Key Market Indicators
The Philippines is poised for a significant increase in defense spending, projected to reach nearly $5 billion by 2028, up from approximately $4.5 billion in 2023. This represents an average annual growth rate of 1.6%. Since 1965, the nation's defense expenditure has seen a consistent rise, with an average yearly increase of 1.8%. In 2023, the Philippines ranked 44th globally in defense spending, with Egypt narrowly ahead at around $4.5 billion. Meanwhile, the top spots in defense expenditure are dominated by major powers. China holds the second position, followed by Russia and India in third and fourth places, respectively.
