The Philippines is a newly industrialised country, whose economy has transitioned from one based on agriculture to one based more on services and manufacturing. It has a growing importance in Asia and was able to weather the 2008/2009 global recession. This was due to its minimal exposure to troubled international securities, low dependency on exports, relatively resilient domestic consumption, and a growing business process outsourcing industry. Primary export products include semiconductors and electronic products, garments, petroleum products, and fruits. The country’s credit rating has been raised to BB+ with S&P recently raising its outlook to positive. The external payments position of the economy remained strong on the back of resilient overseas worker remittance inflows and expanding IT-BPO sectors. The governance has also improved, resulting in the government’s expanded ability to face domestic and international challenges. As a result of improved governance and greater government and infrastructure spending, overall economic growth accelerated in 2012.
ING Commercial Banking (CB) has been in the Philippines since 1990. ING has a proven track record in the Philippine market and offers a wide range of products such as foreign exchange, derivatives, currency financing, corporate lending, mergers & acquisition, debt capital markets, structured finance, and trade finance transactions. Our local bank has arranged the highest number of Philippine capital market issues, and provided advice on the largest and most prominent M&A transactions. The Philippine franchise is a recognised top investment bank and has consistently won awards for banking excellence - Best M&A House in the Philippines by The Asset, Best Fixed Income House in the Philippines by Fund Managers Association of the Philippines, Best Foreign Exchange Provider in the Philippines by Global Finance (2012), and Best M&A House in the Philippines by Euromoney (2011).
Our client focus can help you succeed in the Philippines. Whatever your banking needs, ING CB can tailor solutions that fit your business. A single point of contact gives you access to an extensive range of products and the expertise of product specialists and industry specialists.
- Growing importance in Asia
- Extensive range of products
- Client focus – single point of contact – tailored services
- Network of product specialists and industry experts
- Active in the Philippines since 1990
Country report Philippines
The Philippines report is part of a series of ING 2012 International Trade Study reports, which includes forecasts for 60 different country and 13 product group reports. These reports document trade developments over the past years and the ING forecasts (2012-2017) for future international trade patterns and business opportunities, by partner country and export product.
Download the country report Philippines (PDF, 1.9 MB)
Country at a glance: Philippines
Main economic and trade data in a nutshell, presented by ING’s Economics Department.
Download the report (PDF, 470 kB)