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.

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.

Inflation Rate in Philippines increased to 1.40 percent in June from 1.30 percent in May 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.

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.

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.

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

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.

This bar chart displays inflation (annual %) by countries yearly using the aggregation median in Philippines. The data is filtered where the date is 2021. The data is about countries per year.

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.

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.

Key information about Philippines Consumer Price Index CPI growth

• Philippines Consumer Price Index (CPI) growth was measured at 2.1 % YoY in Feb 2025, compared with a rate of 2.9 % in the previous month.
• Philippines Consumer Price Index growth data is updated monthly, available from Jan 1958 to Feb 2025, with an averaged number of 5.9 % YoY.
• The data reached an all-time high of 63.3 % YoY in Oct 1984 and a record low of -2.2 % YoY in Jun 1959.

This horizontal bar chart displays inflation (annual %) by ISO 2 country code using the aggregation median in Philippines. The data is filtered where the date is 2021. The data is about countries per year.

This scatter chart displays life expectancy at birth (year) against inflation (annual %) in Philippines. The data is filtered where the date is 2021. The data is about countries per year.

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 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.

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.

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.

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

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

<li>Philippines GNI for 2022 was <strong>457.00 billion US dollars</strong>, a <strong>13.06% increase</strong> from 2021.</li>
<li>Philippines GNI for 2021 was <strong>404.20 billion US dollars</strong>, a <strong>7.55% increase</strong> from 2020.</li>
<li>Philippines GNI 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.

Malaysia Core Inflation Nowcast: Contribution: Foreign Exchange Rates: FX Rate: Spot: BNM: Interbank Noon Middle Rate: Philippine Peso data was reported at 5.937 % in 12 May 2025. This stayed constant from the previous number of 5.937 % for 05 May 2025. Malaysia Core Inflation Nowcast: Contribution: Foreign Exchange Rates: FX Rate: Spot: BNM: Interbank Noon Middle Rate: Philippine Peso data is updated weekly, averaging 0.000 % from Oct 2020 (Median) to 12 May 2025, with 239 observations. The data reached an all-time high of 18.018 % in 08 Feb 2021 and a record low of 0.000 % in 07 Apr 2025. Malaysia Core Inflation Nowcast: Contribution: Foreign Exchange Rates: FX Rate: Spot: BNM: Interbank Noon Middle Rate: Philippine Peso data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Malaysia – Table MY.CEIC.NC: CEIC Nowcast: Inflation: Core.