– Regional rollback of pandemic restrictions fuelled growth in early 2022 – External demand remains elevated despite increased inflation and high commodity prices – Renewable energy growth set to propel manufacturing expansion and diversification – Climate disasters led countries to prioritise climate funding and emissions reductions An easing of Covid-19-related restrictions…
– New international accounting standards to be implemented in January 2023 – While a positive step, their application could pose challenges for emerging markets – Countries with more mature financial industries are better prepared for the transition – In some cases, insurance companies rather than regulators are driving the change As insurance companies prepare for the most significant…
The Philippines posted average economic growth of 6.4% over 2010-19. While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures contained within the two national stimulus packages, Bayanihan 1 and 2, provided support to vulnerable industries. Meanwhile, the rollout of the imminent Corporate Recovery and Tax Incentives for Enterprises bill is expected to create
Interview:Raoul R Angangco Which legal reforms should be prioritised to stimulate growth after the Covid-19-induced recession? RAOUL R ANGANGCO: The Bayanihan to Recover as One Act (Bayanihan 2) and tax reforms such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill should be prioritised to stimulate growth after the recession, as they form part of the government’s…
This chapter examines the legal system of the Philippines, focusing largely on the stipulations of Bayanihan 1 and 2, which were passed into law in March and September 2020, respectively, to address the economic and health impacts of the Covid-19 pandemic. The chapter also outlines new guidelines on remote participation, corporate donations, corporate debt vehicles and draft guidelines for the licensing…
In 2020 the Philippines experienced one of the world’s longest and strictest lockdowns implemented to stem the Covid-19 pandemic. These measures presented significant economic challenges. Indeed, GDP contracted by 11.5% year-on-year in the third quarter of 2020 – albeit at a slower rate than the previous quarter, which saw a drop of 16.9%. Nevertheless, swift action was necessary, and in…
Viewpoint:John Leahy Parliament passed the Mining Amendment Bill 2020 and the Oil and Gas Amendment Bill 2020 on July 10, 2020. These bills will significantly change the mineral, and oil and gas sectors, and will take effect following their certification by the speaker of Parliament. The mining bill intends to give the state an avenue to directly participate in mineral exploration and mining…
Government Structure There are three levels of government in Papua New Guinea: national, provincial and local. The legislative powers of these governments are regulated by the constitution and the Organic Law on Provincial Government and Local Level Government (Organic Laws). Each level has its own distinct law-making powers. The National Parliament’s legislative powers are outlined in section…
The government of Papua New Guinea faces some challenges in 2020, with the electorate calling for improvements to social and economic infrastructure, and greater efforts to combat both real and perceived corruption. Despite these difficulties, PNG’s resource wealth and strategic location between the industrial centres of north-east Asia, the rising economies of the Association of South-east Asia
This chapter explores Papua New Guinea’s legal system across the national, local and provincial levels, including the laws that may impact a foreign enterprise in its business dealings in PNG; the taxes and import duties imposed on individuals and business organisations; the rules regarding the use of customary land; and the conditions under which citizens of the country can be employed. The chapter…