| Population |
109.58 million (June 2020 est.) |
| Gross Domestic Product (GDP) |
US$355.5 billion (2020 est.) |
| GDP Per Capita |
US$2,951 (2020 est.) |
| Inflation Rate |
1.72% (2020 est.) |
| Currency |
Philippine Peso (PHP) |
| Exchange Rate Versus U.S. Dollar |
50.06 pesos per U.S. dollar (June 2020) |
| Language |
Filipino (official; based on Tagalog) and English (official); eight major dialects (Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan) |
| Capital |
Manila |
| Population of Capital City |
13.92 million (metropolitan area) |
| Time Zone |
UTC+8 |
| Seasons |
Tropical marine; northeast monsoon (November to April); southwest monsoon (May to October) |
| International Dialing Code |
63 |
| Electricity |
220V/ 60Hz |
| System of Government |
Republic |
| Current Leader |
Rodrigo Duterte |
| Income Tax Rate for Residents |
5% to 32% |
| Property Tax |
1% to 2% |
| Capital Gains Tax |
6% |
| Inheritance Tax |
none |
| Rental Income Tax |
Taxable income is computed by deducting income-generating expenses and personal allowances from gross income. |
| Transfer Tax |
0.5% of the selling price, or zonal value or fair market value, whichever is higher. |
| Sales Tax |
VAT rate 12% |
| Restrictions on Foreign Ownership of Property |
The Philippines restrict foreign ownership to condos and in any given building foreigners can own only up to 40% of the units. |
| Local Chamber of Commerce |
http://www.philippinechamber.com/ |
| American Chamber of Commerce |
http://www.amchamphilippines.com/ |
| Primary Exports |
Semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
| Residency and Visa Requirements |
You qualify for the SRRV classic visa program by depositing US$50,000 in a Philippine bank or purchasing a condominium costing US$50,000 or more if you are between ages 35 and 49. If you are age 50 or older, you need invest only US$10,000, provided you have an individual pension of at least US$800 per month. A couple must be able to show pension income of at least US$1,000 per month. |
| Special Benefits for Foreign Residents or Retirees |
Four types of special resident retiree visas are offered, starting with the SRRV smile program that allows you to remain in the Philippines for as long as you want provided you deposit US$20,000 in a Philippine bank and keep it there for the duration of your stay. This visa is available to anyone who is 35 or older. |
| National Airline |
http://www.philippineairlines.com/ |
