Diversification has been the Holy Grail of the export sector, as dependence on electronics (at two-thirds of the total) has rendered the Philippines’ export earnings hostage to the ups and downs of a lone commodity. Starting 2011, the Philippines began shedding this reliance on electronics, but in the last two years, the proportion of export earnings from this commodity group has been increasing to again reach more than half of the total.
Pres. Rodrigo R. Duterte has vowed to raise the Philippines’ infrastructure profile by the end of his term, committing to set aside an infrastructure budget that is equivalent to at least five percent of gross domestic product (GDP) over that period. His commitment comes after the previous administration’s disappointing record of project completion under the Public-Private Partnership (PPP) program. Despite this, the Philippines’ PPP pipeline has been one of the most robust across the Association of Southeast Asian Nations (ASEAN). Data from the World Bank show that the country enjoyed the biggest private infusion for PPP deals in recent years.
The Philippines rose to the 58th spot in this year’s Index of Economic Freedom, riding on robust economic growth and fiscal gains, although concerns remain on whether these can be sustained under the new government.
UNIVERSAL Robina Corporation (URC) has entered into a joint venture with the Vitasoy Group of Hong Kong to unlock the market potential of plant-based beverages in the Philippines. Read the full story.
THE INSURANCE industry’s total premium income was flat in 2016, amid the continued decline in sales of life insurers and the poor performance of local equities in the latter half of the year, the head of the Insurance Commission (IC) said. Read the full story.
