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Philippines Main Page

 

The Philippine Economy


Predominantly agricultural, the Philippine economy has grown in the manufacturing sector since the 1960s.  During the mid-90's, 46 percent of the work force was comprised of those in agriculture, fishing and forestry.  These areas also contributed over 20 percent to the GDP. The service industry comprised almost 40 percent with manufacturing, construction and mining employing 15 percent.  

The main commercial crops during the mid-90's were bananas, pineapples, copra with the important subsistence crops being corn, rice, sweet potatoes and cassava.  Other commercial crops were papayas, oranges, sugarne and mangoes.

Deforestation has become a problem in the Philippines due to extensive logging of hardwood trees.  In an effort to curb this trend, the government banned the exportation of hardwood logs during the 1980's.  In spite of this, lumber products are still a major (legal) export. 

 

During 1996, 23 percent of the GDP was a result of manufacturing contributions - with nondurable goods and textiles, processed food, tobacco products comprising the largest output percentages.  Also making notable increases were durable goods such as furniture, electric items and equipment (non-electrical).

A narrow deficit was shown in the 1997 annual budget with revenue at $16.3 billion and expenditures at $16.6 billion.  Growth was expected to slow to approximately 3% GNP in 1998 as a result of continuing effects of the East Asian financial crisis.

 


Following through on its program of economic reforms, the government will try to ensure continued growth and provide an environment for foreign investments.  The Philippines tends to spend much more on imports than exports and is trading partners with several countries - with the main countries being the United States, Singapore, Hong Kong, Japan, Taiwan.  These countries imported items such as petroleum, metals, chemicals, food items, textiles and transportation equipment.  The Philippines' main exports were fish, textiles, coconut items, and electronic (electrical) items.

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)

 


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