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Start here, with some key market information about the country.
The Philippines’ economy has been one of the most dynamic in the East Asia-Pacific area. With rising urbanization, a burgeoning middle class, and a large and young population, the country’s economic vitality is based on strong consumer demand, which is backed up by a thriving labor market and significant remittances. Between 2010 to 2019, average yearly growth grew to 6.4%, up from 4.5% on average between 2000 and 2009.
Despite the slump brought about by the COVID-19 pandemic, the economy has begun to rebound, with a 5.6 percent year-on-year expansion in 2021, aided by public investment and a revival in the external environment. With continuing recovery and reform initiatives, the country is resuming its path from a lower-middle-income country to an upper-middle-income country in the short future.
Electronics, semiconductors, transportation equipment, construction materials, and minerals are among the principal exports of the country. The Philippines, as an open economy, trades with other countries all over the world. In the fiscal year 2019, the biggest export markets were China, Japan, the United States, and Thailand. China, Japan, South Korea, the United States, and Singapore were the major import providers in the fiscal year 2019.
The Philippines welcomed an all-time high of 8.2 million foreign tourists in 2019. Now, with a rebranded tourism slogan “Love The Philippines,” the country hopes to boost its tourism industry in the post-pandemic era.
Boracay Island in Aklan, the Puerto Princesa Underground River in Palawan, the Chocolate Hills in Bohol, the Mayon Volcano in Albay, Siargao Island in Surigao del Norte, and the Banaue Rice Terraces in Ifugao, as well as the cities of Manila, Baguio, Vigan, Cebu, and Davao, are among the country’s top tourist destinations. Know more about the emerging trends of Tourism in the Philippines.
The Philippines’ growing internet population, which was among the largest in the Asia Pacific region, was fueled by improved internet infrastructure. As of the third quarter of 2022, internet users in the Philippines spent an average of 9.14 hours per day on various devices. In 2028, 77.81% of the Filipino population is expected to have access to the internet at home.
In January 2023, the Philippines had 84.45 million social media users, which accounts for 72.5 percent of its total population. Additionally, the Philippines leads in daily social media usage, with its online users spending an average of 3 hours and 53 minutes on social media each day. The most popular social media platforms in the Philippines include Facebook, Instagram, YouTube, TikTok, and Twitter.
Some of the leading news and media outlets in the Philippines.
Our 2024 survey reveals how AI influences attitudes in Asia, highlighting concerns about job security alongside optimism for efficiency.
Learn about the environmental challenges and sustainability efforts in the Philippines through insights on government and community actions.
Uncover the captivating world of tourism in the Philippines with insights into its landscape, challenges, and opportunities that lie ahead.
Enhance your knowledge with our complimentary online resources in the Philippines.
Explore the voice of the Filipino consumer through our awards, powered by respondents.
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