The Philippines occupies a unique position in the global experience with energy sector reform and independent power producers. The Philippine experience with IPPs has been ongoing for almost sixteen years, and has spanned a time period that includes distinct energy regulatory regimes and an ever-changing legal environment for foreign capital. Since the first contract for independent generation in 1988, the government of the Philippines has signed contracts with more than forty other IPPs, and by 1994 had more IPP contracts than the rest of the developing world combined.