Philippines Roundup: cybersecurity under siege, bilateral ties with Dubai, real estate boom

Philippines' wellness and tourism industry drives real estate growth

The Philippines’ wellness market grew 21% to $43.3 billion in 2023, now accounting for 9.9% of GDP, per the Global Wellness Institute. Ranked 8th in Asia Pacific and 23rd globally, the sector is attracting tourists and investors. Manila is emerging as a "playground city," blending luxury real estate with lifestyle offerings, while branded residences from groups like The Ascott Limited are reshaping hospitality and real estate.

Treasury sanctions Philippines-based company for cyber scams

The Treasury Department sanctioned Funnull Technology Inc., a Philippine company tied to “pig butchering” crypto scams, citing over $200 million in U.S. victim losses. The department also sanctioned Burma’s Karen National Army and proposed restrictions on Cambodia-based Huione Group for similar scams. Crypto crime losses surged 66% in 2024 to $9.3 billion, highlighting the need for urgent policy action.

Fortinet survey reveals Philippines’ cybersecurity under siege

Fortinet reports a surge in sophisticated cyber threats in the Philippines and Asia Pacific, driven by attackers using AI to scale stealthy, fast-moving attacks. New threats include deepfake BEC, AI-powered social engineering, and polymorphic malware, with only 9% of Philippine firms feeling fully prepared. Traditional ransomware and phishing remain prevalent, but stealthy threats like unpatched systems and cloud misconfigurations now pose even greater risks.

Dubai Chamber boosts trade with the Philippines

Dubai Chamber of Commerce hosted 180 business meetings in Manila as part of its New Horizons initiative, fostering ties with the Philippine Chamber of Commerce. The mission involved 17 Dubai firms across various sectors, including F&B, automotive, and construction. A key highlight was the signing of a Memorandum of Understanding (MoU) to enhance trade collaboration. Bilateral non-oil trade reached AED 3.1 billion in 2024, with investment opportunities in tourism, telecom, and healthcare.

Philippines trade deficit narrows in April 2025

The Philippines’ trade deficit shrank to -$3.494 billion in April 2025, from -$4.127 billion in March. This improvement suggests stronger exports, lower imports, or both, reflecting economic resilience and possibly easing pressure on the peso.