In December 2024, the inflation rate in the National Capital Region (NCR) or Metro Manila reached 3.1 percent, indicating an increase from the previous month. The region's inflation rate fluctuated that year, with the highest inflation rate recorded in July.

In 2023, the Philippines’ inflation rate amounted to 5.98 percent. The Philippines are considered “newly industrialized”, but the economy relies on remittances from nationals overseas, and the services sector generates most of its GDP .

Emerging and soon to develop?

After switching from agriculture to services and manufacturing, the Philippines are now an emerging economy, i.e. the country has some characteristics of a developed nation but is not quite there yet. In order to transition into a developed nation, the Philippines must meet certain requirements, like being able to sustain their economic development, being very open to foreign investors, or maintaining a very high stability of the institutional framework (like law enforcement and the government). Only if these changes are irreversible can they be classified as a developed nation.

The Philippines’ switch to services

Ever since the switch to services and manufacturing, employment in these areas has increased and the country is now among those with the highest employment in the tourism industry worldwide. This transition was not entirely voluntary but also due to decreasing government support, the liberalization of trade, and reform programs. Still, agriculture is important for the country: As of 2017, more than a quarter of Filipinos are still working in the agricultural sector, and urbanization has only increased very slightly over the last decade.

As of December 2024, the inflation rate for all commodities in the Philippines reached 2.9 percent, reflecting a significant decrease from the same month of the previous years. The country's inflation rate in 2024 was the lowest in September.

Philippines Bangko Sentral ng Pilipinas: Inflation Target: Lower Limit data was reported at 2.000 % in 2022. This stayed constant from the previous number of 2.000 % for 2021. Philippines Bangko Sentral ng Pilipinas: Inflation Target: Lower Limit data is updated yearly, averaging 3.000 % from Dec 2002 (Median) to 2022, with 21 observations. The data reached an all-time high of 5.000 % in 2005 and a record low of 2.000 % in 2022. Philippines Bangko Sentral ng Pilipinas: Inflation Target: Lower Limit data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.I001: Consumer Price Index: Inflation Target.

Inflation rate (GDP deflator) of Philippines plummeted by 16.25% from 5.5 % in 2022 to 4.6 % in 2023. Since the 38.29% surge in 2021, inflation rate (GDP deflator) rocketed by 101.38% in 2023. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

In 2024, the average inflation rate of all commodities in the Philippines amounted to 3.2 percent, about 50 percent less from the previous year. Since 2019, the highest inflation rate in the country was recorded in January 2023.

Valores atuais, dados históricos, previsões, estatísticas, gráficos e calendário econômico - Filipinas - Taxa de Inflação. 1958-2022 Dados | 2023-2024 Previsão.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

About this dataset

Context

The dataset presents the distribution of median household income among distinct age brackets of householders in Manila. Based on the latest 2018-2022 5-Year Estimates from the American Community Survey, it displays how income varies among householders of different ages in Manila. It showcases how household incomes typically rise as the head of the household gets older. The dataset can be utilized to gain insights into age-based household income trends and explore the variations in incomes across households.

Key observations: Insights from 2022

In terms of income distribution across age cohorts, in Manila, the median household income stands at $153,028 for householders within the 25 to 44 years age group, followed by $63,815 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $39,951.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2023-inflation-adjusted dollars.

Age groups classifications include:

• Under 25 years
• 25 to 44 years
• 45 to 64 years
• 65 years and over

Variables / Data Columns

• Age Of The Head Of Household: This column presents the age of the head of household
• Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific age group

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Manila median household income by age. You can refer the same here

As of June 2022, the ongoing inflation posed the biggest risk to the ASEAN-5 economies. In the Philippines, the risk was particularly high, reaching an index score of 93 out of 100. In Thailand, all three leading economic risks were evaluated with scores of 60 or over, with the Chinese economic slowdown being as much of a concern for Thailand's economy as the inflation.

As of January 2024, the prices of essential goods in the Philippines increased compared to the same month in the previous year. With the exception of rice, most basic goods noted a significant increase in prices. For instance, the price of six kilograms of meat rose from nearly 1,600 Philippine pesos in 2022 to 1,843 Philippine pesos in 2024. In addition, the cost of eight kilograms of vegetables increased from 698 to 857 Philippine pesos.

In 2023, the inflation rate in Laos was reported at over 31 percent, the highest in Southeast Asia, with this trend forecasted to continue into 2025. In contrast, Brunei had the lowest inflation rate in the region at about 0.37 percent in 2023, projected to increase to around one percent by 2025.

GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.

Informal traditional retailers accounted for nearly half of the total food retail sales in the Philippines in 2023, making them the leading food retail channel. This was followed by supermarkets, which contributed to about a quarter of those sales. What makes informal traditional retailers popular?  With easily collapsible stalls found in very accessible spots, informal traditional retailers are usually spread out in various locations in the Philippines. These retailers typically provide fresh food items such as fruits, vegetables, fish, and meat that could be sold at a much cheaper price as they are not regulated. These sellers also have lower operating costs as they do not need to pay rent. In addition, such retailers can offer better deals, depending on the availability of the products they are selling. Recovering from losses brought by the pandemic, the retail sales of informal traditional retailers increased by about 430 percent between 2021 and 2022. Impact of inflation on grocery shopping  As the average inflation rate of all commodities in the Philippines continues to rise, households facing difficulties being able to afford necessities. A March 2023 survey revealed that most Filipino consumers check prices first before buying anything due to inflation. Meanwhile, due to rising living costs/inflation, etc., some other consumers have chosen to reduce the frequency of doing any leisure activities, such as dining out and going to bars or cinemas.

The gasoline price in the Philippines continued to fluctuate in 2023 and the first quarter of 2024, reaching 68.67 Philippine pesos per liter in March 2024. The retail price of petrol peaked between May and June 2022.   Which countries supply petroleum products to the Philippines? The refined petroleum products supply in the Philippines is mainly imported from South Korea, which accounts for 31 percent of the total import share. Singapore and China also provide a large share of the country’s petroleum product supply. Due to a dormant oil refining capacity, the production of petroleum refinery products in the Philippines has shown sluggish growth recently, further emphasizing the need for importing such products. Leading petroleum companies in the Philippines As of March 2023, Shell Pilipinas Corporation held the highest share of the petroleum market in the Philippines, with a market share of about 16 percent. The company operated its own petroleum refinery until 2020, when it decided to focus on imports. There is only one operating oil refinery in the country, which is run by the second-largest oil company – Petron Corporation.

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from 31 percent inflation in Laos to 0.37 percent inflation in Brunei Darussalam. While countries like Vietnam are likely benefitting from more stable inflation than earlier seen, only a few countries are in the 2 to 6 percent range that many economists view as optimal for emerging economies. Effects of high inflation High inflation is generally detrimental to the economy. Prices tend to rise faster than wages, meaning that people and firms have less purchasing power. This in turn leads to slower growth in the gross domestic product (GDP). It also leads to a weaker currency. For countries with a positive trade balance this can be beneficial, because exports are relatively cheaper to foreign buyers. Through the same mechanism, net importers suffer from a weaker currency. Additionally, inflation makes a country’s national debt less expensive if the debt is denominated in the local currency. However, most of this debt is in U.S. dollars, so inflation makes the debt more difficult to service and repay. Risks of deflation With deflation, consumers and firms delay investments because they expect prices to be lower in the future. This slows consumption and investment, two major components of GDP growth. The most common example of this is Japan, where the GDP growth rate has been low for a long time due, in large part, to deflation. For this reason, countries like Brunei would rather see low and stable inflation than slight deflation.

菲律宾中央银行：通货膨胀目标：下限在12-01-2022达2.000%，相较于12-01-2021的2.000%保持不变。菲律宾中央银行：通货膨胀目标：下限数据按年更新，12-01-2002至12-01-2022期间平均值为3.000%，共21份观测结果。该数据的历史最高值出现于12-01-2005，达5.000%，而历史最低值则出现于12-01-2022，为2.000%。CEIC提供的菲律宾中央银行：通货膨胀目标：下限数据处于定期更新的状态，数据来源于Bangko Sentral ng Pilipinas，数据归类于Global Database的菲律宾 – 表 PH.I001：居民消费价格指数：通货膨胀目标。

The growth of the real gross domestic product (GDP) in the Philippines was forecast to increase between 2024 and 2029 by in total 0.6 percentage points. This overall increase does not happen continuously, notably not in 2029. The growth is estimated to amount to 6.31 percent in 2029. As described by the International Monetary Fund, this indicator describes the annual change in the gross domestic product at constant prices. This is expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Vietnam, Laos, and Malaysia.

In 2023, the average retail price index of construction materials in the National Capital Region (NCR) of the Philippines grew by 2.5 percent in comparison to the previous year. There was no change recorded in 2015.

Tingkat Inflasi di Filipina tetap tidak berubah pada 2,90 persen pada bulan Januari. Nilai saat ini, data historis, perkiraan, statistik, grafik dan kalender ekonomi - Filipina - Tingkat Inflasi.