A recent publication by state think tank Philippine Institute for Development Studies (PIDS) argues that economic charter change, particularly on service sector reforms, could unlock the immense potential in driving the country’s economic growth.

Titled “Insights into Economic Charter Change and the Case for Services Reform,” the study, authored by PIDS Senior Research Fellow Ramonette Serafica, highlights the need for adaptable policies and government structures.

This includes designing regulations that keep pace with the evolving global economy and changing consumer preferences. “By adopting adaptable policies and institutions, governments and stakeholders can capitalize on emerging trends, foster innovation, and enhance competitiveness,” Serafica said.

Primary recipient of investment activity

The PIDS research fellow asserts the growing importance of the service sector. In 2020, it was the primary recipient of investment activity globally, accounting for 72 percent of total Foreign Direct Investment.