With a sizable young population and a growing middle class, the Philippines' economic dynamism is supported by a strong labour market and large remittances from overseas Filipino workers – the latter posting a record US$33.5 billion in 2019. While it continued to lag behind regional peers in FDI inflow levels, the country offers advantages such as an English-speaking and well-skilled workforce, along with historically strong bilateral relations with the United States. In the latest Doing Business 2020 Report, the Philippines jumped 29 spots, ranking 95th from 124th the year before.
Population size
Median age
Capital
Currency unit
Internet penetration rate
Mobile penetration rate
US$3,104
2020 estimated
GDP per capita
0.6% | 7.6%
Real GDP growth projection
(Annual per cent change,
2020 & 2021)
BBB+
S&P global ratings
45.05 mil
Total labour force (2019)
98.18%
Literacy rate (2018)
US$7.90
Average daily wage for
manufacturing employee
(2016)
30%
Corporate tax
43
Number of DTAs
5-25%
Dividend withholding tax
10-20%
Interest withholding tax
6%
Capital gains tax
Regulated
FX control
| Exports US$71 bil |
Imports US$112 bil |
|
|
Based on 2019 data
1987 Omnibus Investments Code
The Special Economic Zone Act (1995)
Sources: UOB Global Economics & Markets Research, World Economic Outlook (October 2019 and April 2020), World Bank, UNESCO Institute of Statistics, CIA's The World Factbook, The Philippine Board of Investments (BOI), Phislippine Economic Zone Authority (PEZA)
This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.
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