THE Philippines must streamline the bureaucracy, improve property rights protection, reduce corruption and open up restricted sectors of economy if it wants to accelerate growth and be at par with its Southeast Asian neighbors, an economist and former Finance undersecretary said.

Romeo Bernardo, the local partner of US-based think tank GlobalSource Partners, pointed to a “myriad of government regulations” and a protracted approval process as weighing on the country’s attractiveness to investors.