Browse a full set of economic indicators


Includes historical data for Philippines’ Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

In Partnership With

Consumer Demand Drives Growth

With increasing urbanization, a burgeoning middle class, and a large and young population fluent in English, the World Bank notes, the Philippines’ economic dynamism is rooted in strong consumer demand, a vibrant labor market, and robust remittances from over 10 million Filipino workers and migrants living abroad. In particular, the private sector thrives in the business process outsourcing, retail, real estate and tourism industries.

In recent years, the government has also pursued legislative reforms to improve the business climate and streamline the regulatory environment, thereby bolstering foreign direct investment especially in manufacturing, financial services, and information and communications technology. However, weaknesses persist, including governance shortcomings and lack of transparency, inadequate infrastructure, energy dependence, income inequality, high levels of underemployment, and vulnerability to natural disasters.

Philippines GDP & Economic Overview

Macroeconomy & Sovereign Data

Type of Government Presidential republic
Capital Manila
Sovereign Ratings S&P: BBB+
Moody’s: Baa2
Fitch: BBB
Total Population 114.2 million
Median Age 25
Adult Per Capita Income (PPP) 15,620.98
Total GDP (2023) USD 475.9 billion

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Banking & Finance

Trade & Investment

Total Exports USD 186.5 billion (2022)
Leading Exports Integrated Circuits
Refined Petroleum
Crude Petroleum
Broadcasting Equipment                                                                      
Total Imports USD 122.6 billion (2022)
Leading Imports Integrated Circuits
Office Machinery/Parts
Insulated Wiring

Source: World Integrated Trade Solution

Philippines Leading Companies

Banco de Oro Unibank Financials
Metropolitan Bank & Trust Company (Metrobank) Financials
Top Frontier Investment Holdings Conglomerates, Metals & Mining, Real Estate, Food Products
SM Investments Corporation Conglomerates, Financials, Retail, Real Estate Management & Development
Cebu Pacific Air Transportation, Airlines
Philippine Long Distance Telephone Company (PLDT) Telecommunication Services
Petron Corporation Energy, Oil & Gas, Refining & Marketing

Major Trade Partners — Import

China 22.7%
Japan 9.5%
South Korea 7.7%
Indonesia 7.3%
United States 6.7%

Major Trade Partners — Export

United States 15.9%
China 15.5%
Japan 14.4%
Hong Kong 13.3%
Singapore 5.6%

In Partnership With

UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000