The investment climate in the Philippines recorded improvements, according to the United States Department of State (DOS).
In its latest 2020 Investment Climate Statements, the The USDOS mentioned reforms made by the Duterte administration that helped improve the business climate in the country.
“The Philippines continues to address investment constraints,” noted the 2020 Investment Climate Statements released in September.
Among the reforms cited by the USDOS were the update of the Foreign Investment Negative List (FINL) in 2018 that allowed 100-percent foreign ownership in Internet businesses, insurance adjustment firms, investment houses, lending and finance companies, and wellness centers, as well as allowing foreigners to teach in higher education levels and increasing foreign participation in the construction sector from 25 percent to 40 percent.
It added that the Ease of Doing Business and Efficient Government Service Delivery law of 2018 has improved transactions with the government through streamlining requirements and automating services.
“Touted as one of the Duterte administration’s landmark laws, it created an Anti-Red Tape Authority under the Office of the President that oversees national policy on anti-red tape issues and implements reforms to improve competitiveness rankings. The authority also monitors compliance of agencies and issues notices to erring and non-compliant government employees and officials,” the USDOS said.