This paper maps out the terrain of regulatory governance in the Philippines. It is made up of four interrelated parts. The first section gives a short introduction to the country so that the context of the regulatory governance system can be better understood. This overview also defines the concepts of regulation, competition and regulatory governance as they are used in the paper. The second part describes the constitutional and legal frameworks of regulation in the economy. In the process, it shows the contrasting pull of nationalism on the one hand, and globalisation and liberalisation on the other, as the most significant forces shaping regulatory governance today. The third part discusses the institutional framework. It first describes the role of the three branches of government. It then dwells at length on the various means of organizing the regulatory agencies, this time looking primarily at how they tackle the joint pressures of involvement and independence. It also presents emerging regulatory mechanisms from the private sector and civil society. Drawing from all these, the fourth part pulls together the lessons learned from the discussion and suggests items for the research agenda for the next years of the project.