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.

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.

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.

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 PH: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 2.321 % in 2017. This records an increase from the previous number of 1.699 % for 2016. Philippines PH: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 5.533 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 16.527 % in 1991 and a record low of -0.587 % in 2015. Philippines PH: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series 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: Inflation. 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. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

Der Verbraucherpreisindex auf den Philippinen stieg im Januar 2025 um 0,50 Prozent gegenüber dem Vormonat. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Philippinen - Inflationsrate (monatlich).

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

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.

Philippines PH: Real Interest Rate data was reported at 3.232 % pa in 2017. This records a decrease from the previous number of 3.877 % pa for 2016. Philippines PH: Real Interest Rate data is updated yearly, averaging 4.691 % pa from Dec 1976 (Median) to 2017, with 42 observations. The data reached an all-time high of 14.163 % pa in 1986 and a record low of -16.396 % pa in 1984. Philippines PH: Real Interest Rate 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: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.; ;

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.

A taxa de inflação nas Filipinas permaneceu inalterada em 2,90 por cento em janeiro. Valores atuais, dados históricos, previsões, estatísticas, gráficos e calendário econômico - Filipinas - Taxa de Inflação.

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 average inflation rate in Brunei Darussalam was forecast to continuously increase between 2024 and 2029 by in total 0.5 percentage points. The inflation is estimated to amount to one percent in 2029. This indicator measures inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Philippines, Thailand, and Indonesia.

Abstract

Food price inflation is an important metric to inform economic policy but traditional sources of consumer prices are often produced with delay during crises and only at an aggregate level. This may poorly reflect the actual price trends in rural or poverty-stricken areas, where large populations reside in fragile situations. This data set includes food price estimates and is intended to help gain insight in price developments beyond what can be formally measured by traditional methods. The estimates are generated using a machine-learning approach that imputes ongoing subnational price surveys, often with accuracy similar to direct measurement of prices. The data set provides new opportunities to investigate local price dynamics in areas where populations are sensitive to localized price shocks and where traditional data are not available.

Geographic coverage notes

The data cover the following areas: Afghanistan, Armenia, Bangladesh, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Congo, Dem. Rep., Congo, Rep., Gambia, The, Guinea, Guinea-Bissau, Haiti, Indonesia, Iraq, Kenya, Lao PDR, Lebanon, Liberia, Libya, Malawi, Mali, Mauritania, Mozambique, Myanmar, Niger, Nigeria, Philippines, Senegal, Somalia, South Sudan, Sri Lanka, Sudan, Syrian Arab Republic, Yemen, Rep.

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.

Graph and download economic data for Real Residential Property Prices for Makati, Philippines (QPHR628BIS) from Q1 2008 to Q3 2024 about Makati, Philippines, residential, HPI, housing, real, price index, indexes, and price.

The real interest rate in the Philippines increased by 4.1 percentage points (+179.04 percent) in 2019. With 6.35 percent, the real interest rate thereby reached its highest value in the observed period. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator.Find more statistics on other topics about the Philippines with key insights such as market capitalization of listed domestic companies as a share of GDP, broad money as a percentage of GDP, and market capitalization of listed domestic companies.

The price of residential real estate in the Philippines has been on the rise in recent years. In 2023, the price index reached 161.4 points, indicating a significant increase from 112.4 index points in 2016. The Residential Real Estate Price Index (RRPI) 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 (RRPI) with a base value of 100 as of the first quarter of 2014. Among the different types of housing units, condominiums registered the highest RRPI, followed by townhouses. The price index of condos fluctuated between 2017 and 2023, with the highest growth recorded between 2018 and 2019. Moreover, the price index of single-detached and attached houses experienced its highest rate of growth in 2023.  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, 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.

Filipinler'de çekirdek tüketici fiyatları, önceki yılın aynı ayına göre Ocak 2025'te %2,60 arttı. Akım değerleri, tarihsel veriler, tahminler, istatistikler, grafikler ve ekonomik takvim - Filipinler - Çekirdek Enflasyon Oranı.

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.