Located in the heart of Asia, the Philippines is an entry point to the 681 million people in the ASEAN market and the world’s fastest-growing trade bloc.
The Philippines has a population of 112 million people ranking in 13th place as the world’s biggest population and the second-most populous country in Southeast Asia after Indonesia. A large number of the population have a high level of proficiency in English, especially in the business sector, which attracts foreign investors to invest in the country.
The Philippines was once an agricultural economy but transitioned into a newly industrialised country. Today the country features competitive sectors such as manufacturing, services and agribusiness and has seen outstanding accomplishments in business process outsourcing (BPO), real estate and banking and insurance services. With a large population, the Philippines has a robust consumer market supported by the growing middle class, urbanisation, well-educated workforce and foreign investment.
The Philippines supports foreign investment in the country and are eligible to receive a variety of incentives. Through the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), multinational corporations can get incentives including income tax holidays of up to six years, tax-free and duty-free importation of machinery, raw materials and equipment, tax exemptions and special tax rates on gross income.
GDP growth (2021)***