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In recent times the Philippines has emerged as one of the more promising of the Asian Pacific markets. Electricty supplies have been improved, an independent central bank has been established and overseas banks can now open branches there, import tariffs have been cut and the monopolies in the telecommunications and airline industry have ended. The government has allowed special incentive programmes for foreign investors in 16 special economic zones and the former US base at Subic Bay is earmarked for business development.