Government reforms: The government has adapted the Philippine economy to foreign investment, establishing special economic zones and allowing increased private-sector participation in infrastructure development.A gateway to a regional market of over 500 million people, the Philippines also represents an ocean and air freight вЂcrossroads of trade and investment interests. Geographic location: The Philippines enjoys a strategic location at the heart of one of the worldвЂ™s fastest-growing economic regions.After emerging from the global financial crisis, both the OECD and the National Competitiveness Council ranked the PhilippinesвЂ™ corporate governance practices as some of the best in Asia. Economic resilience: The PhilippinesвЂ™ economy has weathered tough economic times relatively well.The country has also developed a regional reputation as a hub for technology production. Growth sectors: Over the past 60 years, the Philippines has experienced exciting growth in a range of sectors, including manufacturing, construction, mining and renewable energy.Interested investors will find a range of reasons to target the Philippines, including: The Philippines is a member of the UN, the WTO, ASEAN, and APEC and was ranked 95 on the World BankвЂ™s Ease of Doing Business Survey 2019. Today, the Philippines enjoys a buoyant internal consumer market, a stable banking system, and trade connections to the rest of Asia: the Asian Development Bank, for example, is headquartered in Manila and offers businesses a range of initiatives and opportunities around the region. While agriculture remains an important commercial sector in the Philippines, information technology, energy, and transport infrastructure have grown in economic significance. Thanks to the PhilippinesвЂ™ resilience to global economic turbulence, that positive trend is predicted to continue, with Goldman Sachs suggesting that it could become one of the worldвЂ™s 20 largest economies - and the largest in Southeast Asia - by 2050. Following further significant reforms, the Philippine economy has grown to become the 33rd-largest in the world: in 2019 it reached an estimated GDP of $357 billion with a growth rate of 6%. Emerging from a colonial past, the Philippines became a stable democracy in the 20th century, transitioning from a primarily agricultural economy to one based on services and manufacturing. The Philippines is an island nation in the West Pacific Ocean and one of the most populous countries in Southeast Asia.

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