Regulatory measures affecting services trade and investment : financial services

An efficient regulatory framework is a pre-requisite for developing a services market that supports competitiveness and offers opportunities for export diversification. Creating such a framework requires a comprehensive understanding of the laws, regulations, and practices affecting trade and investment in services currently in place (Molinuevo and Saez, 2014). The importance of an efficient regulatory framework in the financial services sector especially needs to be highlighted, given its systemic importance which makes it one of the most highly regulated sectors in the economy. The objective of this study is to foster the development of the Philippines' financial services sector by strengthening the regulatory framework for trade and investment. Based on an assessment of laws and regulations affecting trade and investment in financial services, the study provides recommendations to reduce the regulatory burden in, while ensuring adequate regulation of, financial services trade and investment.