| Economy | Philippines |
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Economy - overview:
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Philippine GDP grew 7.3% in 2010 before cooling to 4% in 2011, spurred by consumer demand, a rebound in exports and investments, and election-related spending. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration. Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt. However, the lack of government spending, especially on infrastructure, slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasizesd education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency - rather than imposing new taxes - as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers. Philippine GDP grew 7.3% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration. Despite this growth, poverty worsened, because of a high population growth rate and inequitable distribution of income. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The government has had little difficulty issuing debt both locally and internationally to finance the deficits. AQUINO's first budget emphasizes education, health, conditional cash transfers for the poor, and other social spending programs, relying on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency - rather than imposing new taxes - as a part of its good governance platform. |
GDP (purchasing power parity):
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$393.4 billion (2011 est.)
$375.9 billion (2010 est.)
$349.2 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$4,100 (2011 est.)
$4,000 (2010 est.)
$3,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$216.1 billion (2011 est.) |
GDP - real growth rate:
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4.7% (2011 est.)
7.6% (2010 est.)
1.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 12.3%
industry: 33.3%
services: 54.4% (2011 est.) |
Investment (gross fixed):
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19.8% of GDP (2011 est.) |
Population below poverty line:
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32.9% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.4%
highest 10%: 31.2% (2006) |
Distribution of family income - Gini index:
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45.8 (2006)
46.6 (2003) |
Inflation rate (consumer prices):
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5.3% (2011 est.)
3.8% (2010 est.) |
Central bank discount rate:
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3.8% (31 December 2010 est.)
3.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
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7.3% (31 December 2011 est.)
7.673% (31 December 2010 est.) |
Stock of money:
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$24.32 billion (30 November 2009)
$22.53 billion (31 December 2008) |
Stock of money - per capita:
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239 USD per capita |
Stock of quasi money:
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$55.71 billion (30 November 2009)
$65.85 billion (31 December 2007) |
Stock of quasi money - per capita:
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548 USD per capita |
Stock of domestic credit:
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$108.7 billion (31 December 2011 est.)
$98.22 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,068 USD per capita |
Stock of narrow money:
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$32.09 billion (31 December 2011 est.)
$29.08 billion (31 December 2010 est.) |
Stock of broad money:
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$105.7 billion (31 December 2011 est.)
$97.35 billion (31 December 2010 est.) |
Labor force:
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39.81 million (2011 est.) |
Labor force participation rate:
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39.09 % of population |
Labor force - by occupation:
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agriculture: 33%
industry: 15%
services: 52% (2010 est.) |
Unemployment rate:
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7.2% (2011 est.)
7.3% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 17.4%
male: 16.2%
female: 19.3% (2009) |
Budget:
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revenues: $31.99 billion
expenditures: $36.71 billion (2011 est.) |
Budget revenues per capita:
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315 USD per capita |
Taxes and other revenues:
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14.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.2% of GDP (2011 est.) |
Public debt:
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49.4% of GDP (2011 est.)
52.4% of GDP (2010 est.)
note: data cover central Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions. |
Industries:
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electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing |
Industrial production growth rate:
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6% (2011 est.) |
Electricity - production:
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59.19 billion kWh (2009 est.) |
Electricity - production per capita:
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582 kWh per capita |
Electricity - consumption:
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54.4 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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535 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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33,110 bbl/day (2010 est.) |
Oil - production per capita:
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326 bbl/day per capita |
Oil - consumption:
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310,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.11 bbl/year per capita |
Oil - exports:
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60,460 bbl/day (2009 est.) |
Oil - imports:
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338,400 bbl/day (September 2010 est.) |
Oil - proved reserves:
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138.5 million bbl (1 January 2011 est.) |
Natural gas - production:
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3.15 billion cu m (2009 est.) |
Natural gas - production per capita:
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31 cu m per capita |
Natural gas - consumption:
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3.15 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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31 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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98.54 billion cu m (1 January 2011 est.) |
Agriculture - products:
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sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish |
Current account balance:
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$7.044 billion (2011 est.)
$8.465 billion (2010 est.) |
Current account balance - per capita:
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70 USD per capita |
Exports:
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$54.17 billion (2011 est.)
$50.68 billion (2010 est.) |
Exports per capita:
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532 USD per capita |
Exports - commodities:
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semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
Exports - partners:
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China 19%, US 13.4%, Singapore 13.2%, Japan 12.8%, Hong Kong 7.6%, Germany 4.2%, South Korea 4.1% (2010) |
Imports:
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$68.84 billion (2011 est.)
$61.07 billion (2010 est.) |
Imports per capita:
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677 USD per capita |
Imports - commodities:
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electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic |
Imports - partners:
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Japan 14.1%, China 13.6%, US 9.9%, Singapore 9.3%, Thailand 6.5%, South Korea 5.6%, Indonesia 4.1% (2010) |
Reserves of foreign exchange and gold:
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$72.3 billion (31 December 2011 est.)
$62.37 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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710 USD per capita |
Debt - external:
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$62.41 billion (31 December 2011 est.)
$62.62 billion (31 December 2010 est.) |
Debt - external - per capita:
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613 USD per capita |
Stock of direct foreign investment - at home:
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$27.37 billion (31 December 2011 est.)
$25.27 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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269 USD per capita |
Stock of direct foreign investment - abroad:
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$7.002 billion (31 December 2011 est.)
$6.582 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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69 USD per capita |
Market value of publicly traded shares:
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$202.3 billion (31 December 2010)
$130.5 billion (31 December 2009)
$85.63 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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1,987 USD per capita |
Currency (code):
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Philippine peso (PHP) |
Exchange rates:
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Philippine pesos (PHP) per US dollar -
43.44 (2011 est.)
45.11 (2010 est.)
47.68 (2009)
44.439 (2008)
46.148 (2007) |
Fiscal year:
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calendar year |
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