The Future is Filipino!

A nation of 120 million people (#12) growing twice as fast as the global benchmark at 1.56% (#60), the #Philippines has an impressive labor market within its own borders. The diaspora abroad, however, magnifies its influence as care professionals like doctors, nurses, nannies, and helpers heal the sick, birth babies and raise children, and care for the elderly. In honor of #AAPI month, let’s take a quick step into history in order to understand what to anticipate in the commercial and economic future!

Known today for its beautiful beaches and historically for its prominence during World War II, the Philippines has a rich history. As an archipelago nation with more than 7000 islands, the first peoples were not singular. Over thousands of years, the Austronesians migrated north; the Malays migrated east; and the Chinese migrated south. By the 16th century, the people were already a mix, or #halohalo, which is now a popular dessert that epitomizes the heart of the culture.

Modern history starts with Spanish colonial rule and the arrival of Ferdinand Magellan. The Spanish era is markedly present today visually through architecture, language, and culture. Colonial rule changed hands during the Spanish-American war in 1898, which put the Philippines on a path to independence. That independence was halted briefly, but brutally, during WWII and the Japanese occupation. Liberated in 1945, the Philippines emerged as an independent nation with a government structure that is largely based on that of the United States.

Economically, the Philippines is a newly industrializing country with a GDP of $470B (#32), but a per capita PPP GDP of $10K (#114). Today, we are at inflection point heading into the fourth economic era, which is preceded by a somewhat familiar pattern – an agrarian export economy as the first, a people-based export and remittance economy as the second, and a domestic services and offshoring economy as the third.

The fourth economic era is marked by the Philippines moving onto the world stage enabled by factors like digital connectivity, globalization, and the heart of the Filipino. The momentum of commercial and cultural exports is accelerating. Filipino has already infiltrated the English language – boondocks is derived from “bundock” meaning mountain and #mani-pedi was coined by a Filipina author in the ‘70s. There is material commercial opportunity as evidenced by the signposts below.

• Jollibee Group North America – As of September 2023, there were 1500 locations around the world. And there’s no sign of slowing down. In the US alone, the group, which also owns Coffee Bean and Tea Leaf and Smashburger, plans to open 500 more of its flagship stores in the next 5 years! #chickenjoy for the win.

• Philippine Airlines – The flag carrier, which is also Asia’s first airline, ordered 9 #A350s at the Paris Airshow last year to expand its route network. Manila <-> Seattle will open in October and we can expect more routes in North America and EMEA to come online with the Airbus deliveries.

• New Trade Corridors – Gina Raimondo led a first-of-its-kind Presidential Trade and Investment Mission to the Philippines in March committing to $1B to digital infrastructure, clean energy, and logistics and transportation. Presidents Biden and Marcos furthered that relationship in April. United Airlines , 谷歌 , 微软 , KKR , and Visa were among the 22 companies to join the mission. We’ve already see United open two flights to the Philippines (SFO<->MNL and NRT<->CEB) and KKR invest $400M in PHINMA Education .

• Cultural Proliferation – Known for our hospitality, it is no surprise that Filipinos around the world are filling our bellies and warming our hearts. Kasama in Chicago earned the first Michelin star for the Philippines. In NYC, Tradisyon NYC and Naks have built a fan base. And in the Philippines, keep an eye on Locavore, Amici, and Cara Mia. On the big screen, we’re seeing a cross-over with Filipino actors like Lovi Poe and Liza Soberano taking leading roles in Hollywood films and US writers like Jill Killington embarking on projects in the Philippines. And on stage, productions like Prison Dancer: The Musical warm hearts and amplify local stories on the global stage

It’s an exciting time for Filipinos ,the Philippines, and the rest of the world. Let’s write the future, together!