PHILIPPINES

Looking Back: 2022 and Gazing Into: 2023

2022 marked a year of significant transitions in the Philippines. Not only did the Philippines gradually transition from the stricter quarantine regulations brought about by the spike of Omicron COVID-19 cases at the beginning of the year to less restrictive measures, it also ushered in a new administration on 30 June 2022 headed by President Ferdinand Marcos Jr.  Apart from these, there have also been much-needed substantial legal developments in the areas of corporation law and foreign direct investments aimed at easing foreign equity restrictions and, in part, as economic recovery measures from the effects of the COVID-19 pandemic.

Additionally, significant strides have also been made in the areas of sustainability, banking and finance, and intellectual property.

With a new President taking the helm of one of the hardest-hit economies in the COVID-19 era, novel solutions are being proposed and executed by policymakers in the Philippines to ease the burdens shouldered by the low-income public, particularly in the areas of energy & resources and tax. Measures are likewise being explored and implemented in the fields of technology, media, and telecommunications to regulate the growing e-commerce market and protect the public from cyber-crimes and digital frauds. Regulators in the corporate sector will also begin introducing new developments in the areas of banking and finance as well as sustainability.

• Regional Round-Up 2022: Philippines

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