However, the Peer Review Team’s report has also urged the Philippines to focus on minimizing restraints towards foreign participation in the country’s liberalization and facilitation of trade in services as well as in investments.
In particular, the report noted the investment ceilings on foreign investors, constitutional ban on land acquisition by foreigners, and the legal restrictions on foreign equity participation in certain industries and public utilities as barriers to complete investment liberalization.
Trade and Industry Secretary Juan B. Santos said the review result on the country’s IAP only "proves that we are committed towards trade and investment liberalization while at the same time protecting national interests."
But other than the concern on foreign participation in specific industries, the report cited the Philippines substantial progress in trade in goods.
Other areas where the Philippines is making good progress are customs procedures, standards and conformance, non-tariff measures, and competition policy.
The report also noted that the Philippines has established the necessary legal and institutional framework to protect intellectual property rights visà-vis reforms in domestic infrastructure which have all demonstrated the Philippines’ intent of truly liberalizing its economy.
With all these efforts, the APEC Peer Review Team described the Philippines as "one of the leading developing economy members of APEC as it made substantial progress towards achieving the Bogor goals."
Bogor goals refer to the APEC Leaders’ long-term goal of free and open trade and investment in the Asia Pacific not later than 2010 for industrialized countries and 2020 for developing economies. It was called such because APEC Leaders adopted the goals at their meeting in Bogor, Indonesia in 1994.
"The Philippines is strongly on track to achieving the Bogor goals," stated the IAP Study Report of the Philippines, an APEC independent report that focuses on 13 specific areas relating to the realization of APEC’s Bogor goals.
The Philippines had volunteered to have its IAPs reviewed by a Peer Review Team along with other seven APEC member economies that include Brunei Darussalam, Malaysia, the Russian Federation, Indonesia, Papua New Guinea and Vietnam.
The DTI’s Bureau of International Trade Relations facilitated the review that took place in Seoul, Korea on 01 March 2005.
APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC, which has 21 member economies, account for more than a third of the world’s population, approximately 60 percent of world GDP ($19,254 billion) and about 47 percent of world trade.
It also represents the most economically dynamic region in the world having generated nearly 70 percent of global economic growth in its first 10 years.
APEC’s member economies include Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; and Vietnam.
