Services sector of the Philippines. The services sector is the leading sector of the economy, generating about 60% of the gross domestic product (GDP; 2018; 36.6% in the 1970s) and jobs for almost 2/3 of the economically active population.
In this sector, state ownership remains, large enterprises operate: the National Development Company, the Port Authority, the National Railways, etc. During the privatization that started in 1986-1987, the state sector is gradually being reduced.
For decades, the service sector has been growing, the growth rate is 10.4% (2018; on average by 6.6% in 2010-2017; by 5.3% in the 2000s; by 4% per year in the 1990s). The growth is mainly achieved due to positive dynamics in all branches of the service sector, the largest increase was observed in the financial services sector (12.6% in 2018; 6.7% in 2014; 8.2% in 2012), trade and repair services (10.7% in 2018; 6.0% in 2014; 7.5% in 2012), as well as real estate together with the hotel industry and catering (6.9% in 2018; 8.1% in 2014; 7.5% in 2012). In the country’s GDP, the largest share falls on trade and repair services – 18.1% (2022; 17.2% in 2018), real estate, hotel business and catering – 7.5% (2022; 8.7% in 2018), transport, communications and logistics – 6.9% (2022; 6.6% in 2018), finance – 10.1% (2022; 8.8% in 2018).