%.
Only Filipinos can own land, but leases for government-owned and privately-owned properties are available.
Repatriation of profits
Capital and profits may be freely repatriated between both countries.
1: World Bank
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