International companies expanding into the Republic of the Philippines enter a rapidly-developing and emerging market, one of the fastest-growing in the Southeast Asia and western Pacific region. In 2022, the Philippines ranked 11th largest of Asian economies and fourth among members of the Association of Southeast Asian Nations (ASEAN). The Philippines is strategically placed on one of the world’s busiest trade routes, ideal for its export of manufactured goods throughout the region.
Manufacturing, increased industrialisation, construction, tourism and the growth of the services sector are lifting the Philippines from dependence on agriculture and it is predicted to enter the top 20 world economies by 2050 and become the fourth largest in Asia. Identified as one of the region’s ‘Tiger Cub’ economies, the Asian Development Bank (ADB) predicts Philippines’ Gross Domestic Product (GDP) will grow by 6.3% through 2023 – among the highest in the ASEAN group. Gross Domestic Product was expected to reach US$408 billion by the end of 2022, inside the top 40 globally.