The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 404.28 billion U.S. dollars in 2022. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 709.64 billion U.S. dollars by 2029. The Philippines’ economy GDP of the Philippines has consistently grown at around six percent and is expected to remain constant through 2024. At the same time, the unemployment rate has fallen to about 2.5 percent in 2018, with an increasing amount of employment being within the services sector . Sectors of the economy The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent in gross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’ export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitants moving to the cities to find work.

The Gross Domestic Product (GDP) in Philippines was worth 437.15 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Philippines represents 0.41 percent of the world economy. This dataset provides - Philippines GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The Gross Domestic Product per capita in Philippines was last recorded at 3745.65 US dollars in 2023. The GDP per Capita in Philippines is equivalent to 30 percent of the world's average. This dataset provides - Philippines GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The gross domestic product (GDP) per capita in the Philippines was forecast to continuously increase between 2024 and 2029 by in total 1,773.8 U.S. dollars (+42.71 percent). After the ninth consecutive increasing year, the GDP per capita is estimated to reach 5,927.36 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Indonesia, Singapore, and Vietnam.

This statistic shows the share of economic sectors in the gross domestic product (GDP) in the Philippines from 2013 to 2023. In 2023, the share of agriculture in the Philippines' gross domestic product was 9.4 percent, industry contributed approximately 28.18 percent and the services sector contributed about 62.42 percent.

In 2024, the wholesale retail and trade and the repair of motor vehicles and motorcycles sector contributed the highest share of gross domestic product (GDP) in the Philippines at 18.6 percent. This was followed by the manufacturing sector, accounting for 17.6 percent.

Philippines PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations data was reported at 95.000 NA in 2019. Philippines PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations data is updated yearly, averaging 95.000 NA from Dec 2019 (Median) to 2019, with 1 observations. Philippines PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Business Environment. Ease of doing business ranks economies from 1 to 190, with first place being the best. The ranking of economies is determined by sorting the aggregate ease of doing business scores. A high ranking (a low numerical rank) means that the regulatory environment is conducive to business operation.; ; World Bank, Doing Business project (http://www.doingbusiness.org/). NOTE: Doing Business has been discontinued as of 9/16/2021. For more information: bit.ly/3CLCbme; ; Data are presented for the survey year instead of publication year. Data before 2013 are not comparable with data from 2013 onward due to methodological changes.

In 2023, the real gross domestic product (GDP) in the Philippines grew by approximately 5.55 percent, marking the highest growth rate in Southeast Asia. In comparison, Singapore's real GDP growth rate dropped to less than 1.1 percent. Most Southeast Asian economies are projected to see an increase in their real GDP growth rates in 2025 compared to 2023, except for Laos and Myanmar. Southeast Asia, a tapestry of economic and cultural complexity Historically a critical component of global trade, Southeast Asia is a diverse region with heterogeneous economies. The region comprises 11 countries in total. While Singapore is a highly developed country economy and Brunei has a relatively high GDP per capita, the rest of the Southeast Asian countries are characterized by lower GDPs per capita and have yet to overcome the middle-income trap. Malaysia is one of these countries, having reached the middle-income level for many decades but yet to grow incomes proportionally to its economic development. Nevertheless, Southeast Asia’s young population will further drive economic growth across the region’s markets. ASEAN’s economic significance Aiming to promote economic growth, social progress, cultural development, and regional stability, all Southeast Asian countries except for Timor-Leste are part of the political and economic union Association of Southeast Asian Nations (ASEAN). Even though many concerns surround the union, ASEAN has avoided trade conflicts and is one of the largest and most dynamic trade zones globally. Factors such as the growing young population, high GDP growth, a largely positive trade balance, and exemplary regional integration hold great potential for future economic development in Southeast Asia.

In 2022, the estimated total GDP of all ASEAN states amounted to approximately 3.67 trillion U.S. dollars, a significant increase from the previous years. In fact, the GDP of the ASEAN region has been skyrocketing for a few years now, reflecting the region’s thriving economy. Power in the EastThe Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 among five of these countries (Indonesia, Malaysia, Thailand, Singapore, and the Philippines) to facilitate trade and economic growth, as well as promote cultural development and social structures in the region. To date, they have been joined by another five nations. The ASEAN marketThe founding of the ASEAN organization provides the collaborating nations with more autonomy and influence on the global economy than they would have had by themselves. Additionally, struggling participating countries, such as Laos, are given an opportunity to grow on an ASEAN single market.

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

Philippines PH: Ease of Doing Business Index: 1=Most Business-friendly Regulations data was reported at 113.000 NA in 2017. Philippines PH: Ease of Doing Business Index: 1=Most Business-friendly Regulations data is updated yearly, averaging 113.000 NA from Dec 2017 (Median) to 2017, with 1 observations. Philippines PH: Ease of Doing Business Index: 1=Most Business-friendly Regulations data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Business Environment. Ease of doing business ranks economies from 1 to 190, with first place being the best. A high ranking (a low numerical rank) means that the regulatory environment is conducive to business operation. The index averages the country's percentile rankings on 10 topics covered in the World Bank's Doing Business. The ranking on each topic is the simple average of the percentile rankings on its component indicators.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; ; Data are presented for the survey year instead of publication year. Data before 2013 are not comparable with data from 2013 onward due to methodological changes.

Philippines GOI: Weighted Rank data was reported at 86.000 NA in 2019. This records a decrease from the previous number of 99.000 NA for 2018. Philippines GOI: Weighted Rank data is updated yearly, averaging 86.000 NA from Dec 2017 (Median) to 2019, with 3 observations. The data reached an all-time high of 99.000 NA in 2018 and a record low of 86.000 NA in 2019. Philippines GOI: Weighted Rank data remains active status in CEIC and is reported by Milken Institute. The data is categorized under Global Database’s Philippines – Table PH.Milken: Global Oportunity Index.

Philippines PH: Logistics Performance Index: 1=Low To 5=High: Quality of Trade and Transport-Related Infrastructure data was reported at 2.550 NA in 2016. This records a decrease from the previous number of 2.600 NA for 2014. Philippines PH: Logistics Performance Index: 1=Low To 5=High: Quality of Trade and Transport-Related Infrastructure data is updated yearly, averaging 2.570 NA from Dec 2007 (Median) to 2016, with 5 observations. The data reached an all-time high of 2.800 NA in 2012 and a record low of 2.260 NA in 2007. Philippines PH: Logistics Performance Index: 1=Low To 5=High: Quality of Trade and Transport-Related Infrastructure data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Transportation. Data are from Logistics Performance Index surveys conducted by the World Bank in partnership with academic and international institutions and private companies and individuals engaged in international logistics. 2009 round of surveys covered more than 5,000 country assessments by nearly 1,000 international freight forwarders. Respondents evaluate eight markets on six core dimensions on a scale from 1 (worst) to 5 (best). The markets are chosen based on the most important export and import markets of the respondent's country, random selection, and, for landlocked countries, neighboring countries that connect them with international markets. Details of the survey methodology are in Arvis and others' Connecting to Compete 2010: Trade Logistics in the Global Economy (2010). Respondents evaluated the quality of trade and transport related infrastructure (e.g. ports, railroads, roads, information technology), on a rating ranging from 1 (very low) to 5 (very high). Scores are averaged across all respondents.; ; World Bank and Turku School of Economics, Logistic Performance Index Surveys. Data are available online at : http://www.worldbank.org/lpi. Summary results are published in Arvis and others' Connecting to Compete: Trade Logistics in the Global Economy, The Logistics Performance Index and Its Indicators report.; Unweighted average;

Key information about Philippines Gross National Product (GNP)

• Philippines Gross National Product (GNP) was reported at 147.424 USD bn in Dec 2024.
• This records an increase from the previous number of 125.293 USD bn for Sep 2024.
• Philippines Gross National Product (GNP) data is updated quarterly, averaging 25.427 USD bn from Mar 1981 to Dec 2024, with 176 observations.
• The data reached an all-time high of 147.424 USD bn in Dec 2024 and a record low of 6.693 USD bn in Sep 1985.

• Philippines Gross National Product (GNP) data remains active status in CEIC and is reported by CEIC Data.
• CEIC converts quarterly Gross National Product into USD. The Philippine Statistics Authority provides Gross National Product in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions. Gross National Product prior to Q1 2000 is based on old classification of data.

As of 2022, the Philippines ranked 83rd out of 126 countries in terms of the global investment opportunity index, slipping a notch in comparison to the previous year. The ranking measures the investment opportunity of global investors to deploy capital in the country's economy. Among the categories being considered were economic performance, workforce talent, economic openness, and tax regulations, among others.

The total health expenditure accounted for 5.9 percent of the gross domestic product (GDP) of the Philippines in 2023. Since 2014, spending on human health has been stable, remaining between four and five percent of the GDP until 2021, when it reached 6.4 percent of the country's GDP. Health status of the aging population The Philippines was home to an estimated 113 million inhabitants in 2023. Along with the year-on-year increase in population came the need for broader healthcare services, especially for senior citizens who are at a higher risk of illnesses and diseases. In 2019, about seven percent of the aging population aged 60 years and older experienced a heart attack.  One of the leading health conditions diagnosed among the aging population was high blood pressure, arthritis, neuralgia, or rheumatism. Around 50 percent of women were diagnosed with high blood pressure, while 38.4 percent of men were diagnosed.    Health care protection With the Universal Health Care (UHC) Act enacted in 2019, more Filipinos can now have access to a government-subsidized public health insurance. The implementation of the program is under the Philippine Health Insurance Corporation (PhilHealth), alongside other related agencies. As of 2023, there were roughly 62 million registered members, the majority of whom were private employees.

Overseas Filipino workers (OFWs) based in the United States were the leading source of remittances received by the Philippines in 2023. Remittances from the U.S. amounted to around 13.71 billion U.S. dollars. Singapore follows, with remittances amounting to around 2.36 billion U.S. dollars. Economic contribution of remittances  Remittances, in case or kind, have been a fundamental source of income in the Philippines. In fact, in 2020, the county ranked second to India when it comes to the total personal remittances received in the Asia Pacific region. Overall, personal remittances contributed about nine percent to the country's GDP. Demographics of OFWs  Of the 2.33 million Filipino labor migrants employed worldwide in 2023, women accounted for the higher share of OFWs compared to men. In terms of age, most women OFWs were between the age of 30 and 34, while the majority of male OFWs were 45 years old and above.

Japan MSP: Philippines: Health Care, Toiletries data was reported at 0.000 Person in Mar 2018. Japan MSP: Philippines: Health Care, Toiletries data is updated quarterly, averaging 0.000 Person from Mar 2018 (Median) to Mar 2018, with 1 observations. Japan MSP: Philippines: Health Care, Toiletries data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.Q032: Tourism and Leisure: Satisfaction Rating Visiting to Japan.

In 2023, the capital city of Manila in the Philippines ranked 70 out of 156 cities for the Global Cities Index Ranking - two places lower than the previous year. The ranking is determined by totaling the weighted averages of five dimensions - business activity, human capital, information exchange, cultural experience, and political engagement.