Friday, Feb. 24, 2017

Philippines: A service orientated economy with efficiency gain and cost savings to offer

By Export Council of Australia · February 07, 2017

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The Philippines is our smallest trading partner among ASEAN’s six biggest economies. Australia’s total trade with the Philippines is less than one-third of our trade with Vietnam, for example. Download ASEAN Connected report for more information > 

Though we are starting from a small base, the Australia- Philippines commercial relationship is a fast-growing one, with services leading the way. 

Australia exports over AUD 700 million in services to the Philippines, exports which grew around 11% in 2015, and the country is now amongst our 20 largest service export destinations worldwide.

Education and travel are the largest items, reflective of strong people-to-people links between our two countries.

Comparatively speaking, the Philippines is not an easy place to do business, ranking 103rd in the world for ease of doing business, and 47th in terms of competitiveness. This is respectable for an economy at its stage of development, ranking above countries like South Africa and Turkey.

Australian companies interested in the Philippines market can take advantage of preferential access through AANZFTA. It provides for substantial tariff reductions, locks in regulatory provisions and investment protection, and facilitates regional rules of origin, among other benefits.

Download ASEAN Connected report for more information >

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