SWOT ANALYSIS

The Philippine Statistics Authority provides economic and financial data of the
Philippines. The latest data available is from December 12, 2023. The data shown in this page
correspond to the data described on the International Monetary Fund’s (IMF) Dissemination
Standards Bulletin Board (DSBB). For a fuller explanation of the DSBB and the statistical
standards to which the Philippines has committed, please visit the DSBB Home Page.
According to the World Bank Group, the medium-term fiscal consolidation plan is broadly on
track with the fiscal deficit in 2022 narrowing to 7.3 percent of GDP and national government
debt stabilizing around 61 percent of GDP. Going forward, strong domestic demand will drive the
economy to grow at 6.0 percent in 2023 and gradually move to its potential over the medium
term. The Bangko Sentral ng Pilipinas reports that the current account deficit of the Philippines
was 537.88 USD Million in June of 2023. The current account in the Philippines averaged 2.38
USD Million from 1980 until 2023, reaching an all-time high of 2835.09 USD Million in April of
2020 and a record low of -2864.91 USD Million in May of 20223. We discovered the Philippines
is a booming country with a lot of young potential after conducting an in-depth swot analysis of
the Philippines.

S - YOUNG DEMOGRAPHIC, DIVERSE GEOGRAPHIC, and POVERTY REDUCTION

PROGRAM.
W - LIMITED INFRASTRUCTURE, CORRUPTION, and INCOME INEQUALITY
O - OUTSOURCING, EASING TAXATION, and PEACE TREATY WITH MILITIA
T - LOW TAX COLLECTION, SECURITY ISSUES, and DISPUTE WITH CHINA

The World Bank Group predicts that the Philippines will continue to recover and reform,
getting back on track to become an upper middle-income country with a gross national income
per capita of US$4,466 -US$13,845 by 2023. McKinsey suggests that the strength of the
Philippines’ financial services sector in 2023 will likely be subject to two key factors: interest rate
hikes and rising inflation. The Bangko Sentral ng Pilipinas aims to keep prices and the financial
system stable, and the payment system safe as the country enters the third year of the
pandemic. The Philippines’ financial standing has been strong despite the ongoing COVID-19
pandemic. According to the Department of Finance, the country’s solid financial footing amidst
the pandemic validates the “good work” of the Department of Finance (DOF) under the Duterte
administration, as well as the correctness of the reforms and policies it has pursued to ensure
adequate funding for the government’s strategic investments in, and for, the Filipino people. The
World Bank Group also reports that the Philippine government is pursuing larger investments in
both human and physical capital to boost growth over the medium and long term. McKinsey
predicts that the strength of the Philippines’ financial services sector in 2023 will likely be
subject to two key factors: interest rate hikes and rising inflation.