Our Insights

The Philippines' government has approved a total of 9.9 percent increase in expenditure for 2021, following the significant budget deficit previously driven by revenue decline as the country's economy got seriously impacted by the COVID-19 pandemic.

According to the Philippine Statistics Authority (PSA), Micro, Small, and Medium Enterprises (MSMEs) are responsible for 99.5% of the Philippines’ businesses.

The transportation and storage segment has always been a significant component in the Philippine economy, summing up to USD 13 billion in 2019.

The BSP has initially set an ambitious target to increase the value and volume of e-payment transactions to reach 30% and 20% of the total respectively by 2020.

The European Union (EU) is encouraging the Philippines to boost the use of the Generalised Scheme of Preferences (GSP) Plus.