General Information

The Philippines has recorded some of the highest growth rates in Asia in recent years (around 6% in 2025), with the obvious exception of 2020, which saw negative growth due to the pandemic. Inflation fell to 1.8% in March 2025, its lowest level in nearly 5 years, thanks to lower food and transportation prices.
Domestic demand remains the key driver of growth, primarily driven by private consumption, which accounts for more than 2/3 of GDP.The technology sector is booming, giving the Philippines the potential to become a centre for digital innovation in the region.

Top 5 import products*:

· raw materials and intermediate goods: 36.4%

· capital goods: 28%

· consumer goods: 20.2%

· mineral fuels, lubricants and related materials: 14.9%

Top 5 export products*:

· manufactured goods: 79.7%

· mineral products: 9.6%

· agri-food products: 8.1%

· special operations: 2.1%

· forest products: 0.3%

· petroleum products: 0.3%

· special transactions: 0.4%

* source Team France-Export.

Means of Payment & Banking Specificities

Payment risks are high, with documentary credits remaining the most secure and most common payment method. It is recommended to confirm the reputation of issuer banks upon the reception of a documentary credit. The billing currency used is the US dollar in 80% of cases, although other currencies may be used (Yen, Euro, Swiss Franc, HKD, AUD, CNY).

It is possible to obtain information on Filipino counterparties via the “Federation of Filipino-Chinese Chambers of Commerce and Industry” (FFCCCII) in Hong Kong. There are also companies that can provide information for a fee (for example, Dun & Bradstreet, Credit Information Corporation).