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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.. The Philippine economy is transitioning from one ...
Philippine gross domestic product (GDP) grew by 5.6 percent in 2023, the fastest growing in Southeast Asia, slightly below the government’s target of 6 to 7 percent. Growth was driven largely by an increase in consumer demand and infrastructure spending.
Initially, the gross domestic capital formation [clarification needed] to GDP rose up to 28% and foreign investments to the country also increased. The government, in the 1970s, also focused on an "Export-led Industrialization Program" which focused on "non-traditional manufactured exports and foreign investments".
Despite increased public debt and rising inflation, Philippine gross domestic product (GDP) grew by 7.6 percent in 2022. The Philippines is a net commodity importer and Russia’s invasion of Ukraine elevated fuel and food prices to record levels in 2022.
Income from long-term deposits and investments, when pre-terminated in less than three years after making such deposit or investment, is taxed at the rate of 20%; less than four years, 12%; and, less than five years, 5%.
Non-Philippine nationals may own up to one hundred percent (100%) of domestic market enterprises unless foreign ownership therein is prohibited or limited by the Constitution existing law or the Foreign Investment Negative List under Section 8 hereof.
GDP growth ranging from 6.5% to 7.5% despite domestic and external headwinds. The Philippines’macroeconomic fundamentals continue to showcase the country’s stability and attractiveness for local and foreign investments.
