ABSTRACT
The pace of market-based reforms in the Philippines has accelerated since 1992 under the administration of President Fidel Ramos. Significant strides have been made in liberalising trade, foreign investment, and foreign-exchange regimes; privatising state companies; lowering entry barriers into such important industries as banking, insurance, aviation, telecommunications, and oil; and enlisting the private sector in addressing urgent infrastructure needs under a Build-Operate-Transfer (BOT) program. The Philippines became a founding member of the World Trade Organisation (WTO) in December 1994.
