The Philippines remains a bright spot in the region and is expected to continue to outpace the economic growth of its Association of Southeast Asian Nations (ASEAN) neighbours into 2016 (Source: Competitiveness: Sustainable and inclusive growth The Philippines, Deloitte, June 2015). The International Monetary Fund (IMF) raised the gross domestic product (GDP) growth forecast to 6.4 per cent for 2016 and 6.7 per cent for 2017.
Foreign Direct Investment (FDI) to the Philippines reached A$7.8 billion in 2015 (two per cent of GDP). The manufacturing sector has been the leading recipient, including food processing, as well as the banking and business process outsourcing (BPO) sectors.
Over A$2.1 billion of foreign aid from multi-lateral development banks (MDB) and international donor agencies (IDA) flow into the Philippines, largely into infrastructure, education and capacity building programs (Source: Foreign Aid Transparency Hub).
Bilateral trade between the Philippines and Australia in 2015 was valued at A$4.2 billion and has grown 50 per cent since 2010 (Source: Composition of Trade 2014-15).
The Austrade office in the Philippines is also responsible for Guam and Micronesia.
More information on doing business in the Philippines
Why ASEAN and why now?
Why ASEAN and why now? Insights for Australian Business. A joint Austrade-DFAT publication examining Australia’s trade relationship with the Association of Southeast Asian Nations (ASEAN), the opportunities and challenges for Australian business engaging with the region and the future of the Australia-ASEAN trade relationship.
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