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The Philippines is an emerging industrialized country characterized by English proficiency, a young population, and abundant labor force. Its economy is also one of the fastest-growing in Southeast Asia. In 2023, the Gross Domestic Product (GDP) reached $436.6 billion, marking an 8% growth compared to 2022. The industries that contributed the most to growth in 2023 were Wholesale and retail trade; repair of motor vehicles and motorcycles, accounting for about 5.5%; followed by the financial and insurance activities at around 8.9%; and the construction at 8.8%. It is estimated that the Philippines' economic growth rate can still maintain at 8% in 2024, with the GDP projected to reach $471.5 billion.
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According to the World Bank's classification based on income levels, the Philippines is categorized as a lower-middle-income country. With its dense population and scattered islands, the total population is approximately 112.8 million. The per capita Gross Domestic Product (GDP) in 2023 was $3,867, and it is estimated to increase to $4,130 in 2024, marking a growth of 6.8% compared to 2023. This also signifies stable economic growth for the Philippines, which in turn uplifts the overall standard of living for its people.
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The Consumer Price Index (CPI) is an average indicator of changes in the prices of goods and services, and it is also one of the primary measures of inflation. Currently, the Philippines has set the base year for CPI as 2018. As the Philippines is a net importer of commodities, global commodity prices have a significant impact on its CPI. In 2022, the Philippines' consumer index was 5.8%, which rose to 6% in 2023, indicating a continuous increase in the country's general consumer price inflation. With the continued rise in prices of commodities such as food, fuel, and electricity, it is expected that the Philippines' consumer price index will continue to increase in the coming year.
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The Wholesale Price Index (WPI) measures the indicator of wholesale prices, including raw materials and components required by industries. This index also reflects the prices of products for domestic consumption, exports, and imports in the Philippines.
In 2022, the Wholesale Price Index (WPI) in the Philippines stood at 7.3%. However, in 2023, it declined to 4.9%. This decline can primarily be attributed to decreases in the prices of food and non-alcoholic beverages, as well as a slowdown in the inflation of wholesale prices related to housing, utilities, and transportation.
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In 2023, the approved foreign direct investment (FDI) in the Philippines amounted to $8.86 billion. Japan was the top investor, with an investment of $850 million, accounting for approximately 9.6% of the total. Singapore followed as the second-largest investor with approximately $180 million (about 2.1%), and Germany ranked third with around $150 million (approximately 1.7%). The United States ranked fourth, with a total investment of $113 million (about 1.3%). Taiwan was the fifth-largest foreign investor, contributing approximately $36.9 million (about 0.4%) to investments in the Philippines.
Regarding foreign direct investment by industry, manufacturing received the highest percentage of investment, accounting for approximately 10.5%. Following manufacturing, the wholesale and retail trade; repair of motor vehicles and motorcycles received around 1.14% of the total FDI.
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In 2023, both import and export trade in the Philippines experienced negative growth.
In 2023, the total import value for the Philippines reached $125.9 billion, marking an 8.2% decrease compared to the previous year. Electronic products accounted for the highest portion of imports, approximately $26.6 billion (21.1%), followed by mineral fuels, lubricants, and related materials, constituting 15.8% of total imports. In terms of import origins, imports from China accounted for the highest proportion at 21.4%, with the total import value reaching approximately $29.3 billion.
In terms of exports, the Philippines recorded a total export value of $73.5 billion in 2023, marking a 6.7% decrease compared to the previous year. Electronic products were the top export category, amounting to approximately $41.9 billion, accounting for approximately 56.9% of total exports and serving as the Philippines' primary export commodity. In terms of export destinations, the United States was the top destination, with exports amounting to approximately $11.54 billion (approximately 15.7%), followed by China (approximately 14.7%) and Japan (approximately 14.2%).
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