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Philippines Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
104,256,076 (July 2017 est.)GDP (PPP)
$875.6 billion (2017 est.)GDP growth rate
6.7% (2017 est.)High and stable
GDP (PPP) per capita
$8,300 (2017 est.)Very low
Local currency
Philippine peso (PHP)The currency devalued not dramatically but constantly since 2013
Financial stability (Public debt)
37.8% of GDP (2017 est.)Medium to low and shrinking
Inflation
3.2% (2017 est.)Healthy rate for a fast-growing emerging market
Language
Filipino, EnglishCorruption perception index (Source: Transparency International)
111/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
12% standard rate
Corporate Tax
30% standard rate
Duties
The Philippines adopts the World Trade Organization (WTO) Valuation Agreement, where the declared invoice price is used as the basis for determining customs duties
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