Economic Report 2022: Philippines

Press releases, 01.08.2023

The Embassy of Switzerland publishes it's regular Economic Report. 

The Embassy of Switzerland in the Philippines regularly publishes its economic report about the Philippines. In this year's report covering F.Y 2021-2022, we have observed the following developments in the economy:

  • Post-pandemic recovery performance of the Philippines has been on the relatively positive spectrum despite challenges with high inflation rates and tempered consumption due to high interest rates. Its GDP grew by 7.6%, which is one of the highest in the region largely due to increased activities in services and to a certain extent agriculture.
  • Aside from full reopening of its industries, the government approved 194 Flagship Infrastructure Projects (FIP), which will be prioritized by the administration. Together with S-GE, we have published Business Opportunities Reports on digital health, rail, renewable energy, financial technology, and electronic commerce, which Swiss companies may explore.
  • Bilateral trade in goods between Switzerland and the Philippines increased by 16% from CHF 540.2 million in 2021 to CHF 626.5 million in 2022.
  • Switzerland is currently the third largest European investor in the Philippines after Germany and UK.

Full Economic Report: Philippines 2022 (PDF, 16 Pages, 648.9 kB)