PHL a top climber in trade facilitation rankings

The Philippines was among the “lead reformers” in the Asia-Pacific region on trade facilitation, the Organization for Economic Cooperation and Development (OECD) said in a report.

Trade facilitation refers to measures that streamline and simplify technical and legal procedures for products at the border.

According to the OECD’s 2025 Trade Facilitation Indicators, the Philippines scored 14.97 across 11 indicators, putting it among the “leading reformers” like Laos, Kiribati, Cambodia, Maldives, Tonga, Vanuatu, Thailand, Indonesia, Myanmar and Vietnam.

The “lead reformers” refer to countries that had the highest percentage change between their average trade facilitation performance in 2022-2024 from 2020-2022.

The Philippines ranked 15th out of 33 Asia-Pacific countries.

“Being one of the fastest nations to adopt positive reforms on trade facilitation is a welcome sign that the country is catching up with its neighboring countries,” Oikonomia Advisory and Research, Inc. economist Reinielle Matt M. Erece said.

However, Mr. Erece emphasized that the Philippines must cut red tape and embrace digital integration to sustain its progress.

“Improvements in these areas will ensure faster trade activity while improving security and transparency on the borders,” he added.

The leading performers in the region in 2024 were Hong Kong, Japan, Singapore, South Korea, Australia; New Zealand, China, Malaysia, Thailand, and India, the OECD said.

Overall, South Korea was the best performer in the Asia-Pacific region with a 20.83 score, while the Federal States of Micronesia was last with a 3.41 score.

The OECD said nearly one in two economies in the Asia-Pacific improved their performance in areas of domestic border agency co-operation and information availability.

“The report shows that border bottlenecks and red tape, as measured by the OECD, were reduced on average by 3%-7% since 2022 across the 163 countries and regions covered,” it said.

The OECD also added that this resulted in trade facilitation reforms that reduced trade costs by up to 5% over the last decade.

trade indicators 2025.pdf

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Source: Business World

Narrowing Asia's financial inclusion gap

Nearly a quarter of the APAC population still lacks access to traditional banking services, according to Statista. Translated, this is hundreds of millions of people who are either unbanked or underbanked, with no access to savings accounts, loans or formal credit.

However, the regulatory environment in many Asian countries is rapidly changing as governments come to grips with the digital revolution.

For example, India's Unified Payments Interface is making digital payments accessible to people of all socioeconomic backgrounds. The benefits support the growth of fintech companies, improve the efficiency of government services, and boost the growth of e-commerce and digital businesses.

In Indonesia, Bank Rakyat Indonesia (BRI) has been leading the charge. Its BRILink network uses local banking agents, allowing people in remote areas to access banking services without visiting a physical branch. Millions have gained access to financial services.

As a result, the thirst for modern payment infrastructure is exploding for existing banking customers. In the Asean region, for example, banks and fintechs increasingly see the need to improve their products to better meet customer needs; digital, hyper-personalized, instant and embedded payment experiences.

However, the emerging policy and innovation initiatives across the region will also create the impetus for tech companies to finally and meaningfully drive significant change for the large swathes of the region's unbanked populations.

It's now up to the industry to respond.

To be clear, financial inclusion is more than just a noble goal — it is a strategic imperative that can significantly boost economic growth, prosperity and stability.

For technology companies, this is a means to tap into substantial market potential.

In our view, the role of tech companies is to provide the tools and infrastructure necessary for financial institutions to offer more accessible services — solutions not only technologically advanced but also culturally and economically tailored to specific markets.

For example, by 2023, more than 480 million bank accounts were opened under India's Pradhan Mantri Jan Dhan Yojana (PMJDY), drastically reducing the number of unbanked individuals, and enabling direct benefit transfers from the government.

Tech innovations like mobile banking, microloans, and digital payment solutions offer services that are both affordable and accessible.

However, these solutions aren't going to magically emerge or reach those who need them.

If fintechs are going to develop solutions that will help to narrow the bankable gap, they need to understand and meet the unique needs of Asian consumers and the commercial landscape more broadly. It also requires fintechs to be alive to the megatrends facing the region.

First, Asia's diverse and large population demands solutions that can scale and be tailored to local needs. This dynamic is pushing fintechs to innovate quickly and efficiently.

Additionally, the competitive landscape in Asia is intense. Startups and established financial institutions are competing for market share. Competition fuels initiative, as companies strive to differentiate themselves with superior products and services.

Asia's relatively young population, like digital natives worldwide, is open to adopting new technologies, especially in digital payments. The demographic trend creates fertile ground for experimenting with new payment solutions.

Asia's continued shift away from cash increases the need to deliver digital payment reliability as the growth trends deepen and accelerate. There's still work required to build confidence and ensure systems are robust enough to handle the rising volume of transactions. This is crucial in Asia, where the stakes of any system failure are high.

Reliability isn't just about transaction success rates; it's about making sure every stakeholder — consumers, merchants and financial institutions — can have faith in the systems.

Security is critical. As more people and businesses rely on electronic payments, the systems supporting these transactions must be secure against external threats and internal vulnerabilities. One breach could destroy carefully built reputations.

This is where reliability goes beyond technology. It's about building trust with consumers new to electronic payments, giving them confidence to use new products and methods. Tech companies can work closely with regulators, financial institutions and stakeholders, invest in consumer education, and continue to develop technology to underpin these systems. The benefits will be felt by everyone.

The future of fintech in Asia is bright, with strategic expansion, innovation and reliability at its core.

As governments continue to prioritize financial inclusion, and as the shift away from cash accelerates, the role of tech companies will only become more crucial. By focusing on these key areas, we can ensure that Asia's financial revolution not only continues but also thrives.

Source: Manila Times

Women’s Economic Empowerment is key for inclusive development in the Asia region

As world leaders gather for the United Nations Summit of the Future, a new UN Women report for Asia and the Pacific challenges conventional economic thinking, urging societies to look beyond gross domestic product (GDP) as the dominant measure of progress.

With the generous support of the Australian Department of Foreign Affairs and Trade, the report, “Caring Societies, Inclusive and Green Economies in Asia and the Pacific. Unveiling Data to Advance Women’s Economic Empowerment Beyond GDP” reveals that economic growth has not translated into economic empowerment for all women in the region, calling for a new paradigm that recognizes the contributions of all forms of care work to a functioning economy and prioritizes inclusion and environmental sustainability.

Care work is disproportionately performed by women. This includes both paid roles, such as nursing or domestic workers, and unpaid roles, such as caring for family members.

The analysis clearly indicates an urgent need to address gender inequality to foster inclusive development. This involves empowering women with greater decision-making power, enhancing their access to productive resources, and reforming gender-blind norms and systems.

To achieve the Sustainable Development Goals, we must actively support women’s economic empowerment. This entails tackling the root causes of gender inequality by transforming care systems, creating decent job opportunities, and fostering gender-responsive climate action in both business and society.

The report urges a paradigm shift beyond GDP and a growth-centric approach, advocating instead for measures that prioritize the well-being of people and health of the planet. The Asia and the Pacific region can experience inclusive growth and create a more prosperous future for all by recognizing, reducing, and redistributing care work, investing in quality care services, promoting decent work and financial inclusion, and supporting women's economic and political participation, including in climate-action.

“This report challenges all of our perceptions around the importance of care,” says Christine Arab, Regional Director of UN Women Asia and the Pacific. "It’s time to recognize that a truly thriving economy is one that values care, prioritizes the well-being of its people, and safeguards our planet for generations to come."

To catalyze progress towards a more equitable future, the report calls on policymakers to address the limitations of GDP and more fully capture all economic activities, human welfare, and sustainability. To do so, the report calls for increased investments in quality, reliable and timely gender data. This data is vital to enable governments, the private sector and other stakeholders to take actions to lift the barriers to women's economic empowerment and accelerate progress towards a more prosperous and equitable future for all.

caring-societies_2024.pdf

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Source: UN Women