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

<ul style='margin-top:20px;'>

<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.

Core consumer prices in Philippines increased 2.20 percent in June of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Philippines Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The per capita consumer spending on healthcare in the Philippines was forecast to continuously increase between 2024 and 2029 by in total 33.7 U.S. dollars (+49.32 percent). After the ninth consecutive increasing year, the healthcare-related per capita spending is estimated to reach 102.03 U.S. dollars and therefore a new peak in 2029. Consumer spending, in this case healthcare-related spending per capita, refers to the domestic demand of private households and non-profit institutions serving households (NPISHs). Spending by corporations and the state is not included. The forecast has been adjusted for the expected impact of COVID-19.Consumer spending is the biggest component of the gross domestic product as computed on an expenditure basis in the context of national accounts. The other components in this approach are consumption expenditure of the state, gross domestic investment as well as the net exports of goods and services. Consumer spending is broken down according to the United Nations' Classification of Individual Consumption By Purpose (COICOP). The shown data adheres broadly to group 06. As not all countries and regions report data in a harmonized way, all data shown here has been processed by Statista to allow the greatest level of comparability possible. The underlying input data are usually household budget surveys conducted by government agencies that track spending of selected households over a given period.The data is shown in nominal terms which means that monetary data is valued at prices of the respective year and has not been adjusted for inflation. For future years the price level has been projected as well. The data has been converted from local currencies to US$ using the average exchange rate of the respective year. For forecast years, the exchange rate has been projected as well. The timelines therefore incorporate currency effects.Find more key insights for the per capita consumer spending on healthcare in countries like Vietnam and Thailand.

Cost of food in Philippines increased 0.40 percent in June of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Philippines Food Inflation - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Filipinos spent about 11,100 Philippine pesos on health in 2023, indicating an eight percent growth from the previous year. The National Capital Region had the highest health expenditures in that year. Rising current health expenditures The country’s health spending has been steadily rising in the past few years, reaching its peak value in 2023. Increased healthcare spending was particularly noted between 2020 and 2021 when the COVID-19 pandemic hit, as Filipinos purchased more essential health products and medicines to better protect themselves from the virus. Factors contributing to increased health spending In addition to the coronavirus pandemic, high inflation rates in the Philippines, fueled the increasing prices of medicines and other pharmaceutical goods. To lower the prices of medicines, the government has been encouraging foreign pharmaceutical firms to establish facilities in the country to increase local production. Discussions were being held between pharmaceutical firms such as in India, which was the leading source of pharmaceutical imports to the Philippines.

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.

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.

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.

Graph and download economic data for Consumer Price Index for Philippines (DDOE02PHA086NWDB) from 1960 to 2017 about Philippines, CPI, price index, indexes, and price.

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.

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.

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.

In 2024, the average retail price index of construction materials in the National Capital Region (NCR) of the Philippines grew by 1.2 percent in comparison to the previous year. There was no change recorded in 2015.

Key information about House Prices Growth

• Philippines house prices dropped 2.3% YoY in Sep 2024, following an increase of 2.7% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2015 to Sep 2024, with an average growth rate of 4.5%.
• House price data reached an all-time high of 26.6% in Jun 2020 and a record low of -9.4% in Jun 2021.

The real interest rate in the Philippines increased by *** percentage points (+****** percent) in 2019 in comparison to the previous year. With **** percent, the real interest rate thereby reached its highest value in the observed period.

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

<ul style='margin-top:20px;'>

<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 increased to 127.40 points in June from 127.20 points in May 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.