An archipelago with more than 7,000 islands, the Philippines is the 3rd largest economy in ASEAN, next to Indonesia and Thailand. It accounts for almost 12% of the region’s GDP. The top two contributors to its economy are its world-class business process outsourcing industry, and dollar remittances from the more than 10 million Filipinos residing overseas. With a population exceeding 100 million people, its economic growth prospects remain positive on the back of strong consumer demand. Consumer trends including digital migration and value hunting are likely to continue post the pandemic. Certain industries including healthcare, energy and power, and tourism are expected to expand.
The Philippines is commercially dynamic and highly Westernized. Filipinos are open to new trends, educated, friendly, and speak very good English. Apart from favorable demographics, entrepreneurial flair and energy abound with several first-rate companies such as San Miguel, Ayala, and Jollibee. New measures to ease rules on foreign equity ownership and lower the minimum paid-up capital of foreign retailers are expected to support economic growth and attract further investments. The government is expected to continue investing in large, priority infrastructure projects at a spending level of over 5.0% of GDP.
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