The Philippines is emerging from the global financial crisis relatively unscathed, while many of its neighbours have experienced deep recessions. The economy’s relative buoyancy is largely due to structural features, such as the fact that the domestic sector accounts for more than 75% of the country's real GDP. This renders it less vulnerable to the trade problems that have engulfed many of its neighbours.

There are still a number of structural weaknesses, especially pervasive corruption, a lack of transparency and regulatory inconsistency; however, the economy’s relative openness to trade and investment serve as a boost to business.

Politically, there is uncertainty over who is likely to win the presidential and congressional elections in May 2010. The gap has narrowed between the two frontrunners, Benigno Aquino III of the Liberal Party and Manuel Villar Jr of the Nacionalista Party.

The Philippines’ property investment market remains relatively stable. With the state of the world economic situation, and the uncertainty of the approaching presidential and congressional elections in May 2010, property decisions and transactions are reported to be very slow.

In the residential market, capital values have held up, and activity has been low.

In the office market, there is a general oversupply of office space, and a continuing weakness in demand, leading to falling rents and increasing vacancy rates. The outlook for this year is not promising, at least for H110.

The industrial property market in Manila remains flat, but there are some signs of improvement. Exports are recovering slightly, leading some companies to consider expansion plans.

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