Interesting facts about Philippines in 2023
- Philippines has a total land area of 300,000 square kilometres;
- The Philippines is an archipelago of over 7,100 islands, making it the country with the 5th largest number of islands. It also has the 4th longest coastline, despite being just the 73rd largest country in terms of land area;
- The two largest islands, Luzon and Mindanao make up for two-thirds of the total land area.
- The total population of Philippines is 84,765,000 with a gross domestic product (GDP) per capita of US$4,600;
- Literacy rate in Philippines is 96%;
- The Philippines is unique among countries in Asia in that its main religion is Roman Catholicism, which was introduced by the Spanish early in their conquest. 80% of the country’s population is Catholic.
- The Philippines is unique among countries in Asia in that its main religion is Roman Catholicism, which was introduced by the Spanish early in their conquest. 80% of the country’s population of over 100 million is Catholic;
- The Philippines is the third-largest English-speaking country in the world, after the United States and the UK. This has allowed it to become a hub for call centers and business process outsourcing;
- The major contributors to Philippines GDP are i) argriculture, ii) industry and iii) services;
- In 2016, Philippines posted 2nd highest GDP growth of 6.4% among all Southeast Asian nations;
- Small and medium enterprise comprises of 99.6% of all business registered in the Philippines and employs 70% of the workforce.
- The Philippines is named after King Philip II of Spain, under whom the islands were settled;
- Two periods of colonization characterize the Philippines: first by Spain from 1565 to 1898, followed by the Americans from 1898 to 1946. The British also occupied the capital, Manila, for more than two years in the 18th century;
- The Philippines is Asia’s first democratic nation, with a democratic constitution being installed upon its independence from Spain in 1898.
- The Philippines is considered to be the center of the world’s marine biodiversity, with thousands of underwater species unique to the country’s waters. It is also part of the Coral Triangle, an area rich in marine life spanning the Malay Archipelago;
- The University of Santo Tomas is Asia’s oldest university. It was established in 1611 and is 25 years older than Harvard University;
- The Christmas season in the Philippines is particularly long – you can hear carols and Christmas jingles being played in establishments across the country as early as September, and as late as January;
- The Philippine Eagle is the largest eagle in existence, with a wingspan of over 7 feet and weighing up to 10 lbs. On the other hand, the Philippines is also home to the world’s smallest primate, the tarsier, which can fit in the palm of your hand.
Frequently asked questions
Am I required to visit Philippines to incorporate a company there?No. Healy Consultants can legally incorporate your company without you needing to travel.
What is the minimum number of directors required?Under statutory regulations, a Philippines company requires a minimum of five directors. Corporate directors are allowed.
Is a resident director required?A Philippines company does require a resident director.
What is the minimum number of shareholders required?A minimum of five shareholders is required. The majority of the shareholders need to be Filipino.
Are shareholder/director details available for public viewing?Yes.
Can my company be 100% foreign owned?A business can be 100% foreign-owned if it is located in an Export Processing Zone or Special Economic Zone.
What are the minimum capital requirements?A Philippines company requires a minimum capital of US$200,000.
Is it required to submit an annual return and/or financial statements?A Philippines business is obliged to submit an annual return and/or financial statements to the Bureau of Internal Revenue. It is also required to have the accounts audited.