Trade and investment regulatory barriers toward ASEAN economic community: The Philippine case
Good regulatory governance creates and sustains inclusive economic growth. The advent of globalisation brought upon by the establishment of Keystone Economic Organizations (KEOs) fuelled economic integration that complicates regulation. The Philippines’ accession to the ASEAN Economic Community (AEC...
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| Format: | text |
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Animo Repository
2018
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| Online Access: | https://animorepository.dlsu.edu.ph/faculty_research/9515 |
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| Institution: | De La Salle University |
| Summary: | Good regulatory governance creates and sustains inclusive economic growth. The advent of globalisation brought upon by the establishment of Keystone Economic Organizations (KEOs) fuelled economic integration that complicates regulation. The Philippines’ accession to the ASEAN Economic Community (AEC) has raised concerns on its preparedness due to numerous trade and investment regulatory barriers inconsistent with the objectives of market liberalisation. This study highlights, among others, the mystery of economic development due to fluctuating growth of the Philippines, tariff and non- tariff restrictions on trade and investments, weak foreign direct investments and lack of competition, comparative standing on key global competitiveness indices, and the political, institutional and constitutional limitations of its regulatory laws, and policies. Significant recommendations are identified vis-à-vis the bottlenecks in the five crucial agreements of the AEC. Unless the government through public- private sector collaborations and good regulatory framework address these economic impediments, the Philippines may not maximise its growth potentials in the ASEAN integration, which ultimately runs contradictory to the supposed gains of free trade agreements. |
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