The Republic of the Philippines is a diverse country. It’s full of beautiful natural landscapes, but at the heart of the nation is a growing economy, which is the envy of many countries around the world. Tourism is a key driver, but there are many other industries in place, and you’ll also find the best online casino in the Philippines helping to keep things buoyant.
There are obvious elements in play, along with several sectors that you may not have expected to see in the list of top five industries boosting the national economy.
Tourism
Those stunning natural wonders bring in significant numbers of tourists to the Philippines each year. It’s estimated that an average of around 5.45 million visitors arrive from overseas on an annual basis and there’s plenty for them to see and do once they get here.
Along with some incredible natural scenery, the Philippines is home to a diverse array of wildlife. This is one of the best places in the world to go snorkeling, while animals such as the curious proboscis monkey thrive in the interior.
Museums and galleries tell the story of the region, and one of the best ways to see it is to go island hopping, via the many tourist packages that are available.
Casinos
Casino play in the Philippines comes in two distinct forms – online and offline. The country is known for some of the world’s best gaming establishments, and many form part of glamorous resorts.
Along with the slots, card and table games, visitors to locations such as the Boracay Tropics Resort, Amanpulo and Dusit Thani in Manilla can enjoy luxury hotel accommodations, gyms, spas and elite shopping.
Digital casinos are another important part of the Philippine economy and many top operators have registered offices here. At the start of 2024, it was reported that the casino sector here was due to receive $6 Billion USD in investment over the next five years.
It’s a vital source of employment too, so clearly the casino industry is seriously important to national revenue.
Real Estate
Due to the increase in tourism, and other positive factors, the Philippines is also one of the world’s growth areas in terms of real estate investment. Demand for housing and commercial premises continues to grow, and there is no shortage of overseas funding helping things to happen.
The region offers a perfect storm right now as the economy is stable and the local population is growing. Ex-pats are also emigrating in increasing numbers. With many areas of the Philippines still waiting to be developed, the real estate market is buoyant and it’s a key driver of national income.
Construction
With the development of houses, apartments and commercial buildings continuing to drive the real estate sector, the demand for building has also increased. That’s why the construction industry is also thriving in the Philippines.
Construction companies were boosted by the government’s Build Build Build program, which was introduced as a response to the uncertainty produced by global factors in 2020. It was a system designed to kick start the industry, and while the figures have yet to be confirmed, it was estimated that the construction sector would grow by an annual average of 8.3% through the years 2021 to 2024.
Manufacturing
The term manufacturing covers many different areas, each of which contributes to an extremely healthy sector. Significant mining activities still take place in the Philippines, and a series of diverse end products are delivered as a result.
Iron, steel, paper, ceramics and cement are all significant parts of the manufacturing industry. It’s one sector that has been at the forefront of Philippine commerce for decades, and it continues to produce significant revenue numbers, even in the digital age.
Outside of the top five industries, there are many other sectors contributing to a stable local economy in the Philippines. Agribusiness and pharmaceuticals are other key elements here. As a growth region, it’s open to overseas investment, and additional industry helps to provide stable economic figures.
There’s nothing to suggest a slowdown anytime soon, but of all the diverse sectors of Philippine commerce, these five are doing the most to boost the national coffers.
