Flag Facts
Each element has a meaning. Blue stands for peace and justice, red symbolizes courage and the white triangle represents equality. The rays of the sun recall the first eight provinces that sought independence from Spain, while the stars represent the three major geographical divisons of the country: Luzon, Visayas, and Mindanao.
Location: An archipelago east of Vietnam, between the Philippine Sea and South China Sea, the Philippines cover an area slightly larger than Arizona.
Language: Filipino and English are both official languages; it’s among the largest English-speaking countries in the world.
Total Population: 118.3 million
Capital: Manila
Government: Presidential republic
Religion: Roman Catholic (78.8%), Muslim (6.4%)
Economy: Following the pandemic-induced recession in 2020, the Philippine economy grew by 5.6 percent in 2024 and it continues to outperform others in the Association of Southeast Asian Nations. President Ferdinand Marcos Jr., elected in June 2022, has said his administration will continue what was dubbed the “Build, Build Build” program launched by the prior leadership to address infrastructure challenges, and the country will also spend about $4.4 billion on its digital infrastructure in the coming years. The unemployment rate hovers around 4 percent. The services sector accounts for the largest share of employment (60.7 percent).
Income inequality remains a challenge as the national poverty rate hovers around 15 percent, down from 18 percent in 2021.
News note: Philippine Defense Secretary Gilberto Teodoro spoke out in June about China’s efforts to influence the region, and country is maintaining a tougher stance in refuting China’s claims in its exclusive economic zone. China has long claimed up to 90 percent of the South China Sea as its territory, but its maritime claims overlap with those of Philippines, Vietnam, Malaysia, Brunei and Taiwan. China continues to engage in military maneuvers in the area, and the Philippines aims to form an international coalition to increase deterrence.
GDP (official exchange rate): $437.1 billion
Currency: Philippine peso; (conversion rate at press time: 1 PHP equals $0.018 USD).
Franchising in the Philippines: The franchise sector continues to grow and is bouncing back from the pandemic, with franchises contributing about 7.8 percent to the country’s GDP while also generating around 2 million jobs. Revenue from food franchises is upwards of $10 billion, while the non-food categories account for about $2.7 billion, according to the Philippine Franchise Association. The PFA, which acts as the self-regulating governing body for franchising in the country, noted growth is being driven by new concepts, particularly foreign brands entering the country and established concepts expanding outside of metro Manila.