Fragile and slow economic recovery

B2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP
USD361.5bn (World ranking 31, World Bank 2020)
Population
109.6mn (World ranking 13, World Bank 2020)
Form of state Presidential Republic
Head of government Rodrigo Duterte
Next elections 2022, general election
  • Robust GDP growth since 2002 and resilience to external headwinds
  • Solid monetary and fiscal policies
  • Relatively low external debt
  • Ample foreign exchange reserves
  • Strong remittances inflows
  • Strong banking system
  • Increasing integration into the global value chain
  • High-risk security environment, which can deter foreign investment
  • Strong income disparities
  • High dependency on electronic and electrical exports and tourism
  • Weak business environment

Trade structure by destination/origin

(% of total, annual 2020)

Exports Rank Imports
United States 16.1%
1
22.6% China
China 15.1%
2
11.2% United States
Japan 14.4%
3
9.8% Japan
Hong Kong 14.1%
4
6.5% Korea, Republic of
Singapore 5.5%
5
6.3% Indonesia

Trade structure by product

(% of total, annual 2020)

Exports Rank Imports
Electrical machinery, apparatus and appliances, n.e.s. 46.4%
1
21.0% Electrical machinery, apparatus and appliances, n.e.s.
Office machines and automatic data processing machines 11.3%
2
7.4% Road vehicles
Vegetables and fruits 4.1%
3
6.7% Petroleum, petroleum products and related materials
Metalliferous ores and metal scrap 3.0%
4
4.5% Iron and steel
Telecommunication and sound recording apparatus 2.8%
5
4.1% Office machines and automatic data processing machines
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