The Philippines has seen a record inflow of foreign direct
investment (FDI) into the country, but a wide scope of foreign
ownership-restricted sectors has discouraged some foreign
businesses from investing.
Registering a 6.4 percent GDP growth in the first quarter of
this year, the second highest among southeast Asian countries,
the country recorded $7.93 billion in net FDI last year
compared to $5.64 billion the year before, according to March
data released by the Bangko Sentral ng Philipinas (BSP).
But counsel involved in cross-border transactions in the
country point to very strict procurement laws for large
infrastructure projects run by the government. They argue that
these laws can lead to challenges in terms of quickly and
accurately getting a project off the ground.
"The uncertainty of the procurement process can be very
difficult and has, we believe, kept a number of investors from
making commitments to large...