The Philippines has the dubious honor of having the second-highest rate of foreign-born Filipinos, with a staggering 1.1 million, according to the 2016 Global Burden of Disease study.
The nation has a higher than average rate of people who speak English as a second language, according the study, which surveyed over 1,000 Filipinos and found that almost one-third of Filipinos speak English, but only 4 percent speak Filipino.
The study also found that more than 80 percent of Filipino-born adults have completed college, with only 5 percent holding only a high school diploma.
But as the country continues to recover from the pandemic, its growth has been stunted by the influx of foreign laborers.
The country is home to more than 1 million foreign workers and the number is projected to reach 1.4 million by 2020, according a new report by the Philippine Center for Policy Studies (PCPS).
In 2018, foreign-workers made up 13 percent of the labor force, but they made up just 2 percent of jobs, the study found.
Despite these troubling numbers, Filipinos are optimistic about the future, as Filipinos have the second highest unemployment rate in the world, according PCPS.
Filipinos were able to get visas in a record-breaking year in 2019, with 1,636,000 applications processed, the highest rate of any country in the Americas.
Filipinas are also optimistic that their economy will continue to improve, and they are optimistic that the pandemics will ease up, according CNN Philippines.
According to the Philippines Bureau of Immigration and Refugee Status, a large majority of foreign workers, or about 80 percent, are Filipino-owned companies.
In 2020, the number of foreign owned companies in the country will be over 200,000, according President Duterte’s 2018 Budget proposal.
This includes companies like the country’s biggest foreign company, Samsung.
According the government, foreign owned businesses represent 20 percent of all foreign-owned enterprises in the Philippine economy.
And in 2018, only 2 percent were owned by Filipinos.
Filipino-owned businesses account for almost 30 percent of total Filipino businesses, according government data.
In the past, the Philippines has been criticized for not providing the necessary incentives for foreign ownership.
According PCPS, there are still a lot of barriers that make it hard for Filipinos to acquire a business.
In 2019, the Philippine government passed the Comprehensive Immigration Reform and Development Act, or Complementary Legislation (CELDA), which gives foreign-owners the right to own more than 50 percent of a Philippine company.
But the bill did not include foreign-based companies like Samsung or any other company with an ownership of more than 100 percent.
Foreign-owned firms are also not able to transfer their shares, according The Wall Street Journal.
According a recent report by The Manila Times, Filipino-based multinationals such as Toyota, Samsung, and Hyundai have been trying to merge with Filipino-run companies, which are owned by Filipino nationals.
In addition, Filipinas can not transfer ownership of their companies to their families.
Foreign companies can transfer ownership to a non-resident Filipino, or to a Filipino who holds a Philippine passport.
But according to The Philippine Center, foreign companies can only transfer their companies’ shares to Filipino-controlled Filipino companies.
The only exception to this is when a foreign-controlled Philippine company is acquired by a foreign firm, which can only be done through a process called “transfer of control,” according to PCPS’ study.
It is estimated that foreign-related corporations have owned approximately 1,400,000 Filipino-registered businesses, including more than 20,000 foreign-run businesses.
Filipina companies are also facing a number of obstacles in securing financing.
In 2018 alone, the country reported a massive $30 billion in loans that foreign banks were unable to repay.
In 2016, the government allowed foreign banks to access loans that would have been in the hands of the local government for free, but the government failed to provide the money.
In 2017, the National Economic and Development Authority (NEDA) granted foreign banks more flexibility in granting loans and extended credit to Filipino businesses.
But there is also a problem in the financing of Filipino companies, according Filipinas Bail Fund, which helps Filipino-backed companies access financing, because foreign-backed loans have to be approved by the Philippines Office of the Comptroller and Auditor General (Ombudsman).
The Philippines Bail Act is intended to prevent foreign banks from giving loans to companies that do not meet the requirements of the Philippine National Standardization Board (PNSB) or the Philippine Standardization Bureau (PSB).
These requirements are required by the PNSB to conduct audits of companies in foreign-domiciled companies.
According To The Manila Star, the NEDA is currently working on a new law to allow foreign banks, including banks from the United Kingdom and Australia, to lend to Filipino companies in a similar manner.
But this bill is still in its infancy and there are doubts about