Philippines coping well in the global economic crisis, say analysts

SINGAPORE (July 15) – “The Philippines is coping well in the existing global economic crisis and has made significant economic progress.” So says the report of external analysts, documenting progress of the Philippines toward APEC’s Bogor Goals.

According to the same report, since its last review in 2005:

“The Philippines has progressively reduced tariff levels and eliminated non-tariff measures. Notable improvements were achieved in standards and conformance, customs rules and regulations, and the mobility of business people. Various structural policy reforms have supported enhanced domestic competition, the growth of the market economy and private sector development.”

The report concludes that while there remain some challenges to achieving goals in services and investment, there is generally strong evidence of commitment.

The Bogor Goals are that free trade and investment in the APEC region should be established by 2010 in developed economies and by 2020 in developing economies.

Peer Reviews are conducted by independent, external review teams on a rotating basis and draw from the information found in economies’ most recent Individual Action Plans, reports issued by the World Trade Organisation and academic studies pertaining to the economy under review.

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