Vital reforms from 2016 onwards are expected to unleash more growth potentials for the Philippines. Among these positive game changers are tax reforms, liberalization of rice importation, the national ID system, Universal Healthcare, Universal Access to Tertiary Education, Ease of Doing Business law, relaxation of the Foreign Investments Negative List (FINL), and the revised Corporation Code—just to name a few.
As far as the BSP is concerned, the newly amended Charter has strengthened the BSP’s capacity to better safeguard price and financial stability, and to promote an efficient payments and settlements system and public services act, among others. At the moment, the Philippines is on the verge of becoming an upper middle-income economy.