Finance of Philippines
The minimum monthly wage in Philippines is dependent on the each administrative territory and particular industry. Philippines has a government debt of 48.2% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Philippines is 2.8%. The currency of Philippines is Philippine piso. The plural form of the word Philippine piso is pesos. The symbol used for this currency is ₱, and it is abbreviated as PHP. The Philippine piso is divided into sentimo; there are 100 in one piso. Each year, consumers spend around $199,426 million. The ratio of consumer spending to GDP in Philippines is 0.07%, and the ratio of consumer spending to the world consumer market is 46%. The corporate tax in Philippines is set at 30%. Personal income tax ranges from 5% to 32%, depending on your specific situation and income level. VAT in Philippines is 12%.
Gross Domestic Product
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Philippines is $693,420 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Philippines was last recorded at $6,510,248. PPP in Philippines is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Philippines is 272,067 billion. Based on this statistic, Philippines is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Philippines. The Gross Domestic Product (GDP) per capita in Philippines was last recorded at $2,554,330. The average citizen in Philippines has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Philippines averaged 6.2% in 2014. According to this percentage, Philippines is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well.