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The main articles are:
GDP
Main item: GDP - Gross Domestic Product (GDP)
2023: 3.1% of GDP comes from remittances from the US
2022
Philippines share of global PPP GDP exceeds 0.71%
Main article: World Economy
GDP size forecast - $0.41 trillion
2021: GDP size - $0.39 trillion
National debt
2023: State debt - 58% of GDP
Budget
2024: Philippines introduces 12% additional tax for foreign Internet services
On October 2, 2024, Philippine President Ferdinand Marcos Jr. signed a law providing for the introduction of a 12 percent value added tax (VAT) for foreign digital services. We are talking about search engines, online stores, cloud platforms, online media, etc. Read more here.
Banking system
Main article: Central Bank of the Philippines (Bangko Sentral ng Pilipinas)
Electronic Payment Systems
2020:33% of Internet users prefer cashless payment
Inflation
2024: 3.9% in May
Minerals
2022: Second-largest nickel producer in the world
Power
2020: Low per capita energy consumption
and
Foreign trade
2024
6th in the world in terms of trade deficit: - $65.9 billion
The 10 countries with the highest trade deficits in 2024:
1. US: - $1.1 trillion
2. India: - $245.5 billion
3. Britain: - $233.1 billion
4. Turkey: - $86.3 billion
5. France: - $82.3 billion
6. Philippines: - $65.9 billion
7. Japan: - $47.9 billion
8. Spain: - $37.5 billion
9. Greece: - $35.7 billion
10. Romania: - $31.3 billion
World Bank data, net trade balance.
China is the main export destination
2023: World number 2 rice importer - 3.8 million tonnes
2022: China is the biggest export destination
Unemployment
2020: Unemployment rate - 10.4%
Incomes of the population
2023: Minimum wage - $141
R&D
2020: R&D expenses - $887 million
Investments
2023: Abandonment of Chinese investment in rail construction
A few days after the collision of Chinese and Philippine ships in the disputed water area of the South China Sea in November 2023, the Philippine Department of Transport announced the rejection of Chinese investments in three railway construction projects. In fact, this can be considered the beginning of Manila's withdrawal from the PRC's Belt and Road Initiative.
The main reason for refusal is the lack of progress in the development of logistics. According to the Philippine government, China is not interested in building railways in the country, and therefore Manila needs new sources of funding. However, perhaps the reason lies in another.
When the country entered Belt and Road, the president of the Philippines was Rodrigo Duterte, remembered for deepening relations with the PRC and distancing himself from the United States. An unspoken condition for obtaining Chinese investment was concessions to China in the South China Sea, and the Duterte administration, although not fully, provided them.
By 2023, the situation has changed - under the new President Ferdinand Marcos Jr. in the Philippines, they began to actively develop a narrative about the infringement of national interests by China.
The coming of Marcos Jr. to power marked a return to active support for territorial claims, which means the rejection of Chinese investment, although not in all sectors, but what happened will clearly undermine the influence of the PRC in the country.
The main beneficiaries of the measures taken were Britain the United States, which had previously allowed the development of the logistics infrastructure of the Philippines-controlled China, and now switched the implementation of these tasks to other allies, Rybar wrote. Philippine authorities are already considering new lenders for projects, including,, and other South Korea Japan EU countries, saying they have much better credit conditions than they do. China
Agriculture
2021: World No. 3 for pineapples - 2.78 million tonnes
2019: Low use of pesticides in agriculture
Consumption
2023: Fish consumption is higher than meat consumption
2019: Pork is the most consumed type of meat
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