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 (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 - per capita (PPP):
$3,300 (2008 est.)
$3,300 (2007 est.)
$3,100 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 14.7%
industry: 31.6%
services: 53.7% (2008 est.)
Labor force:
36.81 million (2008 est.)
Labor force - by occupation:
agriculture: 35%
industry: 15%
services: 50% (2008 est.)
Unemployment rate:
7.4% (2008 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)
Investment (gross fixed):
16.8% of GDP (2008 est.)
Budget:
revenues: $26.75 billion
expenditures: $28.2 billion (2008 est.)
Public debt:
56.5% of GDP (2008 est.)
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 quasi money:
$65.85 billion (31 December 2007)
Stock of domestic credit:
$65.66 billion (31 December 2007)
Market value of publicly traded shares:
$85.6 billion (31 December 2008)
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:
5% (2008 est.)
Electricity - production:
56.51 billion kWh (2007 est.)
Electricity - consumption:
47.04 billion kWh (2006 est.)
Electricity - exports:
0 kWh (2007)
Electricity - imports:
0 kWh (2007)
Oil - production:
23,930 bbl/day (2007 est.)
Oil - consumption:
340,100 bbl/day (2006 est.)
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 - consumption:
2.2 billion cu m (2006 est.)
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.)
Current account balance:
$2.687 billion (2008 est.)
Exports:
$49 billion f.o.b. (2008 est.)
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 - 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.)
Debt - external:
$53.48 billion (31 September 2008 est.)
Stock of direct foreign investment - at home:
$20.78 billion (2008 est.)
Stock of direct foreign investment - abroad:
$5.564 billion (2008 est.)
Exchange rates:
Philippine pesos (PHP) per US dollar - 44.439 (2008 est.), 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004)
