These reforms have helped raise the country’s total factor productivity (TFP) and are seen to help further reduce incremental capital output ratios (ICOR). These efforts complement the ongoing reforms to further improve “ease in doing business” and lessen “frictions” for investments in the Philippine economy.
Amando M Tetangco, Jr: Effective lending to SMEs in the Philippines Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), at the launch of the 2012 RCBC SME Initiatives, Makati City, 16 May 2012.