The Philippines was among the world’s fastest growing emerging markets in 2022, recording a GDP of 7.6 percent. This also represented the country’s fastest growth since 1976.
The Southeast Asian nation is working to reduce its reliance on overseas remittances and has gradually developed its domestic industries to move up global value chains in select industries thereby presenting foreign investors with newfound opportunities. Some of the most dynamic sectors in Philippines are business process outsourcing and semiconductor manufacturing, which are slowly contributing to a larger portion of the GDP.
The latest issue of ASEAN Briefing magazine features an overview of the incorporation process in the Philippines, along with a discussion of the key economic reforms initiated by the government to enhance the business climate for foreign investors. The magazine also highlights the investment prospects in key industries in the country.