The Philippines has been one of the most dynamic economies in the East Asia and Pacific region. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances.
The private sector remains buoyant, with positive performance from the services sector including business process outsourcing, wholesale and retail trade, real estate, and tourism.
The Philippine government pursues larger investments in both human and physical capital to boost growth over the medium and long term.
The Philippine economy has been transitioning from an agricultural base to services and manufacturing.
Key FDI’s Sectors in 2022
- Electricity
- Real estate
- Construction
The Philippines and 14 Asia Pacific signed The RCEP agreement covers trade in goods, trade in services,
investment, intellectual property, e-commerce, competition, small and medium enterprises. Under ASEAN, the Philippines has preferential trade agreements with China, Hong Kong, India, Japan, South Korea, and Australia and New Zealand. Philippine trade agreements and corresponding tariff schedules and commitments.
The Philippines and EFTA members – Iceland, Liechtenstein, Norway, and Switzerland – signed a free trade agreement in 2016 which entered into force in 2018.
2022 PHILIPPINES IN BRIEF
Total population = 115.6 million
GDP = USD 404 billion
GDP per Capita = USD 3,499
GDP Growth = 7.6%
Trade Balance = USD - 63 billion
Minimum Wage = 570 PHP/day
Top 10 Export
Total Value = USD 78.0 billion
COUNTRY/REGION
1. USA (15.8%)
2. Japan (14.0%)
3. China (13.8%)
4. Hong Kong (13.2%)
5. Singapore (6.2%)
6. Thailand (4.3%)
7. Korea (4.0%)
8. Other Asia (3.8%)
9. Netherlands (3.7%)
10. Germany (3.5%)
PRODUCT
1. Electronic integrated circuits and micro assemblies (36.0%)
2. Insulated wire, cable (3.5%)
3. Automatic data processing machines (2.9%)
4. Coconut, palm kernel or babassu oil (2.7%)
5. Printing machinery (2.6%)
6. Refined copper and copper alloys (2.3%)
7. Electrical transformers, static converters and inductors (2.3%)
8. Semiconductor devices (2.2%)
9. Electrical apparatus (1.8%)
10. Nickel ores and concentrates (1.6%)
Top 10 Import
Total Value = USD 145.0 billion
COUNTRY/REGION
1. China (20.0%)
2. Indonesia (9.6%)
3. Japan (9.0%)
4. Korea (8.7%)
5. USA (6.6%)
6. Singapore (5.8%)
7. Thailand (5.2%)
8. Other Asia, (4.9%)
9. Malaysia (4.6%)
10. Vietnam (3.3%)
PRODUCT
1. Electronic integrated circuits and micro assemblies (11.8%)
2. Petroleum oils and oils from bituminous minerals, not crude (9.9%)
3. Coal (4.1%)
4. Petroleum oils and oils obtained from bituminous minerals (2.6%)
5. Motor cars and other motor vehicles (2.4%)
6. Wheat and meslin (1.8%)
7. Electrical apparatus (1.7%)
8. Parts and accessories (1.5%)
9. Semiconductor devices (1.5%)
10. Oil-cake (1.3%)