What are the top industries in the Philippines today?
- Real estate industry
- E-Commerce industry
- Construction industry
- Tourism industry
- BPO, Business, and IT industries
The Philippines is a country with a thriving economy, supported by a diverse range of industries. From agriculture and manufacturing to business process outsourcing and tourism, these industries have contributed to the country’s growth and development. The Philippines is known for its resilience and adaptability, which has enabled it to weather economic storms and recover from crises.
In this blog post, we’ll delve into some of the top industries in the Philippines and explore what makes them stand out.
Real Estate Industry
The real estate industry in the Philippines is widely regarded as one of the most promising sectors to invest in, thanks to the considerable foreign direct investment it receives every year. Foreign investors are optimistic about the potential for growth in the country’s real estate market, which has been buoyed by favorable government policies and a steady increase in demand for housing and commercial spaces.
As the Philippine population continues to grow and the economy remains stable, the real estate industry offers a lucrative opportunity for both local and foreign investors to tap into this thriving market. There are many real estate projects for people to invest in including Pueblo de Oro, AboitizLand, and SMDC.
The government’s continuation of the Build Build Build (BBB) program wants to improve connectivity across the country, leading to the construction of new commercial and residential properties. This initiative is expected to bring about faster and more convenient transportation options for Filipinos.
As a result, the cities and provinces that were once deemed inaccessible are expected to become more attractive to potential land developers and property owners.
The e-Commerce industry has experienced significant growth, owing to the pandemic’s impact in 2020. Because of this, the Department of Trade and Industry (DTI) expanded the e-Commerce sector’s contribution to the country’s GDP to 5.5% in 2021.
As per the Philippine e-Commerce Roadmap 2022, the DTI has also predicted that digital transactions’ share of the economy will increase from P599 billion in 2020 to P1.2 trillion by 2022. Consequently, the number of enterprises engaged in online retailing will rise to 1 million by 2023.
Before the pandemic, the construction industry in the Asia-Pacific was experiencing rapid growth, and the Philippines had the fastest-growing sector in the region. Although the pandemic did have an impact, analysts at GlobalData, anticipate that it will recover this year. From 2021 to 2024, it is projected to expand at an average annual rate of 8.3%.
As mentioned, the government’s Build, Build, Build program has also continued, despite the pandemic. They allocated a substantial budget for the implementation of its projects. That’s why we can expect that this industry will earn more employment and opportunities in the coming years.
The Philippines is blessed with natural beauty and a diverse range of attractions such as beaches, mountains, and islands, which make it an attractive destination for tourists. With over 7,000 islands, the country offers an array of stunning landscapes, pristine beaches, and world-class diving spots.
Alongside its breathtaking natural scenery, the country also has a rich cultural heritage, which is a blend of indigenous, Asian, and Western influences. From historic landmarks and religious sites to vibrant festivals and traditional crafts, tourists have countless opportunities to immerse themselves in the country’s unique cultural identity.
The government has recognized the vital role that tourism plays in the country’s economy and has taken steps to support its growth. Initiatives such as the “It’s More Fun in the Philippines” campaign and the relaxation of visa restrictions for certain nationalities have been introduced to boost tourism numbers.
These efforts have proved successful, as more tourists than ever are now choosing to visit the Philippines, drawn by its stunning natural beauty, rich cultural heritage, and welcoming hospitality.
BPO, Business, and IT Industries
Over the last decade, the BPO, business, and IT industries have been among the Philippines’ top economic contributors. The country has established itself as a prominent outsourcing destination for global operations. However, the sector was affected by the pandemic due to a global downturn, economic disruptions, and delayed investment plans.
Despite these challenges, the industry has displayed resilience and optimism today. Through adjustments made to adapt to the new normal, they have managed to create a more stable working environment, which has been an instrumental help posed by the pandemic.
Are you looking to invest in the Philippines? We’ve just provided you with the top industries in the Philippines that you can take advantage of by investing in any of these that has ESG values within their organization.
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