The Philippines is set to become an upper middle-income country by 2022. Its strategic location in the Asia and Pacific region, up to 5.5% growth projection in 2022, and quality talent and workforce, makes it one of the best places to do business in Southeast Asia.

In Southeast Asia (SEA), UN Department of Economic and Social Affairs (UNDESA) projections indicate that the share of working age population in Brunei, Singapore, Thailand, and Vietnam will drop between 2020 and 2050; but for the rest of SEA, including the Philippines, it is expected to increase.

Source: Updated Philippine Development Plan 2017-2022.

Southeast Asia will track developments in the global economy and is forecast to grow by 4.4% in 2021 and 5.1% in 2022. Vaccination programs and expansionary monetary and fiscal policies are expected to underpin the revival of domestic demand. In the Philippines, fiscal stimulus from spending on infrastructure and social assistance will promote a bounce back.