| Economy | Philippines |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. Declining fiscal deficits, tapering debt and debt service ratios, and increased spending on infrastructure and social services bolstered optimism over Philippine economic prospects. Although the general macroeconomic outlook improved significantly in recent years, the economy still faces several long term challenges. The Philippines must maintain the reform momentum in order to catch up with regional competitors, improve employment opportunities, and alleviate poverty. The Philippines will need still higher, sustained growth to make progress in alleviating poverty, given its high population growth and unequal distribution of income. The Philippine economy grew at its fastest pace in three decades in 2007 with real GDP growth exceeding 7%, but growth slowed to 4.5% in 2008 as a result of the world financial crisis. High government spending, a relatively small trade sector, a resilient service sector, and large remittances from the four- to five-million Filipinos who work abroad have helped cushion the economy from the current financial crisis. |
GDP (purchasing power parity):
|
$320.6 billion (2008 est.)
$306.5 billion (2007)
$285.9 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$3,300 (2008 est.)
$3,300 (2007 est.)
$3,100 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$168.6 billion (2008 est.) |
GDP - real growth rate:
|
4.6% (2008 est.)
7.2% (2007 est.)
5.4% (2006 est.) |
GDP - composition by sector:
|
agriculture: 14.7%
industry: 31.6%
services: 53.7% (2008 est.) |
Investment (gross fixed):
|
16.8% of GDP (2008 est.) |
Population below poverty line:
|
30% (2003 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) |
Inflation rate (consumer prices):
|
9.3% (2008 est.) |
Central bank discount rate:
|
6% (31 December 2008) |
Commercial bank prime lending rate:
|
8.69% (31 December 2007) |
Stock of money:
|
$22.53 billion (31 December 2008) |
Stock of money - per capita:
|
230 USD per capita |
Stock of quasi money:
|
$65.85 billion (31 December 2007) |
Stock of quasi money - per capita:
|
673 USD per capita |
Stock of domestic credit:
|
$65.66 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
671 USD per capita |
Labor force:
|
36.81 million (2008 est.) |
Labor force participation rate:
|
37.57 % of population |
Labor force - by occupation:
|
agriculture: 35%
industry: 15%
services: 50% (2008 est.) |
Unemployment rate:
|
7.4% (2008 est.) |
Budget:
|
revenues: $26.75 billion
expenditures: $28.2 billion (2008 est.) |
Budget revenues per capita:
|
274 USD per capita |
Public debt:
|
56.5% of GDP (2008 est.) |
Industries:
|
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing |
Industrial production growth rate:
|
5% (2008 est.) |
Electricity - production:
|
56.51 billion kWh (2007 est.) |
Electricity - production per capita:
|
577 kWh per capita |
Electricity - consumption:
|
47.04 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
481 kWh per capita |
Electricity - exports:
|
0 kWh (2007) |
Electricity - imports:
|
0 kWh (2007) |
Oil - production:
|
23,930 bbl/day (2007 est.) |
Oil - production per capita:
|
245 bbl/day per capita |
Oil - consumption:
|
340,100 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
1.27 bbl/year per capita |
Oil - exports:
|
41,160 bbl/day (2005) |
Oil - imports:
|
355,800 bbl/day (2005) |
Oil - proved reserves:
|
138.5 million bbl (1 January 2008 est.) |
Natural gas - production:
|
2.2 billion cu m (2006 est.) |
Natural gas - production per capita:
|
23 cu m per capita |
Natural gas - consumption:
|
2.2 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
|
23 cu m per capita |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
98.54 billion cu m (1 January 2008 est.) |
Agriculture - products:
|
sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish |
Current account balance:
|
$2.687 billion (2008 est.) |
Current account balance - per capita:
|
28 USD per capita |
Exports:
|
$49 billion f.o.b. (2008 est.) |
Exports per capita:
|
501 USD per capita |
Exports - commodities:
|
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
Exports - partners:
|
US 17%, Japan 14.5%, Hong Kong 11.5%, China 11.4%, Netherlands 8.2%, Singapore 6.2%, Malaysia 5%, Germany 4.3% (2007) |
Imports:
|
$58 billion f.o.b. (2008 est.) |
Imports per capita:
|
592 USD per capita |
Imports - commodities:
|
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic |
Imports - partners:
|
US 14.1%, Japan 12.3%, Singapore 11.2%, Taiwan 7.3%, China 7.2%, Saudi Arabia 6.4%, South Korea 5.9%, Malaysia 4.1%, Thailand 4.1% (2007) |
Reserves of foreign exchange and gold:
|
$36.15 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
369 USD per capita |
Debt - external:
|
$53.48 billion (31 September 2008 est.) |
Debt - external - per capita:
|
546 USD per capita |
Stock of direct foreign investment - at home:
|
$20.78 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
213 USD per capita |
Stock of direct foreign investment - abroad:
|
$5.564 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
57 USD per capita |
Market value of publicly traded shares:
|
$85.6 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
874 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
ODA, $451.4 million in commitments (2006) |
Economic aid - recipient per capita:
|
5 USD per capita |
Currency (code):
|
Philippine peso (PHP) |
Exchange rates:
|
Philippine pesos (PHP) per US dollar - 44.439 (2008 est.), 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
