Philippines is well resourced in timber, gold, copper, nickel, cobalt, petroleum, silver, and salt. 41 percent of its land is for agricultural use and 26 percent is forested. The islands are continually battered by tsunamis, cyclones, volcanoes, landslides, and earthquakes. Politically, the Philippines have faced a number of administrative coups and corruption allegations, as well as terrorist threats from Maoist-inspired groups, ISIS-Philippines terrorists, the Moro groups and “tension with China over disputed territorial and maritime claims in the South China Sea.”.

The country has seen a growth in GDP per capita from an estimated $7900 in 2016 to $8300 in 2017. Services are the biggest economic sector in the Philippines with about 60 percent GDP share, ,followed by industry at 30 percent and agriculture at 10 percent. In 2017 Philippines came in third, after China and Vietnam, in regional economic growth. However, it dropped 0.2 points from 2016’s 6.9 percent growth rate. Exports increased, and it was able to pass its first tax reforms in 2017, which are estimated to generate an added $1.53 billion.

2021
April 1Huwebes Santo
April 2Biyernes Santo
April 3Sabado de Gloria
April 9Araw ng Kagitingan
May 1Araw ng Paggawa
May 13Eid al-Fitr
June 12Araw ng Kalayaan
July 20Eid al-Adha (Pagdiriwang ng Sakripisyo)
August 21Araw ng Kabayanihan ni Ninoy Aquino
August 30Araw ng mga Bayani
November 1Araw ng mga Santo
November 2Araw ng mga Patay
November 30Araw ng Kapanganakan ni Bonifacio
December 24Noche Buena
December 25Araw ng Pasko
December 30Araw ng Kabayanihan ni Dr. Jose Rizal
December 31Bisperas ng Bagong Taon
  • Co. (Company)
  • Coop. (Cooperative)
  • Corp. (Corporation)
  • Ent. (Enterprise)
  • Inc. (Incorporated)
  • Ltd. (Limited), Ltd. Co. (Limited Company)
  • Corporate Tax: 30%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 35%
  • VAT/GST/Sales Tax: 12% (standard rate), 0% (reduced rate)
  • Bank of Commerce (Commercial Bank)
  • BDO Private Bank, Inc. (Commercial Bank)
  • Philippine Bank of Communications (Commercial Bank)
  • Philippine Veterans Bank (Commercial Bank)
  • Robinsons Bank Corporation (Commercial Bank)
  • CTBC Bank (Philippines) Corporation (Commercial Bank)
  • Maybank Philippines, Incorporated (Commercial Bank)
  • Bangkok Bank Public Co. Ltd. (Commercial Bank)
  • Bank of America, N.A. (Commercial Bank)
  • Bank of China Limited – Manila Branch (Commercial Bank)
  • Citibank, N.A. (Commercial Bank)
  • JP Morgan Chase Bank, N.A. (Commercial Bank)
  • KEB Hana Bank – Manila Branch (Commercial Bank)
  • Mega International Commercial Bank Co., Ltd. (Commercial Bank)
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Commercial Bank)
  • First Commercial Bank, Ltd., – Manila Branch (Commercial Bank)
  • Cathay United Bank Co., Ltd., – Manila Branch (Commercial Bank)
  • Shinhan Bank – Manila Branch (Commercial Bank)
  • Sumitomo Mitsui Banking Corporation – Manila Branch (Commercial Bank)
  • Industrial Bank of Korea – Manila Branch (Commercial Bank)
  • United Overseas Bank Ltd., – Manila Branch (Commercial Bank)
  • Hua Nan Commercial Bank, Ltd., – Manila Branch (Commercial Bank)
  • Bangko Sentral ng Pilipinas (Central bank) (State Bank)
  • Development Bank of the Philippines (State Bank)
  • Land Bank of the Philippines (State Bank)
  • The Overseas Filipino Bank (OFB) (State Bank)
  • ABN AMRO (Foreign Bank)
  • Bank of China (Foreign Bank)
  • Chinatrust Bank (Foreign Bank)
  • Citibank (Foreign Bank)
  • DBS Bank (Foreign Bank)
  • HSBC (Foreign Bank)
  • Keppel Bank (Foreign Bank)
  • Maybank (Foreign Bank)
  • Standard Chartered Bank (Foreign Bank)
  • United Overseas Bank (Foreign Bank)
  • Bank of Singapore Ltd. (Foreign Bank)
  • Barclays Banks PLC (Foreign Bank)
  • DBS Bank Ltd. (Foreign Bank)
  • Japan Bank for International Cooperation (Foreign Bank)
  • Rothschild (Singapore) Ltd. (Foreign Bank)
  • The Bank of New York Mellon (Foreign Bank)
  • The Export-Import Bank of Korea (Korea Eximbank) (Foreign Bank)
  • Union Bank of Switzerland Aktiengesellschaft (AG or corporation limited by share ownership) (Foreign Bank)
  • Wells Fargo Bank, N.A. (Foreign Bank)
  • Korea Development Bank (Foreign Bank)

Aadmi can support you with your expansion to Philippines. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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