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This article also features in Philippines. Read more about this report and view purchase options in our online store.

Philippines Economic Research Highlights

Managing cybersecurity risk in the digital payments sphere

Simoun Ung, CEO, OmniPay, Inc.

In this Global Platform video, Simoun Ung, CEO of OmniPay, Inc., unpacks the opportunities and challenges facing both regulators and financial technology (fintech) players as societies around the world...

The Report: Philippines 2021

Amid a challenging year for the global economy, which navigated inflation, conflict, climate-related extreme weather events and supply chain disruptions, Latin America and the Caribbean showed...

Covid-19 Reports: the Philippines and ASEAN

Covid-19 Response Report

Report: What business opportunities are arising from the disruption of the pandemic in the Philippines?

Although the Philippines has experienced some of Asia’s most stringent coronavirus containment measures and registered one of the highest case counts in the region, it has also maintained a fatality rate below the global average. As policymakers cautiously ease restrictions in an effort to boost...

Covid-19 Response Report

Report: How the pandemic is reshaping ASEAN construction demands

Construction – and infrastructure development in particular – is expected to be a key driver of economic growth across ASEAN from 2021. The bloc, home to some of the world’s fastest-growing economies and lowest unemployment rates, faced the novel coronavirus after years of health care...

Covid-19 Response Report

Report: Where are the digital growth opportunities for Indonesia's banks in the post-pandemic world?

Alongside rising GDP and manageable public debt levels, Indonesia’s banks maintained robust performance in the six months leading to the pandemic. Monetary measures by the central bank to address headwinds in 2020 included lowering the reverse repo rate and purchasing government debt. In spite of...

Covid-19 Response Report

Report: How is the Eastern Economic Corridor supporting Thailand’s recovery from Covid-19?

Thailand’s past experiences in mitigating global and financial health crises – coupled with robust medical infrastructure, and the ingenuity and adaptability of businesses and the wider population – have combined to keep the Covid-19 transmission and fatality rate relatively low in the country...

Covid-19 Response Report

Report: How did telemedicine enhance Indonesia’s response to Covid-19?

Indonesia was in the process of rolling out its Universal Health Care system prior to Covid-19, but disparities in service provision and accessibility remained between different regions. This report looks at how telemedicine and digital services can bridge health care gaps, with a particular...

ESG CEO Survey

ESG CEO Survey: Is the board room getting greener?

Across government departments, corporate board rooms and management meetings, the implementation of environmental, social and governance (ESG) strategies is at the forefront of current planning. It is not just a symbolic tick in the box either. Shareholders and investors are increasingly...

Report: What business opportunities are arising from the disruption of the pandemic in the Philippines?
Report: How the pandemic is reshaping ASEAN construction demands
Report: Where are the digital growth opportunities for Indonesia's banks in the post-pandemic world?
Report: How is the Eastern Economic Corridor supporting Thailand’s recovery from Covid-19?
Report: How did telemedicine enhance Indonesia’s response to Covid-19?
ESG CEO Survey: Is the board room getting greener?
 

ESG Research - Philippines and beyond

Economic Update

How does Asia Pacific rank on net-zero emissions targets?

A recent report found that relatively few companies in the Asia-Pacific region have adopted net-zero carbon emission strategies to date. Nevertheless, there are grounds for cautious optimism as pacesetters in the region announce ambitious targets and experiment with innovative decarbonisation strategies...


Economic Update

How can emerging markets capitalise on geothermal energy’s potential?

While solar and wind are the dominant segments in the transition to renewables, a number of emerging markets are looking to geothermal sources as a way to meet future energy needs. Geothermal energy – which is generated when pipes drilled into the earth’s surface supply steam to power electricity turbines – lags behind other forms of renewables in terms of installed capacity; however, it is an effective solution for many countries...


Analysis

The Philippine Stock Exchange introduces initiatives to promote sustainable business practices

With less than 1% of the population invested in equities in 2019, the Philippine Stock Exchange (PSE) has made financial literacy its main corporate social responsibility. As a regulator, the PSE has advocated the adoption of environmental, social and governance (ESG) as a standard for evaluating sustainable business practices. It showcases listed companies with ESG initiatives and extends support to those that are just starting on their ESG journey. As a listed company itself, the PSE has introduced...


Economic Update

ESG in ASEAN: a shared vision of sustainable recovery

Environmental, social and governance (ESG) criteria are increasingly shaping the global corporate agenda. ASEAN presents a range of ESG opportunities: green infrastructure will boost ‘E’ developments; alternative financing will support ‘S’ impact; and enhanced ‘G’ collaboration could facilitate a coordinated recovery from the worst economic consequences of the pandemic. ESG standards are used by investors around the world to evaluate potential investments, as well as to enable business leaders to...


Economic Update

Can universal ESG standards eliminate greenwashing?

An initiative that encourages companies to meet science-based emissions targets has seen significant growth in recent months. The success of the Science-Based Targets Initiative (SBTi) has highlighted the appetite for a more stringent and universal approach to ESG reporting. This year has seen an uptick in ESG reporting around the world, partly in response to increasing scrutiny on companies’ social and environmental impacts. Failure to adhere to ESG principles can have real-world consequences. For...


The Philippines and ESG: An opportunity to unlock inclusive socio-economic growth?

The Philippine roadmap for inclusive, balanced, long-term growth is aligned with environmental, social and governance (ESG) principles and the UN Sustainable Development Goals (SDGs). Indeed, ESG adoption is...

ESG CEO Survey: Is the board room getting greener?

Across government departments, corporate board rooms and management meetings, the implementation of environmental, social and governance (ESG) strategies is at the forefront of current planning. It is not...

Philippine Economic Analysis

Overview

A new vision for the Philippine economy after Covid-19

The Philippines is one of the fastest-growing economies of the past decade, averaging 6.4% growth per year in 2010-19. Indeed, an expanding and youthful population, combined with reforms and an ambitious infrastructure programme, have made it an enticing investment destination. Nevertheless, as is often the case in emerging markets, challenges regarding inequality – particularly the distribution of wealth and services – remain barriers to growth. The Covid-19 pandemic tested the country’s resilience...


Overview

The growth measures being employed by the Philippines

The Republic of the Philippines reaches from Taiwan in the north to Indonesia in the south. It is the fourth-largest country in South-east Asia after Indonesia, Myanmar and Thailand. Bordered by the South China Sea – also known locally as the West Philippine Sea – in the west and the Sulu and Celebes seas in the south, the Philippines is home to some 175 ethnolinguistic groups across thousands of islands. The Spanish colonial period lasted more than three centuries starting in the 1500s, leaving a...


Overview

How legal developments in the Philippines are supporting the economic response

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 early March President Rodrigo Duterte declared a State of Public Health Emergency throughout the Philippines...


Overview

Steps to boost financial inclusion in the Philippines

The Philippines’ financial services sector entered the Covid-19 pandemic on a solid footing, thanks to decades of regulatory reform to address the vulnerabilities exposed by the 1997-98 Asian financial crisis. Strong capital buffers, high levels of provisioning and near-universal public health cover insulated the country from many of the impacts that other markets continue to wrestle with. While geographic spread and socio-economic disparities remain structural barriers, increasingly tech-focused...


Economic Impact Report

Report: Exploring the socio-economic importance of tobacco in the Philippines

The Philippine tobacco industry accounted for roughly 6% of tax revenue in 2020, and 58% of so-called sin tax receipts. Given its wide-reaching value chain and multiple stakeholders, this publication outlines the industry’s pivotal role in employment, with more than 2m Filipinos estimated to be financially supported by the segment. The research explores why tobacco is important not only for farming communities, but also for retail and informal employment across the archipelago. Amid the prospect of...


Economic Update

How fintechs are revolutionising remittances in emerging markets

A number of remittance-focused financial technology (fintech) start-ups are gaining traction in emerging markets. In doing so, they are making inroads on market share that was formerly the preserve of established providers. Remittances have grown in importance in recent decades, to the point where they now constitute the largest source of foreign income for many developing economies.Remittance flows tend to be more stable than broader capital flows. They also tend to be countercyclical, increasing...


Philippine Thought Leaders

Interview

Sanjiv Vohra, President and CEO, Security Bank
OBG
plus

Which factors help banks alleviate the economic implications of the pandemic?

SANJIV VOHRA: Banks have the necessary liquidity, capital and reserve ratios mandated by the central bank, Bangko Sentral ng Pilipinas (BSP), to provide finance to businesses...

Interview

Protacio T Tacandong, COO, Reyes Tacandong & Co
OBG
plus

To what extent will the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill facilitate economic recovery from the Covid-19 pandemic?

PROTACIO T TACANDONG: It originally intended to provide incentives to qualified investors who contribute to job generation; however, subsequent amendments provided businesses relief. Notably...

Interview

Bárbara Apráiz de Encío, Executive Director, Spanish Chamber of Commerce in the Philippines
OBG
plus

In what ways have personal interactions and networking changed in the business community during the Covid-19 pandemic?

BÁRBARA APRÁIZ DE ENCÍO: The Covid-19 pandemic radically changed the way we communicate, both on a personal level and in regards to business relations – not only in the Philippines, but around the world. However, this is...

Sanjiv Vohra, President and CEO, Security Bank
Protacio T Tacandong, COO, Reyes Tacandong & Co
Bárbara Apráiz de Encío, Executive Director, Spanish Chamber of Commerce in the Philippines
 

OBG Talks: Where is the potential to strengthen trade and investment between the Gulf and South-east Asia?

Patrick Cooke, Oxford Business Group’s Managing Editor for the Middle East and Asia, talks with Jade Currie, Oxford Business Group’s Regional Editor for Asia, about standout opportunities to expand trade and...

Opportunities in the Philippines: Digital Economy and Adaptation

Analysis

How is the Philippines' BPO sector faring amid global business disruption?
OBG
plus

Business process outsourcing (BPO) was disrupted by fluctuations in demand and restrictions on the mobility of workers during the early part of the Covid-19 pandemic, but there are signs that new engines of growth are emerging that could bode well for the longer-term development of the sector...

Analysis

New offerings seen from Philippine banks amid Covid-19
OBG
plus

The Philippines is experiencing a boom in digital banking as a result of the Covid-19 pandemic, with several digital-only banks announcing plans to enter the market and legacy banks rapidly upgrading their online offerings. East-West Banking Corporation, the country’s 11th-largest bank by assets...

Interview

Marc Carrel-Billiard, Global Senior Managing Director and Technology Innovation Lead, Accenture Labs

To what extent did the change in human behaviour triggered by the Covid-19 pandemic disrupt the digital and cultural transformation of corporations?

MARC CARREL-BILLIARD: Business as usual is no longer an option. The digital gap widened with the outbreak of Covid-19, and companies are having to accelerate to higher levels of...

Overview

The road to Industry 4.0 and advanced agri-business in the Philippines
OBG
plus

Industry has made a sustained contribution to the Philippines’ economy in recent years, accounting for roughly 30% of GDP between 2017 and 2019. Sector growth was driven predominately by manufacturing, which comprised more than half of industrial output and 19% of GDP over the same period...

Interview

Christopher Po, Executive Chairman, Century Pacific Food
OBG
plus

Which vulnerabilities in local food supply chains were highlighted by the Covid-19 pandemic?

CHRISTOPHER PO: The main challenges were fear, disruption to the flow of goods and capital, and the lack of public transport. Moving goods across regions was also difficult, and coordination with various local government units proved challenging...

Economic Update

Has Covid-19 upended the global labour market?

From lockdowns to remote work and widespread job losses, the Covid-19 pandemic has dramatically changed the way people work. These interruptions are likely to have a significant impact on the global labour market well into the future. The initial outbreak of Covid-19 created widespread disruption...

How is the Philippines' BPO sector faring amid global business disruption?
New offerings seen from Philippine banks amid Covid-19
Marc Carrel-Billiard, Global Senior Managing Director and Technology Innovation Lead, Accenture Labs
The road to Industry 4.0 and advanced agri-business in the Philippines
Christopher Po, Executive Chairman, Century Pacific Food
Has Covid-19 upended the global labour market?
 

Building Towards Recovery - Philippines and beyond

Overview

Can large-scale building projects fuel the Philippines' recovery?

While Covid-19 has thrown the Philippines’ economy into flux, early indications suggest that construction and real estate is one of the most resilient sectors, and could provide a platform for national recovery. However, with construction projects delayed by lockdowns during the second quarter of 2020 and demand for office space and high-end residential developments weakened by mobility restrictions, the sector still faces headwinds. At the same time, however, the disruption of the pandemic is giving...


Interview

Rubén Camba, South-east Asia Director, Acciona

The GDP of the Asia-Pacific region has grown by an average of 5-6% in recent years, and proved its ability to recover quickly from economic shocks after the 2007-08 financial crisis. The region fell into a recession due to the Covid-19-induced crisis but looks set to rebound in the short term with GDP growth of around 7% in 2021, according to the IMF’s October 2020 estimates. Although we will probably not experience a full return to regular operations until a vaccine is available, it seems that Asia...


Interview

Jose E B Antonio, Executive Chairman, Century Properties Group

The playbook of the current crisis is different because we cannot answer the fundamental question: when will it be over? We can only analyse the important moving parts in the economic formula: demand, supply and psychology. Uncertainty affects supply, as manufacturers may scale back if they lack the confidence it will all be sold. However, psychology is the most important, as it determines the propensity for demand. Around 40m Filipinos are affected by unemployment – following an estimated 10m job...


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