Philippines Facts & Figures

Cathedral in manila lit up at night

Population 

107,668,231 (July 2014 est.)

Gross Domestic  Product PPP (GDP)

US$454.3 billion (2013 est.)

GDP Per Capita

US$4,700 (2013 est.)

Inflation Rate

2.8% (2013 est.)

Currency

Philippine Peso (PHP)

Exchange Rate Versus U.S. Dollar 

44.4 pesos per U.S. dollar (Feb. 10, 2015)

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

  • 11.9 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

President Benigno Aquino (since June 30, 2010)

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/

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