PHILIPPINES

Fiscal discipline will be crucial

B2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP
USD376,8bn (World ranking 33, World Bank 2019)
Population
108,1mn (World ranking 13, World Bank 2019)
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
  • History of political turmoil and ongoing security issues pose a risk to political stability
  • Strong income disparities
  • High dependency on electronic and electrical exports and tourism
  • Weak business environment

Trade structure by destination/origin

(% of total)

Exports Rank Imports
China 26%
1
31% China
United States 14%
2
10% Japan
Japan 13%
3
8% Taiwan (PRC)
Hong Kong 5%
4
7% United States
South Korea 5%
5
7% South Korea

Trade structure by product

(% of total)

Exports Rank Imports
Electronic Components 28%
1
10% Electronic Components
Computer Equipment 13%
2
7% Refined Petroleum Products
Electrical Apparatus 9%
3
5% Cars And Cycles Electrical Apparatus
Electrical Equipment 4%
4
5% Electrical Apparatus
Non Ferrous Ores 4%
5
3% Yarns Fabrics

Contact

Contact Euler Hermes

Economic Research Team

research@eulerhermes.com

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