PH urged to keep pace with Asean
Management Association of the Philippines (MAP) president Donald Lim has called on the government to ramp up efforts to modernize the country’s investment environment, saying efforts to promote the Philippines would be futile if rules are not at par with those in the rest of Southeast Asia.
In a statement issued ahead of Manila’s hosting of the Association of Southeast Asian (Asean) Leaders’ Summit next week, Lim said the Philippines’ chairship should serve as an opportunity to build a regulatory environment that “can stand alongside the best in the region.”
This would require overhauling outdated regulations, he said, as many of the country’s fastest-growing industries remain governed by frameworks designed for earlier stages of their development.
Specifically, he cited three instances that exposed the lack of a “clear, shared playbook.”
First was the P555.75-million penalty imposed on motorcycle-taxi platform Move It, an affiliate of ride-hailing giant Grab Philippines, for exceeding its authorized number of rider-partners.
He also bristled at the Department of Information and Communications Technology’s decision in September to ban messaging platform Discord over online child safety concerns, only to lift the restriction less than a day later.
Lim likewise pointed to the Bangko Sentral ng Pilipinas’ push for banks and e-wallets to cut or waive InstaPay and PESONet transfer fees within weeks, affecting a key revenue stream of GCash, whose parent company, Mynt Inc., was then preparing for a potential public listing.
In these instances, Lim recognized that regulators were pursuing “legitimate goals,” but warned their approaches only proved the need for clearer, more predictable rules.
“Regional investors notice these details when they compare markets side by side,” he said. “These are solvable gaps, and closing them is how we give investors the confidence to choose the Philippines and scale here.”
To address these gaps, Lim proposed transitioning fast-growing sectors from temporary pilot arrangements to permanent legal frameworks.
Rules, he added, must be grounded in market data and regularly reviewed alongside industry stakeholders and workers.
He also urged regulators to adopt graduated enforcement measures, beginning with formal notices and reasonable compliance periods before resorting to suspensions or shutdowns.
Major regulatory changes, he added, should undergo impact assessments to ensure greater predictability for businesses and investors.
“The government has worked hard to put the Philippines in front of investors, and hosting this summit is proof of that. The next step is building a regulatory environment that can stand alongside the best in the region,” Lim said.
“Modern, responsive rules are what turn a promising first investment into a long-term regional commitment,” he added.
