The intent of this research is to investigate and analyze the corporate governance system of an emerging market economy and determine whether the Anglo-American or Japanese-German form, or some alternative form has evolved. The particular country analyzed is the Philippines. The Philippines has many similarities with its emerging Southeast Asian neighbors due to proximity, and some differences, as well, due to its unique history and culture. First, we describe each of these corporate governance models (see Megginson 1997 for a detailed description). Then we discuss which of these alternative models best describes the Philippine economy. We conclude by discussing the strengths and weaknesses of the Philippine system of corporate governance.