Doing business in the Philippines: economic snapshot February 2018

ECONOMIC SNAPSHOT
PHILIPPINES

Internal perspective

The economic outlook for the Philippines is booming, with consumption and investments up. An uptick in foreign remittances has fueled high domestic demand, even with a somewhat weaker peso at the start of the year. Experts expect more growth for this Southeast Asian country.

Population

100,981,437(2017)

Internet users

40.7% (2015)

Gross domestic product (GDP)

  • $304.905 billion (2017)

Top 5 Imports

Top 5 exports

Languages

Top 3 Trading Partners

Top franchises

GDP growth rate (est.)

  • 6.922% in 2016
  • 6.923% in 2017

Trends and outlooks

  • Stable economy and banking systems
  • Low dependence on exports
  • Alleviated domestic debt due to improved tax administration
  • Accelerated economic growth

Economic challenges

  • High unemployment and underemployment
  • Underfunded infrastructure
  • Restrictions on foreign ownership, including land

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