↑ Return to Country Briefings

Print this Page

The Philippines

(Republic of the Philippines)

The Philippines has long underperformed in terms of economic development. Plagued by endemic corruption, economic stagnation, violent crime and secessionist movements by communist and muslim groups, its most famous export has been its own people.

In total it is estimated that almost 5 million Filipinos work throughout the world, accounting for a large portion of the country’s foreign revenues through homeward remittances.

Since 2010, however, there have been reasons for a renewed sense of optimism, as the country’s growth rate jumped from an average of just over 4% to over 7%, and the outlook for the country is better than ever before.

Having weathered the financial crisis better than many of its other regional neighbours, the underpinning driver for this new economic growth is investment in the country’s burgeoning out-sourcing industry. The combination of low labour costs and high levels of English language competence make the country a top investment choice for call-centres in particular.

The economy of the Philippines is the 45th largest in the world, with an estimated nominal GDP of $216 billion in 2011. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.

The Philippines is a founding member of the Association of Southeast Asian Nations (ASEAN). Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Its unit of currency is the Philippine Peso (PHP).

 

Population: c. 101,834,000  
Capital City: Manila
Government: Multi-party Democracy
State Languages: Tagalog, English, others
GDP per capita (PPP): $3,500
Growth Rate: 3%-8%

 

External Links

  • http://www.gov.ph/ (Official Gazette of Republic of Philippines). Governative website with excellent section dedicated to do business in the Philippines.
  • http://www.peza.gov.ph/ (Philippine Economic Zone Authorities). Useful and interesting informations on cost of business, eligible activities, fiscal and non-fiscal incentivies.

Permanent link to this article: http://goeastbusiness.com/index.php/resources/country-briefs/the-philippines/