In 2024, the Philippines’ inflation rate amounted to 3.21 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 servicesEver 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.

Inflation Rate in Philippines decreased to 1.30 percent in May from 1.40 percent in April of 2025. This dataset provides the latest reported value for - Philippines Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

Philippines inflation rate for 2024 was 3.21%, a 2.77% decline from 2023.

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<li>Philippines inflation rate for 2023 was <strong>5.98%</strong>, a <strong>0.16% increase</strong> from 2022.</li>
<li>Philippines inflation rate for 2022 was <strong>5.82%</strong>, a <strong>1.89% increase</strong> from 2021.</li>
<li>Philippines inflation rate for 2021 was <strong>3.93%</strong>, a <strong>1.53% increase</strong> from 2020.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

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.

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.

Philippines Core Consumer Price Index (CPI): YoY data was reported at 2.200 % in Mar 2025. This records a decrease from the previous number of 2.400 % for Feb 2025. Philippines Core Consumer Price Index (CPI): YoY data is updated monthly, averaging 3.400 % from Jan 2019 (Median) to Mar 2025, with 75 observations. The data reached an all-time high of 8.000 % in Mar 2023 and a record low of 1.800 % in Jan 2022. Philippines Core Consumer Price Index (CPI): YoY data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table.PH.I008: Core Inflation Rate: 2018=100.

Valori correnti, dati storici, previsioni, statistiche, grafici e calendario economico - Filippine - Tasso di inflazione. 1958-2022 Dati | 2023-2024 Previsione.

In 2023, the inflation rate in Laos was reported at over ** 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 **** percent in 2023, projected to increase to around *** percent by 2025.

Philippines GNP for 2023 was 496.17 billion US dollars, a 8.57% increase from 2022.

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<li>Philippines GNP for 2022 was <strong>457.00 billion US dollars</strong>, a <strong>13.06% increase</strong> from 2021.</li>
<li>Philippines GNP for 2021 was <strong>404.20 billion US dollars</strong>, a <strong>7.55% increase</strong> from 2020.</li>
<li>Philippines GNP for 2020 was <strong>375.81 billion US dollars</strong>, a <strong>9.71% decline</strong> from 2019.</li>
</ul>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.

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.

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from ** percent inflation in Myanmar to **** percent inflation in Thailand in 2025. 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.

Philippines gni per capita for 2023 was $4,320, a 7.73% increase from 2022.

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<li>Philippines gni per capita for 2022 was <strong>$4,010</strong>, a <strong>12.32% increase</strong> from 2021.</li>
<li>Philippines gni per capita for 2021 was <strong>$3,570</strong>, a <strong>6.57% increase</strong> from 2020.</li>
<li>Philippines gni per capita for 2020 was <strong>$3,350</strong>, a <strong>10.9% decline</strong> from 2019.</li>
</ul>GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI 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. 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.

Consumer Price Index CPI in Philippines decreased to 127.20 points in May from 127.30 points in April of 2025. This dataset provides the latest reported value for - Philippines Consumer Price Index (CPI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The benchmark interest rate in Philippines was last recorded at 5.25 percent. This dataset provides the latest reported value for - Philippines Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The gasoline price in the Philippines continued to fluctuate in 2023 and the first quarter of 2025, reaching 56.34 Philippine pesos per liter in April 2025. 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 Shell Pilipinas Corporation held the highest share of the petroleum market in the Philippines, with a market share of about 16 percent in 2023. The company operated its 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.

The growth of the real gross domestic product (GDP) in the Philippines stood at about 5.69 percent in 2024. From 1980 to 2024, the growth rose by approximately 0.54 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the growth will rise by around 0.61 percentage points, showing an overall upward trend with periodic ups and downs.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

Informal traditional retailers accounted for nearly **** 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 ******* 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 expenses 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 *** 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.

In 2019, the unemployment rate in the Philippines was at approximately 2.24 percent and on a steady downward trend from 3.6 percent in 2014.

Souvenirs from overseas

The Philippines’ economy relies heavily on remittances from overseas, i.e. money sent home by Filipino emigrants and workers in other countries. In 2016 alone, approximately 30 billion U.S. dollars were received as remittances in the Philippines, and the amount seems to increase significantly every year. This makes the Philippines one of the leading countries worldwide when it comes to receiving remittances, only surpassed by India and China.

Visitors from overseas

The Philippines’ economy is stable, not only because of remittances, but also because of a flourishing services sector, which is now the main generator of GDP in the country; tourism and IT in particular contribute to economic growth. More than half of the Philippines workforce is employed in services.

The price of residential real estate in the Philippines has been on the rise since 2016. In 2024, the price index reached 166.6 points, indicating a significant increase from 112.4 index points in 2016. The Residential Real Estate Price Index (RREPI) is used to measure the rate at which the price of residential properties changes over time. It is also an indicator to assess the country's real estate and credit market situation. Prices of housing units  The price of housing units in the Philippines is not measured in absolute values but using the Residential Real Estate Price Index (RREPI) with a base value of 100 as of the first quarter of 2014. Among the different types of housing units, duplex houses registered the highest RREPI, followed by condo units. Meanwhile, the prices of single-detached and attached houses experienced its highest rate of growth in 2024. The condominium market  Condominium units are common in metropolitan cities in the Philippines, such as Metro Manila, Cebu, and Davao. The demand for such properties is fueled by urbanization, leading to an expansion of commercial and industrial hubs. Foreign investments and sustained remittances from migrant workers also contribute to the appetite for condominium properties. In Metro Manila alone, there were roughly 155,000 completed condominium units in 2023, and half of the occupied units belong to the lower mid-income segment. Meanwhile, the residential hubs of Cebu and Davao had the highest condo stock among other provinces in the country in 2022.