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Population: 109 Million

GDP: $435.675 Billion

GDP per capita: $3,859

Land Area: 298,170 km2

Gini: 41.2

HDI: 0.699

Labor force: 49 million

Unemployment rate: 4.3%

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GDP growth (annual %) from The World Bank

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Since 2010, Vietnam has become one of the fastest-growing economies in the world with an average annual growth rate between 6 and 7 percent. This growth has been due primarily to increasing service and tourism sectors.

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The Philippines uses the Philippine peso which became a fiat currency in 1993. Since 2000, the inflation rate has averaged 3.87% annually. The Philippine peso currently trades for 55.36 pesos per USD.

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Inflation, consumer prices (annualized %) from The World Bank

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At first glance, the Philippines appears to be making massive gains economically but this does not paint a full picture as much of this growth has been concentrated within the capital of Manila. Approximately 66% of the Filipinos living in poverty live in rural areas. 75% of these rural people live in severe disaster risk areas and often rely on good weather as they most commonly work in agriculture. These areas are largely underserved in key infrastructure including transportation, power, and water.

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Thousands protesting corruption within the Filipino government

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Corruption has been an ongoing issue within the Philippines. According to Gan Integrity's Philippines Corruption Report, corruption is rampant at nearly every level of government. These unfair practices have led to inefficient resource allocation and left foreign businesses vulnerable to extortion and manipulation.

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New developments specifically in rural areas could be highly beneficial to the Filipino economy. Transportation projects such as roads would allow business to be conducted more quickly which could increase total output. New road projects would also create better access to hospitals, raising life expectancy. All of this would effectively target much of the countries poor and help aid in economic equality efforts.

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Although the Philippines has high primary education enrollment rates, around 96%, the secondary enrollment rate averages only 75%. Secondary education has also been found to be significantly less accessible for the poor. If the Philippines wants to expand beyond a reliance on service and agriculture sectors, proper human capital investment such as education is necessary.

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If the Philippines hopes to expand optimally it is crucial that the country attracts foreign investment. As previously mentioned, government corruption has been one factor which has historically driven out foreign business. By addressing corruption head on, foreign investors would feel more positively towards opportunities within the country and therefor help in the development of key sectors.

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Although inflation has remained within healthy levels in the last two decades, inflation is currently an issue for the central bank (Bangko Sentral ng Pilipinas). Inflation reports reached a 14 year peak in 2022 at 5.8%.