There are a lot of opportunities for your products in the Philippines. The Philippine economy grew 6.1 per cent in 2014, with private consumption accounting for over 60 per cent of this growth. Private consumption was largely driven by remittances from overseas Filipino workers, which were estimated at US$ 24.4 billion in the year to February 2015, up 4.2 per cent from the year before. According to an estimate by Focus Economics, remittances contributed 8.5 per cent to the country’s gross domestic product (GDP) in 2014.
The Philippines ranked 3rd worldwide in terms of the monetary value of overseas remittances received in 2014, behind only China and India, two much larger economies
The economy is forecast to stay buoyant, with further GDP growth of 6.4 per cent and 6.3 per cent in 2015 and 2016, respectively. Services play a key role in the Philippine economy, contributing up to 60 per cent of output in 2014. The country’s credit rating was upgraded in 2013, followed by another upgrade by Moody’s to Baa2 in 2014, signalling an improving investment climate. In January 2015, unemployment fell to 6.6 per cent, its lowest level in a decade, although this still equates to 2.6 million unemployed, half of whom are aged between 15 and 24 years old.
With a few exceptions, the Philippine economy’s year-on-year growth rate has been consistently lower than that of other emerging economies in East Asia over the past few decades.
Talamban Road, Cebu City 6000 Philippines