Economy -
overview:
|
Philippine GDP
grew nearly 7% in 2010. The economy weathered the
2008-09 global recession better than its regional
peers due to minimal exposure to securities issued
by troubled global financial institutions; lower
dependence on exports; relatively resilient
domestic consumption, supported by large
remittances from four-to five-million overseas
Filipino workers; and a growing business process
outsourcing industry. Economic growth in the
Philippines has averaged 4.5% per year since 2001,
when former President MACAPAGAL-ARROYO took
office. Despite this growth, poverty worsened
during the term of MACAPAGAL-ARROYO, because of a
high population growth rate and inequitable
distribution of income. MACAPAGAL-ARROYO averted a
fiscal crisis by pushing for new revenue measures
and, until recently, tightening expenditures to
address the government's yawning budget deficit
and to reduce high debt and debt service ratios.
But the government abandoned its 2008
balanced-budget goal in order to help the economy
weather the global financial and economic storm.
The economy under AQUINO faces budget shortfalls
in the near term, but has had little difficulty
issuing debt both locally and internationally to
finance the deficits. AQUINO's first budget
emphasizes education and other social spending
programs, relying on the private sector to finance
important infrastructure projects. Weak tax
collection in recent years limits the government's
ability to address major challenges.
|
|
GDP
(purchasing power parity):
|
$351.2 billion
(2010 est.)
country
comparison to the world: 34
$329.2 billion
(2009 est.)
$325.6 billion
(2008 est.)
note: data
are in 2010 US dollars
|
|
GDP
(official exchange rate):
|
$189.1 billion
(2009 est.)
|
|
GDP - real
growth rate:
|
6.7% (2010
est.)
country
comparison to the world: 29
1.1% (2009
est.)
3.7% (2008
est.)
|
|
GDP - per
capita (PPP):
|
$3,500 (2010
est.)
country
comparison to the world: 163
$3,400 (2009
est.)
$3,400 (2008
est.)
note: data
are in 2010 US dollars
|
|
GDP -
composition by sector:
|
agriculture: 13.7%
industry: 31.7%
services: 54.6%
(2009 est.)
|
|
Labor force:
|
38.91 million
(2009 est.)
country
comparison to the world: 15 |
|
Labor force
- by occupation:
|
agriculture: 34%
industry: 15%
services: 51%
(2009 est.)
|
|
Unemployment
rate:
|
7.5% (2010
est.)
country
comparison to the world: 79
7.5% (2009
est.)
|
|
Population
below poverty line:
|
32.9% (2006
est.)
|
|
Household
income or consumption by percentage share:
|
lowest 10%: 2.4%
highest 10%: 31.2%
(2006)
|
|
Distribution
of family income - Gini index:
|
45.8 (2006)
country
comparison to the world: 37
46.6 (2003)
|
|
Investment
(gross fixed):
|
14.7% of GDP
(2009 est.)
country
comparison to the world: 133 |
|
Budget:
|
revenues: $28.5
billion
expenditures: $36.19
billion (2009 est.)
|
|
Public debt:
|
55.2% of GDP
(2010 est.)
country
comparison to the world: 43
57.3% of GDP
(2009 est.)
|
|
Inflation
rate (consumer prices):
|
4.2% (2010
est.)
country
comparison to the world: 125
3.2% (2009
est.)
|
|
Central bank
discount rate:
|
3.5% (31
December 2009)
country
comparison to the world: 76
6% (31 December
2008)
|
|
Commercial
bank prime lending rate:
|
8.57% (31
December 2009 est.)
country
comparison to the world: 106
8.75% (31
December 2008 est.)
|
|
Stock of
narrow money:
|
$30.09 billion
(31 December 2010 est)
$24.06 billion
(31 December 2009 est)
|
|
Stock of
broad money:
|
$91.5 billion
(31 December 2010 est.)
$78.16 billion
(31 December 2009 est.)
|
|
Stock of
domestic credit:
|
$95.54 billion
(31 December 2010 est.)
country
comparison to the world: 52
$83.12 billion
(31 December 2009 est.)
|
|
Market value
of publicly traded shares:
|
$80.13 billion
(31 December 2009)
country
comparison to the world: 42
$85.63 billion
(31 December 2008)
$172.5 billion
(31 December 2007)
|
|
Agriculture
- products:
|
sugarcane,
coconuts, rice, corn, bananas, cassavas,
pineapples, mangoes; pork, eggs, beef; fish
|
|
Industries:
|
electronics
assembly, garments, footwear, pharmaceuticals,
chemicals, wood products, food processing,
petroleum refining, fishing
|
|
Industrial
production growth rate:
|
11.5% (2009
est.)
country
comparison to the world: 11 |
|
Electricity
- production:
|
56.57 billion
kWh (2007 est.)
country
comparison to the world: 45 |
|
Electricity
- consumption:
|
48.96 billion
kWh (2007 est.)
country
comparison to the world: 46 |
|
Electricity
- exports:
|
0 kWh (2008
est.)
|
|
Electricity
- imports:
|
0 kWh (2008
est.)
|
|
Oil -
production:
|
25,290 bbl/day
(2009 est.)
country
comparison to the world: 73 |
|
Oil -
consumption:
|
313,000 bbl/day
(2009 est.)
country
comparison to the world: 41 |
|
Oil -
exports:
|
36,720 bbl/day
(2007 est.)
country
comparison to the world: 84 |
|
Oil -
imports:
|
342,200 bbl/day
(2007 est.)
country
comparison to the world: 30 |
|
Oil - proved
reserves:
|
138.5 million
bbl (1 January 2010 est.)
country
comparison to the world: 65 |
|
Natural gas
- production:
|
2.94 billion cu
m (2008 est.)
country
comparison to the world: 55 |
|
Natural gas
- consumption:
|
2.94 billion cu
m (2008 est.)
country
comparison to the world: 74 |
|
Natural gas
- exports:
|
0 cu m (2008
est.)
country
comparison to the world: 142 |
|
Natural gas
- imports:
|
0 cu m (2008
est.)
country
comparison to the world: 145 |
|
Natural gas
- proved reserves:
|
98.54 billion
cu m (1 January 2010 est.)
country
comparison to the world: 52 |
|
Current
account balance:
|
$8.575 billion
(2010 est.)
country
comparison to the world: 24
$8.552 billion
(2009 est.)
|
|
Exports:
|
$45.89 billion
(2010 est.)
country
comparison to the world: 57
$37.51 billion
(2009 est.)
|
|
Exports -
commodities:
|
semiconductors
and electronic products, transport equipment,
garments, copper products, petroleum products,
coconut oil, fruits
|
|
Exports -
partners:
|
US 17.6%, Japan
16.2%, Netherlands 9.8%, Hong Kong 8.6%, China
7.7%, Germany 6.5%, Singapore 6.2% (2009)
|
|
Imports:
|
$57.24 billion
(2010 est.)
country
comparison to the world: 44
$46.39 billion
(2009 est.)
|
|
Imports -
commodities:
|
electronic
products, mineral fuels, machinery and transport
equipment, iron and steel, textile fabrics,
grains, chemicals, plastic
|
|
Imports -
partners:
|
Japan 12.5%, US
12%, China 8.8%, Singapore 8.7%, South Korea 7.9%
(2009)
|
|
Reserves of
foreign exchange and gold:
|
$49.74 billion
(31 December 2010 est.)
country
comparison to the world: 22
$44.24 billion
(31 December 2009 est.)
|
|
Debt -
external:
|
$61.85 billion
(31 December 2010 est.)
country
comparison to the world: 48
$62.97 billion
(31 December 2009 est.)
|
|
Stock of
direct foreign investment - at home:
|
$24.94 billion
(31 December 2010 est.)
country
comparison to the world: 64
$22.44 billion
(31 December 2009 est.)
|
|
Stock of
direct foreign investment - abroad:
|
$6.591 billion
(31 December 2010 est.)
country
comparison to the world: 55
$6.191 billion
(31 December 2009 est.)
|
|
Exchange
rates:
|
Philippine
pesos (PHP) per US dollar - 45.459 (2010), 47.68
(2009), 44.439 (2008), 46.148 (2007), 51.246
(2006)
|