Why is is that Philippines is a mixed market economy?

The Philippines is considered a mixed market economy because it combines elements of both capitalism and government intervention. While the private sector drives most economic activity through businesses and entrepreneurship, the government also plays a significant role by regulating industries, providing public services, and implementing social programs. This blend allows for economic growth while addressing social inequalities and ensuring public welfare. Additionally, the presence of both foreign and domestic investments further characterizes its mixed economic framework.