The Philippines is a developing nation, but development has not been as rapid as in other countries devastated by the last world war. Consequently, it is the avowed policy of the Philippines to attract foreign capital and investments, preferably under "joint-business ventures" with Filipino capitalists and entrepreneurs. The greatest deterrent to foreign investment in the Philippines was the foreign exchange controls instituted in 1949 to protect the country's deteriorating foreign exchange international reserve. However, the Central Bank of the Philippines abolished controls on foreign exchange, and business in the Philippines is now operating under a climate of comparative free enterprise.
Business Organizations in the Philippines,
40 Wash. L. Rev.
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