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Philippines

The Philippines economy is the world’s 32nd largest economy by GDP and the 12th largest in Asia according to the International Monetary Fund 2021.

The Philippines economy is the world’s 32nd largest economy by GDP and the 12th largest in Asia according to the International Monetary Fund 2021.

The Philippines is one of the fastest-growing emerging markets and the third highest economy in Southeast Asia, behind Thailand and Indonesia. It is considered a newly industrialised economy and is in transition from a primarily agricultural base to that of services and manufacturing.

The Philippines is enjoying a reasonable post Covid recovery, with 2022 GDP growth sitting at 7.4% and forecast to rise to 8% for 2023, the highest in the ASEAN region. Key changes to the Foreign Investment Act and the Public Service Investment Act are expected to significantly improve foreign investment by reducing restrictions on foreign ownership with also removing restrictions on foreign equity in most public service companies.

The archipelago nation has a long and mixed history of colonialism, conquest and dictatorship and over recent years has had pressure from various administrations where corruption and rampant cronyism were significant factors. The very large population, 109 million, and where a significant percentage falls below the official poverty line (16.6%) also has led to an urgent need for reform in areas such as social policy and education.

The recent incoming government is beginning to tackle some of these issues by campaigns to improve fiscal management and bureaucratic efficiency while encouraging investment, R&D and innovation and expanding physical and digital infrastructure.

There are certainly significant opportunities now in the Philippines for investment and engagement. Asian Insiders stands ready to advise and assist into how to connect to and develop these.

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