Economic Report 2023: Philippines

Philippines country dossier

Comprehensive information on living and working in the Philippines.

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The Embassy of Switzerland in the Philippines regularly publishes its economic report about the Philippines. In this year's report covering F.Y 2022-2023, we have observed the following developments in the economy:

The Philippine GDP expands by 5.5% in 2023, one of the highest growths in the region despite subdued global growth and geopolitical risks.
Key infrastructure projects are aggressively pursued via PPPs, government financing, and multilateral loans, hence, growth projections are largely optimistic and favourable.
Domestic challenges include high inflation, especially on food and fuel commodities. In response, the government is implementing short- to medium-term programs such as agricultural subsidies and employment generation initiatives, and liberalizing trade to attract foreign investments.
Switzerland is top 4 European destination for Filipino exporters, following Netherlands, Germany, and France. Meanwhile, Swiss exports to the Philippines consist of 35.5% chemical and pharmaceutical products, 32.9% machines, appliances, and electronics, 18.7% precision instruments, clocks & watches, jewellery, and 6.9% forestry and agricultural products including fisheries.
Total bilateral trade on merchandise goods is CHF 562.41 million.
On investments, Switzerland is the third highest source of FDI (USD 7.38 million) from Europe following Germany and Sweden.
While still recovering from Covid-19, the country is starting to get back on track from being a lower-middle-income country to an upper-middle-income country in the next 2-3 years.

Full Economic Report: Philippines 2023 (PDF, 16 Pages, 849.0 kB)