The Philippines has a strong position among Asian countries in terms of banking, according to the Filipino Central Bank (BSP), however the government plans to strengthen this position more in the years to come by creating and enabling various reforms. One of these reforms refers to aligning with international standards and practices.
Telecommunications is one of the most important pillars of the Philippines economy and until recently, the government had a very strict set of regulations for those interested on this market. Now, the authorities have decided to repeal the capital requirement of 1 billion pesos for those interested in entering the telecom market. Below, our Philippines company formation agents explain the new rules which are under debate.
The Philippines is home to numerous economic free zones; however, the 3 most important ones fall under the governance of the Philippines Economic Zone Authority (PEZA) which has recently started to reach out to various institutions with the purpose of creating new free zones and attracting foreign investors. Those who want to set up companies in the Philippines can rely on the services offered by our local consultants.
During the last several years, the Filipino government has begun working on some large infrastructure projects which were executed by public companies in cooperation with state authorities. Now, the government has reconsidered and decided to remain open to proposals coming from private companies, however these will be subject to a few requirements before being accepted to join the projects.
At the beginning of the year, the Philippines Central Bank (BSP) legalized the use of bitcoin by issuing the first regulations for cryptocurrency stock exchanges and now it is time for the authorities to continue the improvement of this industry which is why a fintech agreement with Singapore was recently signed.