Demographics

The Philippines is a tropical country in the Pacific Ocean with exotic beaches and diverse cultures. It comprises 7,641 islands, making it the world’s largest archipelagos (islands formed as a result of volcanoes erupting from the ocean). The Philippines is a developing country right now, but the progress is swift, and people in the region spend a sound life though the GDP is not much significant. It stands on the 14th position among the 42 countries belonging to the Asia-Pacific region.

The current population of the Philippines is 110.417 million, with an annual growth rate of 1.35%. Forecasts show that the current growth rate would decline, though the islands’ population is projected at 125 million by 2030. The Philippines ranks number 13 on the list of countries by population globally. 47.5% of the total population of the Philippines is urban. A large ratio of Filipino people is under the age of 15, and only <10% are above 60.

Fig. Philippines age breakdown

Average Salary

A full-time working adult in the country earns around 44,600 PHP on average. It is based on the lowest and highest average salary, i.e., 11,300 PHP and 199,000 PHP in the country. In 2020, the average wage was recorded to be 535 thousand Philippine pesos. The salaries and wages were higher in the previous year than in 2020.

Economy

The economy of the Philippines is thriving, and despite a decrease in the GDP growth rate in 2019, it remained high. It is an agricultural country, and the economy relies majorly on agricultural production and industrial manufacturing. Agriculture employs 23% of the total population and contributes to providing employment opportunities to people. The economic growth is expected to be 6.5-7.5% by 2021 and 6.0% in 2022, making up for the losses in the previous years. 

E-commerce in the Philippines

67% of the Filipino population uses the internet, and 73 million people are active internet users. 76% of people make online purchases through a device, including 66% who made purchases through a mobile. Most consumers spend money on fashion, personal care, and electronics, making them the top 3 products in the e-commerce market. A 10915 million PHP were spent on buying beauty and fashion products, whereas electronic items worth 12405.8 PHP were sold online. 

Payment gateways 

The usage of online banking and credit cards has been quite less in the Philippines than in other parts of the world. Only 32% of the population has an account with a financial institution, whereas 1.9% of people own a credit card. To help the e-commerce grow, several other online payment methods have been introduced in the region. The popular payment gateways in the Philippines include Smart Money, PesoPay, and GCash, etc.

A few other options are using bitcoins or 7connect. 7connect is a service by 7 Eleven that allows you to pay through the store if you do not have a credit card.

Dropshipping to the Philippines

Wefullfill provides instant delivery to the Philippines within 5 to 9 business days without any shipping charges. You can get any product you need and get it dropshipped to the destination quickly and reliably.