ILA Economic Law

FEBRUARY 2005

Like all bodies of law, the public international law of trade and investment requires an enforcement mechanism. The choices to be made in designing such a mechanism are many. Parties to trade and investment agreements must decide whether to create an adjudicative body to hear complaints about alleged breach of obligations, or to rely on informal diplomacy

MARCH 2019

A new study by the World Bank showed lack of competition in the Philippine market continues to hamper the country’s economic growth. But the Philippine antitrust body insists, reforms are already underway to address the issue of monopolies in key markets.

The World Bank is calling for greater market competition in power, transport, telecommunication and professional services, saying greater diversity in these sectors can boost economic growth by 0.2 percentage point annually.

APRIL 2019

BSP has forged agreements with the central banks of Indonesia, Malaysia and Thailand as they look to set up direct settlement systems across currencies

MAY 2019

BSP announced that Republic Act (RA) No. 11256, An Act to Strengthen the Country’s Gross International Reserves (GIR), was approved by Congress and signed by President Rodrigo R. Duterte last 29 March 2019.

THE chairman of the Senate Committee on Economic Affairs is moving to update the 28-year-old Foreign Investment Law, aiming to lure more foreign direct investments (FDI) into the country to create more jobs.

Host states are increasingly adding investor–state dispute settlement (ISDS) provisions to investment treaties alongside inter-state arbitration provisions. They require investors to commit to substantive obligations such as non-discrimination, fair and equitable treatment and adequate compensation for expropriation.

JUNE 2019

The 21 economies that comprise the Asia-Pacific Economic Cooperation (APEC) are expected to see a 21 per cent rise in energy demand over the next 30 years, partly due to population and economic growth in Southeast Asia, says a new APEC report.

However, that risks to the international economy remain and that the policy-makers are ready to respond with flexible responses to make the economy resilient

JULY 2019

Businesspeople and advocates for the Asia-Pacific Economic Cooperation, or APEC, urged the region’s leaders to use APEC as an avenue for achieving more progress, such as developing workers’ skills for the digital economy or deepening policy reforms.

The Bangko Sentral ng Pilipinas (BSP) will fast-track the issuance of regulations and rules for the development of Islamic finance in the country as soon as President Duterte approves and signs the Islamic Banking Law.

AUGUST 2019

Officials from agriculture and fisheries ministries, as well as from non-government bodies in APEC, are working to identify solutions that may improve opportunities for women in agriculture and fisheries, including aquaculture. In some APEC economies, rural women make up half or more of the work force for primary industries such as agriculture and fisheries. Yet they have low access to the education, training, and capital that are necessary to boost their earning potential. Stronger economic empowerment for women is a key priority

APEC Ministers urge the region’s economies to step up efforts to promote food security through fostering sustainable food systems, embracing technology, leveraging collaboration and trade, and strengthening rural development.

SEPTEMBER 2019

Ministers in charge of small and medium enterprises (SMEs) in the APEC region issued a statement following their meeting in Concepcion, Chile, on 5-6 September 2019.

APEC economies, data privacy regulators, and other stakeholders are exploring ways to bolster the Cross-Border Privacy Rules (CBPR) system. Endorsed by APEC leaders in 2011, the CBPR system establishes enforceable, binding commitments to safeguard consumers’ personal information and foster growth of the digital economy.

NOVEMBER 2019

Bankers and financial service professionals from across the Association of Southeast Asian Nations (ASEAN) gathered here on Monday at a regional conference to discuss cooperation in the banking and financial sector.

Bankers in Southeast Asia have been urged to focus on digital innovation to improve their operations.

DECEMBER 2019

THE Philippine Economic Zone Authority (PEZA) said it will help develop agro-industrial and marine products-based economic zones through a partnership with the Department of Agriculture (DA).

JANUARY 2020

INTRODUCTORY regulations for the establishment of the Philippines’s Islamic banking sector has been approved by the Bangko Sentral ng Pilipinas (BSP) over the weekend, the country’s central monetary authority said in a statement on Tuesday.

One in five fish caught in the central western Pacific, which includes the exclusive economic zones of Indonesia, Malaysia, Philippines and Cambodia, is illegally traded. Annual losses are estimated at US$6 to 10 billion.

The Philippines has uncovered some fly-by-night online gaming operators that sprout in the metropolis and then close shop as soon as they receive funds from mainland China—an indication that some of these entities were being used to launder “dirty” money.

FEBRUARY 2020

Over the past decade, Islamic finance has grown at a significant yearly pace of 10 to 12 percent. International conferences on Islamic finance are being held almost every month around the world, hosted by countries such as Argentina, Spain, France, Turkey and many more.