Despite their age, they are seen as highly competent and have the confidence of the Philippines’ international interlocutors. • Reducing the regulatory burden on business: Duterte has a proven track record while running Davao City of improving the business environment, for example by reducing the number of days to open and close a business. • Services sector is not sufficiently diversified: Services sector growth has depended excessively on business process outsourcing. Duterte has started strongly and generated political momentum, which is a huge political asset for a new leader. The Philippines could lose a once-in-a-generation chance for higher growth if the administration does not refine its approach to governance.

Source: The Edge Markets October 22, 2016 17:15 UTC