Market profile

The COVID-19 pandemic has dealt a severe blow to the Philippine economy, shrinking the GDP by 9.6 per cent in 2020 (Source:  GDP sinks by deeper 9.6% in 2020 after data revisions). This year, however, GDP is expected to grow at around 5% thanks to good macro-economic fundamentals, remittances by Filipinos abroad and the country’s business process outsourcing (BPO) revenues (Source: PH economy seen rebounding by 5-6% in 2021).

Digitalisation efforts have been fast-tracked. E-commerce is also expected to grow by 37 percent CAGR between 2019 and 2024 (Source: E-Commerce in the Philippines).

The resilient economy, recovering business confidence and better than expected competitiveness outlook are prompting investors to take a closer look at the Philippines and the opportunities it offers. The manufacturing sector has been the leading recipient of foreign investment, followed by food processing as well as the banking and BPO sectors.

Philippine conglomerates drive up to 80 per cent of revenues and consider Australia a strategic trade and investment partner.

Almost A$28 billion (2019) 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: National Economic and Development Authority).

Facts

  • Merchandise exports A$2,130 million
  • Services exports A$1,218 million
  • Capital Manila
  • Official languages Filipino (Tagalog), English
  • Area 298,170 sq km
  • Population 107.3 million

Information provided by DFAT

Country brief

A comprehensive overview of political, economic and bilateral and regional trade agreements.

» read more at DFAT

Trade and economic fact sheet

Containing general information, recent economic indicators, Australia’s trade and investment relationship with Philippines and their global merchandise trade relationship that is updated twice a year.

» read more at DFAT

 

Australia's trade at a glanceAustralia's top ten trading partners

Smartraveller

The Department of Foreign Affairs and Trade’s Smartraveller site provides advice for business travelers and tourists going to Philippines. This is regularly updated and should be checked before planning travel.

» read more at DFAT

Business risks

Bribery of Foreign Officials

Extractive Industries Transparency Initiative

The Extractive Industries Transparency Initiative (EITI) is a voluntary mechanism which promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining.

The EITI is supported by governments, industry, and non-government organisations around the world. The Australian Government supports the EITI and encourages Australian companies operating internationally to comply with its recommendations.

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government.

APEC Business Travel Card Scheme

Managed by the Department of Home Affairs, the APEC Business Travel Card Scheme was developed to make travelling within the 21 APEC member countries much simpler and more efficient.

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