Slow recovery supported by ambitious public spending

B2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in February 2022.

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GDP
USD394bn (World ranking 36, World Bank 2021)
Population
111mn (World ranking 13, World Bank 2021)
Form of state Presidential Republic
Head of government Ferdinand Marcos JR.
Next elections 2028, general election
  • Robust GDP growth since 2002 and resilience to external headwinds
  • Solid monetary and fiscal policies
  • Relatively low external debt
  • Ample foreign exchange reserves
  • Strong remittances inflows
  • Strong banking system
  • Increasing integration into the global value chain
  • High-risk security environment, which can deter foreign investment
  • Strong income disparities
  • High dependency on electronic and electrical exports and tourism
  • Weak business environment

Trade structure by destination/origin

(% of total, annual 2021)

Exports Rank Imports
United States 15.9%
1
22.7% China
China 15.5%
2
9.5% Japan
Japan 14.4%
3
7.7% Korea, Republic of
Hong Kong 13.3%
4
7.3% Indonesia
Singapore 5.6%
5
6.7% United States of America

Trade structure by product

(% of total, annual 2021)

Exports Rank Imports
Electrical machinery, apparatus and appliances, n.e.s. 46.5%
1
21.0% Electrical machinery, apparatus and appliances, n.e.s.
Office machines and automatic data processing machines 11.2%
2
9.1% Petroleum, petroleum products and related materials
Metalliferous ores and metal scrap 3.9%
3
5.6% Road vehicles
Vegetables and fruits 3.8%
4
4.7% Office machines and automatic data processing machines
Non-ferrous metals 3.5%
5
4.5% Iron and steel
Popular Risk Reports: Americas

Popular Risk Reports: Europe

Popular Risk Reports: Asia Pacific

Popular Risk Reports: Middle East

Popular Risk Reports: Africa