2021 European Philippine Business Summit

Amidst the Crisis: a New Decade of Growth Opportunities

Against the backdrop of a bleak economic environment, the Philippines is now at a crossroads to maintain its long-term gains by effectively managing the twin challenges of a public health emergency and a dragging economy. Despite hitting a snag in its first year navigating the “new normal”, recent developments and structural reforms offered a wide elbow room for policymakers to boost the country’s economic prospects as a vital market in the region for foreign direct investments.

The signing of the landmark tax reform law also known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Financial Institutions Strategic Transfer (FIST) Act, and the inking of the world’s largest trade bloc known as the Regional Comprehensive Economic Partnership (RCEP), of which the Philippines is a party, are now among the country’s encouraging measures to restore confidence and continue to…