4. Philippines
CPA Australia members: 200
Overview
One of South-East Asia’s fastest growing economies, the Philippines boasted GDP growth of 5.6 per cent in 2024, with the digital economy contributing 8.4 per cent.
FDI stood at a healthy US$8.9 billion (A$13.8 billion) in 2023. Household consumption rose by 4.6 per cent in Q2 2024, hinting at the burgeoning consumer sector and the growing middle class.
The Philippine Government is also focusing on upgrading the country’s infrastructure via the Build Better More program.
Major sectors
- Real estate and construction
- Ecommerce
- Tourism
Key business attractions
The government’s Ease of Doing Business and Efficient Government Service Delivery Act of 2018 aims to cut red tape for businesses, and there is a push for full digital transformation in government agencies.
From the warmth of the people and the fact that English is widely spoken, the nation is fast becoming a favoured global business destination.
Skills in demand
- Data analysis
- Finance and accounting
- Business analysis
Local insight
The Philippines still provides challenges for business, says Dr Erwin Vincent Alcala CPA, chair of the board of trustees and president of Saint Paul School of Professional Studies.
Manila in particular has traffic jams, power outages, lagging internet and lengthy business registration processes.
However, government reform processes; the potential for public–private partnerships with government; and the emergence of business hubs outside Manila in cities such as Cebu, Davao, Pampanga, Cagayan de Oro and Tacloban mean businesses can increasingly access better infrastructure, greater support and lower congestion.
“Doing business in the Philippines offers huge potential,” Alcala says.
“But it pays to be patient, informed and proactive. The challenges are real, but so are the opportunities for those who can navigate them wisely.”
