- GDP nominal: 284.7 billion USD
- Unemployment rate: 7.1%
- Population: 99.1 million
- Ease-of-doing-business rank: 103rd
Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. It is one of Asia's emerging markets and fastest growing economies.
Major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth. The economy is heavily reliant upon remittances from overseas Filipinos, which surpass foreign direct investment as a source of foreign currency.
Hong Kong and Shanghai Banking Corporation (HSBC) projects Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.
Direct Selling in Philippines
- GDP Growth Constant USD 2014: 6.1%
- YoY Industry Growth Constant USD 2014: 7.9%
The industry is worth approximately 1.2 billion USD in 2014 and Direct Selling companies are represented by more than 4 million distributors. Compared to other countries the male population among distributors is high (almost 40%) and Wellness category represent more than 70% of the sales.
The industry has grown as a 17.6% CAGR, which is one of the highest growth rates among the industry in the world. Philippines is a country with a large and young population (median age is 23.5) and has one of the highest unemployment rates within the region.
The Direct Selling Association of Philippines, established in the late 1970’s, has been doing excellent work in promoting the industry’s image in the country while reinforcing regulations in order to protect Direct Sellers and consumers.
Direct Selling companies have a bright future in Philippines and will continue to empower people in the coming years.
Sources: ASENSHIA, World Bank, WFDSA, Euromonitor, Wikipedia
CAGR: Compound Annual Growth Rate expressed in Constant USD 2014, between 2011 and 2014