PHILIPPINES

i. Name of country

PHILIPPINES

ii. Region

Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam

iii. Population

110,818,325 (July 2021 est.)

iv. General Introduction

If you’re interested in living in Asia, obtaining a second residency in the Philippines isn’t a bad idea. For westerners accustomed to certain standards, Manila and parts of the rest of the country will feel very familiar. It has a tropical climate, English proficiency, and some of the lowest living costs in the region when compared to other similar areas. There’s a McDonald’s and a Wendy’s on every corner, and huge mega-malls selling everything imaginable abound. You’d love it here if you like fresh tropical fruit. Outside of Manila, the Philippines has some of the best beaches in the world – some say even better than Thailand.

v. Wifi Speed

The Philippines’ fixed broadband internet as of July 2021 has a download speed of 71.17 Mbps, an upload speed of 71.22 Mbps and a latency of 22 ms. Paraguay edges out the Philippines with a download speed of 71.86 Mbps.

vi. Electrical outlet

For the Philippines there are three associated plug types, A, B and C. Plug type A has two flat parallel pins, plug type B has two flat parallel pins and a grounding pin and type C has two round pins. The Philippines operates on a 220V supply voltage and 60Hz.

vii. Per Capita GDP

Real GDP per capita
$8,000 note: data are in 2017 dollars (2020 est.)
$8,900 note: data are in 2017 dollars (2019 est.)
$8,500 note: data are in 2017 dollars (2018 est.)

note: data are in 2010 dollars

viii. Climate

tropical marine; northeast monsoon (November to April); southwest monsoon (May to October)

ix. Residence-by-Investment

If we’ve piqued your interest in the Philippines, here’s how you can not only invest there but also live there.

Of course, not everyone will need to obtain residency; you can invest in the country as a non-resident investor just as easily. However, for those looking to internationalize their lives at the same time, the Special Investor’s Resident Visa (SIRV) is an appealing option. The sums at stake in the world of investment immigration are typically in the hundreds of thousands, if not millions, of dollars. The higher the price of residence, the more appealing the country is and the more global benefits it provides an individual.

Investment

We believe that the Philippines investor visa is one of the best-kept secrets in the country. Given that the minimum investment required is $75,000, it provides a lot of bang for your buck.

You may invest in the following “qualified forms” of investment:

• Companies that are publicly traded.
• Companies engaged in the priority economic activities listed in the Board of Investments’ Investment Priorities Plan (IPP).
• Companies in the service and manufacturing industries.

Processing Time

• Processing time is with in 3 months

Key Benefits

• The holder may reside in the Philippines for the duration of his investment and is entitled to import used household goods and personal effects tax and duty-free as a first-time alien settling in the Philippines.

Requirements

• Duly-accomplished and notarized application form, with recent photographs;
• Clearance from the National Intelligence Coordinating Agency (NICA), together with either a clearance from the central government agency of the applicant’s country or place of residence, competent to give information about any criminal record that the applicant may have, duly authenticated by the Philippine Embassy, or the Interpol Division of the National
• Bureau of Investigation (NBI) indicating that the applicant has not been convicted by final judgement of a crime involving moral turpitude. The NICA shall issue an initial clearance within three (3) working days from receipt of the BOI endorsement, and a more thorough verification to cover the Armed Forces of the Philippines and the Philippine National Police should be made within three(3) months after the grant of the probationary visa. Any derogatory record may be the basis for revocation of the SIRV holder’s visa. The expiration date of said clearances should not be earlier than six (6) months from date of filing of application;
• Medical certificate issued by the Department of Health (DOH), any government hospital or health facility, or any licensed and accredited hospital, medical center, or laboratory or the equivalent in the applicant’s home country, certifying that the applicant is physically and mentally fit. The expiration of the certification should not be earlier than six (6) months from date of filing of application;
• Certification under oath from the duly-authorized officers of any accredited depository bank in the Philippines as to the amount of foreign exchange inwardly remitted by applicant, and its conversion to pesos through the said bank, in the prescribed form. Should the inward remittance be sent through non-accredited correspondent banks, the total amount of remitted money should be immediately transferred to the accredited banks. In all cases, inward remittances shall not be made earlier than one (1) year prior to the filing of the application;
• Certified true copy of the certificate of peso time deposit with a maturity period of at least thirty (30) days. The original copy of the certificate of time deposit shall remain with the depository bank for safe-keeping;
• Birth certificate/family registry/household registry duly authenticated by the Philippine Consulate/Embassy located in the applicant’s home country or the applicant’s embassy in the Philippines;
• If spouse and dependent children are included in the application, marriage contract duly authenticated by the Philippine Consulate/Embassy located in the applicant’s home country or by the applicant’s Embassy in the Philippines;
• Original passport of the applicant; and
• Payment (3,600 NOK)

Procedures and Time Frame

If Filed with a Philippine Embassy

• Submit application form and other documentary requirements to local Philippine Embassy;
• BOI evaluates the application after endorsement by the Embassy;
• Re-endorsement to the Philippine Embassy via the DFA consular office for issuance of probationary, multiple entry visa valid for 6 months; and
• Upon arrival to the Philippines, probationary visa can be turned into SIRV, once proof of inward remittance has been invested.

If Filed with BOI

• Submit application form and other documentary requirements including the original passport to BOI;
• BOI endorses application to BI upon completed documentation, for issuance of provisional, multiple entry visa valid for 6 months; and
• Amendment of visa (from provisional to indefinite) shall be made upon submission of proof that the inward remittance has been actually invested

xi. Natural Resources

timber, petroleum, nickel, cobalt, silver, gold, salt, copper

xii. Ethnic Groups

Tagalog 24.4%, Bisaya/Binisaya 11.4%, Cebuano 9.9%, Ilocano 8.8%, Hiligaynon/Ilonggo 8.4%, Bikol/Bicol 6.8%, Waray 4%, other local ethnicity 26.1%, other foreign ethnicity .1% (2010 est.)

xiii. Languages

unspecified Filipino (official; based on Tagalog) and English (official); eight major dialects – Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan

xiv. Religion

Roman Catholic 80.6%, Protestant 8.2% (includes Philippine Council of Evangelical Churches 2.7%, National Council of Churches in the Philippines 1.2%, other Protestant 4.3%), other Christian 3.4%, Muslim 5.6%, tribal religion 0.2%, other 1.9%, none 0.1% (2010 est.)

xv. Median Age

total: 24.1 years
male: 23.6 years
female: 24.6 years (2020 est.)

xvi. Urbanization

urban population: 47.7% of total population (2021)
rate of urbanization: 2.04% annual rate of change (2020-25 est.)

xvii. Physician density

4.48 physicians/1,000 population (2018)

xviii. Government type

presidential republic

xix. Unemployment Rate

5.11% (2019 est.)
5.29% (2018 est.)

x. Taxes

Headline Personal Income Tax Rate (highest marginal tax rate)

•  35%

Headline Corporate Income Tax Rate (excluding dividend taxes)

• 30%

INCOME TAX

• Income of residents in the Philippines is taxed progressively up to 32%. Resident citizens are taxed on all their net income derived from sources within and without the Philippines. For nonresidents, whether an individual or not of the Philippines, is taxable only on income derived from sources within the Philippines.

Corporate Tax Rate

•  In the Philippines, the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. The benchmark we use refers to the highest rate for Corporate Income. Revenues from the Corporate Tax Rate are an important source of income for the government of the Philippines.

Corporate Tax Rate- 30%
Personal Income Tax Rate- 35%
Sales Tax Rate- 12%
Social Security Rate- 12%
Social Security Rate For Companies- 8%
Social Security Rate For Employees- 4%