In 2023, the Philippines’ inflation rate amounted to 5.98 percent. The Philippines are considered “newly industrialized”, but the economy relies on remittances from nationals overseas, and the services sector generates most of its GDP .
Emerging and soon to develop?
After switching from agriculture to services and manufacturing, the Philippines are now an emerging economy, i.e. the country has some characteristics of a developed nation but is not quite there yet. In order to transition into a developed nation, the Philippines must meet certain requirements, like being able to sustain their economic development, being very open to foreign investors, or maintaining a very high stability of the institutional framework (like law enforcement and the government). Only if these changes are irreversible can they be classified as a developed nation.
The Philippines’ switch to services
Ever since the switch to services and manufacturing, employment in these areas has increased and the country is now among those with the highest employment in the tourism industry worldwide. This transition was not entirely voluntary but also due to decreasing government support, the liberalization of trade, and reform programs. Still, agriculture is important for the country: As of 2017, more than a quarter of Filipinos are still working in the agricultural sector, and urbanization has only increased very slightly over the last decade.
Philippines: Inflation rate from 1987 to 2029
(compared to the previous year)
Characteristic
Inflation rate compared to previous year
2029*
3%
2028*
3%
2027*
3%
2026*
2.99%
2025*
3.02%
2024*
3.33%
2023
5.98%
2022
5.82%
2021
3.93%
2020
2.39%
2019
2.39%
2018
5.31%
2017
2.85%
2016
1.23%
2015
0.69%
2014
3.59%
2013
2.59%
2012
3.16%
2011
4.75%
2010
3.74%
2009
4.24%
2008
8.21%
2007
2.91%
2006
5.45%
2005
6.64%
2004
4.8%
2003
2.22%
2002
2.76%
2001
5.4%
2000
6.55%
1999
6.2%
1998
9.37%
1997
5.6%
1996
8.29%
1995
6.91%
1994
12.49%
1993
6.76%
1992
8.58%
1991
19.35%
1990
13.2%
1989
11.37%
1988
12.23%
1987
3.04%
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IMF. (October 22, 2024). Philippines: Inflation rate from 1987 to 2029 (compared to the previous year) [Graph]. In Statista. Retrieved December 07, 2024, from https://www.statista.com/statistics/578717/inflation-rate-in-philippines/
IMF. "Philippines: Inflation rate from 1987 to 2029 (compared to the previous year)." Chart. October 22, 2024. Statista. Accessed December 07, 2024. https://www.statista.com/statistics/578717/inflation-rate-in-philippines/
IMF. (2024). Philippines: Inflation rate from 1987 to 2029 (compared to the previous year). Statista. Statista Inc.. Accessed: December 07, 2024. https://www.statista.com/statistics/578717/inflation-rate-in-philippines/
IMF. "Philippines: Inflation Rate from 1987 to 2029 (Compared to The Previous Year)." Statista, Statista Inc., 22 Oct 2024, https://www.statista.com/statistics/578717/inflation-rate-in-philippines/
IMF, Philippines: Inflation rate from 1987 to 2029 (compared to the previous year) Statista, https://www.statista.com/statistics/578717/inflation-rate-in-philippines/ (last visited December 07, 2024)
Philippines: Inflation rate from 1987 to 2029 (compared to the previous year) [Graph], IMF, October 22, 2024. [Online]. Available: https://www.statista.com/statistics/578717/inflation-rate-in-philippines/