One of the interesting things in the Philippines market analysis in 2023 is the fairly strong growth. This growth can be seen from the good GDP (Gross Domestic Product) in that year.
With positive economic growth, you will certainly be curious to check out the diverse opportunities that await you if you invest or do business here. Check the description of GDP growth and opportunities in the article below!
Philippine GDP Growth in 2023
The Philippine market and economy in 2023 showed strong and positive results. Based on data from S&P Global, GDP in the third quarter of 2023 grew by 5.9% y/y (year-on-year). [1]
This was also reinforced by a government report in early 2024. Where overall growth in the Philippines in 2023 will reach 5.6%. Even though it is slightly down from the third quarter, this result is very good and impressive compared to some large countries in Asia. [2]
Several countries surpassed by the Philippines are China (5.2%), Vietnam (5.0%, and Malaysia (3.8%). Some multilateral and private organizations have also been overtaken by the Philippines, such as the World Bank, ASEAN+ 3 Macroeconomic Research Office (AMRO), and the International Monetary Fund (IMF).
The Philippine economy will perform well not only in 2023 but also in previous years. However, during COVID-19, just like all countries in the world, the Philippines’ GDP was also affected.
This impressive GDP growth comes from strong domestic or local demand. Even though there are external challenges and rising inflation, when domestic demand is high, GDP growth is still very possible.
Domestic demand mainly comes from high daily spending and investments. High spending indicates strong public finances, a robust job market, increased demand for goods and services, and steady outbound investments.
Market Opportunities
Business and investment opportunities in the Philippines are wide open because of the country’s good GDP. There are a lot of sectors that can enter the Philippine market.
So, these opportunities are very suitable for foreign companies operating in the fields of environmentally friendly energy, defense, health, transportation infrastructure, and information and communication technology (ICT).
The government warmly welcomed this investment effort because digital infrastructure preparations were already mature. This aspect includes cloud, cybersecurity, and telecommunications. Likewise, with some other sectors, the government has prepared many things to provide comfort and convenience. With this Philippines market analysis, you can consider investing and doing business in the Philippines.
