HomeResourcesPhilippines Fact Sheet
Aerial view of a shrimp farm

Philippines fact sheet

Liberalised and business-friendly economy, with a highly competent workforce. Its well-developed infrastructure and economic zones are equipped to support companies seeking global growth.

About Philippines

110.8 million

110.8 million

Population size

24.1 years

24.1 years

Median age




Philippines peso (PHP)

Philippines peso (PHP)

Currency unit



Internet penetration rate



Mobile penetration rate

Further resources

Economic zones

74 Manufacturing Economic Zones
262 Information Technology Parks/Centres
22 Agro-Industrial Economic Zones
19 Tourism Economic Zones
2 Medical Tourism Parks/Centres

1987 Omnibus Investments Code

  • Foreign companies with less than 40 per cent foreign ownership, that invest in promoted activities listed in the Investment Project Plan (IPP) list.
  • Income tax holiday for six years for pioneer firms and four years for non-pioneer firms.


The Special Economic Zone Act (1995)

  • Company operating within an economic zone, and is registered with the Philippines Economic Zone Authority (PEZA).
  • Preferential rate of 5 per cent of gross income after the first four to six years.

World Economic Outlook (October 2021); World Bank; UNESCO Institute of Statistics; International Labour Organization: Global Wage Report 2020–21: Wages and minimum wages in the time of COVID-19; Asian Development Bank; The Philippine Board of Investments (BOI)

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.

You may also like

Two men working in a fabric printing facility


Southeast Asia’s largest economy and the world's fourth most populous country.

    Two women carry baskets across a sand dune


    Vietnam's young population is key to its economic growth in the coming years.

      Farmer and son in a plantation


      Thailand’s world-class infrastructure connects the region through air, land, sea and rail.