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Doing Business in the Philippines: 2011 Country Commercial Guide for US Companies

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Doing Business in the Philippines: 2011 Country Commercial Guide for US Companies Doing Business in the Philippines: 2011 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2010. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. Chapter 1: Doing Business In … Chapter 2: Political and Economic Environment Chapter 3: Selling U.S. Products and Services Chapter 4: Leading Sectors for U.S. Export and Investment Chapter 5: Trade Regulations, Customs and Standards Chapter 6: Investment Climate Chapter 7: Trade and Project Financing Chapter 8: Business Travel Chapter 9: Contacts, Market Research and Trade Events Chapter 10: Guide to Our Services 1 Return to table of contents Chapter 1: Doing Business in the Philippines Market Overview Market Challenges Market Opportunities Market Entry Strategy Market Overview Return to top Key Economic Indicators and Trade Statistics From 1.1% in 2009, Philippine Gross Domestic Product growth accelerated to 7.3% in 2010, exceeding the government’s 5%-6% targeted growth range, personal consumption, a rebound in exports and investments, and election-related spending spurred the economy’s expansion http://www.nscb.gov.ph/sna/2010/4th2010/2010qpr4.asp http://www.neda.gov.ph/ads/press_releases/pr.asp?ID=1245 The Government recorded declining fiscal deficits from 2003 to 2007, but opted for higher deficits in 2008 to 2010 to help support economic growth and generate employment. The 2010 budget deficit is estimated at between PhP315 billion to PhP320 billion (roughly US$7billion), within the 3.9% of GDP ceiling programmed for the year due to spending restraint and lower-than-expected financing costs. The Aquino Administration aims to reduce the fiscal deficit to 2% of GDP by 2013. Average consumer price inflation accelerated from 3.2% in 2009 to 3.8% in 2010, due mainly to higher fuel and utility prices; this was well within the Government’s, target range of 3.5% to 5.5% for the year. http://www.bsp.gov.ph/publications/media.asp?id=2489 The foreign exchange rate averaged 45.11 Philippine pesos (PhP to the U.S. dollar during 2010, up 5.3% from the previous year. The peso closed 2010 5.3% stronger than in 2009 (PhP43.84 per U.S. dollar). http://www.bsp.gov.ph/statistics/spei_new/tab25.htm The Philippine Stock Exchange Index, which had increased 63% by the end of 2009 after slumping in 2008, hit all-time highs in 2010 gaining another 38% year-on-year. The balance of payments surplus widened from US$6.4 billion in 2009 to a record high US$14.4 billion in 2010, which reflected a strong export rebound, a surge in foreign portfolio capital flows, and the continued expansion of overseas workers’ remittances. http://www.bsp.gov.ph/statistics/sdds/sdds_bop.htm Gross international reserves increased by 40.3% in 2010 to a new record high of US$62.1 billion, a value equivalent to approximately 10 months of goods and service imports. The ratio of public and private sector foreign debt-service payments to merchandise and service exports declined from 11.7% to 9.6% during the first nine months of 2010, reflecting a strong export recovery against somewhat higher foreign debt service payments. 2 http://www.bsp.gov.ph/statistics/spei_new/tab18.htm The January-November 2010 merchandise trade deficit widened by about 7% year- on-year to more than $8 billion. Both exports (up 35%) and imports (up 30%) rebounded from depressed 2009 levels. Revenues from electronics grew more than 40%. According to U.S. Government data, January-November 2009 Philippine exports to the U.S. increased 19% year-on-year to USD 7.3 billion while Philippine imports from the U.S. increased more than 27% to USD 6.7 billion, resulting in a narrower USD 0.6 billion Philippine trade surplus with the U.S. than in 2009 (USD 1 billion) http://www.census.gov/foreign-trade/balance/c5650.html#2010 For the first ten months of 2010, Japan and the U.S. were the Philippines’ top import sources, accounting for 13% and 11% of total imports, respectively. Other major import sources include Singapore (10% share of the import market), China (8%) and Thailand (7%). Political Situation and Other Issues that Affect Trade Philippine voters elected President Benigno S. Aquino on May 10, 2010, by a wide margin to a six-year term in the country's first nationwide automated elections. Voters also elected the Vice President, half the Senate, the entire House of Representatives, as well as provincial and local leaders. The elections were credible, generally fair, and relatively peaceful, although observers expressed concern about reports of electoral fraud, which has traditionally occurred. With U.S. assistance, the Philippine government continues to make progress against Jemaah Islamiyah (JI) and Abu Sayyaf Group (ASG) terrorists operating in some areas of the southern Philippines. The Aquino administration has indicated support for continuing peace talks with domestic insurgent groups, including the communist National Democratic Front (NDF) and the Mindanao-based Moro Islamic Liberation Front (MILF). The U.S. Government in FY 2010 provided US$128 million in development assistance through USAID and USDA, as well as US$67 million in foreign military assistance. The U.S. Government provided US$1.4 million for Typhoon Megi/Juan relief efforts in FY2010 in addition to logistical support for the delivery of relief supplies. The U.S. and Philippines in September 2010 signed a US$434 million, five-year Millennium Challenge Corporation Compact to reduce poverty and promote economic growth. The agreement will provide financial and technical assistance for three projects on institutional reform, community development, and infrastructure. Market Challenges Return to top Graft and Corruption: Graft and corruption in government and business remain a major business constraint, despite the Government’s effort to combat them. President Aquino’s ascent to power is due largely to his campaign promise to fight corruption, and promote and be an example of transparency and good governance. Ineffective Judicial System: A severe shortage of judges and prosecutors, corruption, and a weak record of prosecution plague the judicial process. 3 Limited Ownership: The Philippines has restricted foreign ownership in selected industries. See Chapters 5 and 6 for complete restrictions. Poor Intellectual Property Rights Protection: A variety of counterfeit goods are commonly sold throughout the country. Due to the efforts of the Intellectual Property Office (IP Philippines) to control these sales, the U.S. Trade Representative moved the Philippines from the Special 301 Priority Watch List to the Watch List in 2006. However, enforcement remains inconsistent. The 2010 Special 301 Report identified the Philippines as one of the countries that will undergo an out-of-cycle review. See Chapter 3 for a more detailed discussion on Intellectual Property Rights. Regulatory System: Product registration, product standards, and environmental and labeling requirements place restrictions on certain products. See Chapter 5 for additional information. Value-Added Tax (VAT): VAT is in place, by virtue of the Republic Act (RA) 9337. VAT is a 12% tax levied on the sale of goods and services and on the imports of goods into the Philippines. It is an indirect tax which can be passed on to the buyer. Infrastructure: The Philippines lags behind many of its neighbors in infrastructure development. Major improvements are needed in transport infrastructure. Capacity at Ninoy Aquino International Airport (NAIA), the primary international gateway, is beyond rated levels and is a significant impediment to development and tourism. There is a need for a transportation master plan to determine what modes of transportation will best address vehicle congestion in key parts of the country. The new Aquino administration has launched its Public-Private Partnership (PPP) program to address the country’s pressing infrastructure needs. Through the PPP, the government will invite private corporations to invest in ten PPP projects focused on infrastructure support facilities for tourism, agriculture, social services and growth centers. http://ppp.gov.ph/ Transportation Safety: In 2007, the Federal Aviation Administration (FAA) revised the Philippines’ aviation safety oversight category from Category 1 to Category 2. In Category 2, Philippine air carriers will be permitted to continue current operations servicing the United States, but will be under heightened FAA surveillance. In 2010, the Philippines received further censure on its air safety practices. The Philippine Civil Aviation Authority was blacklisted by the European Union, and was found by the International Civil Aviation Organization (ICAO) to have Significant Safety Concerns (SSC). Lack of Long-Term Development Policies: There is a need to identify long-term growth and development strategies for the country that will be sustained regardless of who is in power. For example, major sectors like air and sea transport lack long- term strategies that will address the continuing increase in demand, and changing international standards. Tariff/Non-Tariff Barriers and Other Trade Regulations: See Chapter 5. Market Opportunities Return to top For the fourth consecutive year the promising market sectors in the Philippines for U.S. companies are information technology, telecommunication, medical, water resources and electric power respectively. These sectors are further intertwined in the current Philippine government’s Public and Private Partnership program (PPP)
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