More specifically, apart from high corporate tax rates, domestic firms are burdened with high energy costs (30% above the European average) and high funding costs (lending rates that are up to four percentage points higher than in the rest of the EU).
Benjamin E Diokno: Signing of the Amendment Agreement Enhancing the Innovation Function Co-operation Agreement Opening message by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), for the Bangko Sentral ng Pilipinas and Monetary Authority of Singapore Virtual Signing of the Amendment Agreement Enhancing the Innovation Function Cooperation Agreement, 4 November 2021.