
The Philippines is an archipelago of 7,107 islands with a total land area of approximately 300,000 square km. With a population of more than 92 million people, the Philippines is the 12th most populated country in the world. An additional 12.5 million Filipinos live and work overseas. The Philippines is also the 3rd largest English speaking country in the world, with a high literacy rate of 94.6%.
Because of its history, the Philippines is one of the most westernized countries in Asia. It was a colony of Spain for almost 350 years and then was under American rule for almost 50 years until the end of World War II. Today, the Philippines is a strong representative democracy modeled on the U.S. system. The 1987 constitution reestablished a presidential system of government with a bicameral legislature and an independent judiciary.
With a rapidly growing middle class, private consumption is the key driver of the Philippine economy as it represents more than 70% of GDP, a high level compared to regional peers. Private consumption is also fueled by the high level of remittances from Overseas Filipino Workers (OFWs). Remittances amounted to $20.1 billion in 2014.