(Last updated: 17 May 2012)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to the Philippines. This is regularly updated, and should be checked before planning travel.

Country facts

(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)

Economic climate

On 1 January 2010 the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) came into force; Australia’s most ambitious trade deal to date. Australian business is urged to take a close look at the opportunities created by the agreement, as it will deliver real commercial benefit for Australian exporters and investors doing business in Cambodia. More information on AANZFTA is available here.

The government has promised to continue economic reforms to further support growth in the economy. These reforms will focus on areas such as infrastructure, taxation laws and further deregulation and privatisation of the economy.

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.

Political climate

As mandated under the 1987 constitution, the Republic of the Philippines operates on a separation of powers between the executive presidency, bicameral legislature, and independent judiciary. The President is considered both chief of state and head of government and can serve no more than one six-year term.

Short-term stability has been affected by spurts of terrorist and leftist attacks, and the government has been aggressive in its drive against domestic and international terrorism.

Trade relations and statistics

The Philippines is a member of the Association of South East Asian Nations (ASEAN), along with Indonesia, Malaysia, Singapore, Thailand, Brunei, Vietnam, Laos, Burma and Cambodia. ASEAN was established to accelerate the economic growth and promote peace and stability throughout the region.

The Philippines considers its relationship with its neighbours in the Asia-Pacific region critical to its national security and economic development. The cultivation of good relations between the Philippines and its neighbours in the South East Asia region, particularly its co-members in ASEAN is crucial to the advancement of its own national interest and that of the region, especially in terms of regional stability and prosperity.

The Philippines maintains a good trading relationship with Australia being a net exporter of goods.

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.