Opportune areas for policy reform in the Philippines include:
• tax policy (for example, preferential tariffs, exemptions, investment incentives) and administration (for example, tax audits)
• regulation of infrastructure services and public utilities such as power, telecommunications, water, aviation (for example, granting of franchises, government guarantees, competitive arrangements)
• corporate governance reforms, particularly in the financial services area
• environmental and land use regulations
• import and trade arrangements.