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Philippines Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about Philippines including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data.
Philippines, which is officially known as the Republic of the Philippines, is a sovereign island country in Southeast Asia which is situated in the western Pacific Ocean. Its capital city is Manila while its most populous city is Quezon City; both are part of Metro Manila. To its north across the Luzon Strait lies Taiwan, west across the South China Sea sits Vietnam, southwest is the island of Borneo across the Sulu Sea, and to the south the Celebes Sea which separates it from other islands of Indonesia and in the east the country is bounded by the Philippine Sea and the island-nation of Palau.
Philippines is expected to have a population of 113.307 million in the year 2023 and expected to reach 119.787 million by 2027, growing at a CAGR of 1.40%.
Philippines’s real gross domestic product (GDP) was PHP 17,527.24 billion in 2020 and while recovering from the COVID-19 impact it increased by 5.30% to be around PHP 18,508.41 billion in 2021. It is further expected to increase by 6.46% and reach PHP 26,940.94 billion by 2027.
Philippines’s unemployment rate was 5.833% of total labor force in 2021. It is expected to decrease by 2.65% and reach 5.1% by 2027.
Philippines’s per capita GDP was USD 3,686.844 whereas purchasing power parity (PPP) based per capita GDP was USD 10,236.565 for the year 2022.
In 2022, Philippines government’s revenue was PHP 4,424.865 billion whereas the expenditure was PHP 5,594.982 billion. This resulted in Philippines government’s net lending / borrowing negative at PHP 1,170.116 billion in 2022 indicating that not enough financial resources were made available by the Philippines government to boost economic growth.
The current account balance for Philippines was negative at USD 11.304 billion for the year 2022 and is expected to increase at a CAGR of 0.57% and reach negative USD 10.984 billion by 2027. This negative current account balance indicates that Philippines will remain a net borrower from the rest of the world till 2027.
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