Overview: Domestic output in this primarily agricultural economy failed to grow in 1992 and rose only slightly in 1993. Drought and power supply problems hampered production, while inadequate revenues prevented government pump priming. Worker remittances helped to supplement GDP. A marked increase in capital goods imports, particularly power generating equipment, telecommunications equipment, and electronic data processors, contributed to 20% import growth in both 1992 and 1993.

National product: GDP - purchasing power equivalent - $171 billion (1993 est.)

National product real growth rate: 1.4% (1993 est.)

National product per capita: $2,500 (1993 est.)

Inflation rate (consumer prices): 7.6% (1993)

Unemployment rate: 9.2% (1993)

Budget:
revenues: $11.5 billion
expenditures: $13 billion, including capital expenditures of $1.7 billion (1994 est.)

Exports: $11.1 billion (f.o.b., 1993 est.)
commodities: electronics, textiles, coconut products, cooper, fish
partners: US 39%, Japan 18%, Germany 5%, UK 5%, Hong Kong 5% (1992)

Imports: $17.1 billion (f.o.b., 1993 est.)
commodities: raw materials 40%, capital goods 25%, petroleum products 10%
partners: Japan 21%, US 18%, Taiwan 7%, Saudi Arabia 6%, Hong Kong 5%, South Korea 5% (1992)

External debt: $34.1 billion (September 1993)

Industrial production: growth rate -1% (1992 est.); accounts for 34% of GDP

Electricity:
capacity: 7,850,000 kW
production: 28 billion kWh
consumption per capita: 420 kWh (1992)

Industries: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, fishing

Agriculture: accounts for about 20% of GDP and about 45% of labor force; major crops - rice, coconuts, corn, sugarcane, bananas, pineapples, mangos; animal products - pork, eggs, beef; net exporter of farm products; fish catch of 2 million metric tons annually

Illicit drugs: illicit producer of cannabis for the international drug trade; growers are producing more and better quality cannabis despite government eradication efforts; transit point for Southwest Asian heroin bound for the US

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $3.6 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $7.9 billion; OPEC bilateral aid (1979-89), $5 million; Communist countries (1975-89), $123 million

Currency: 1 Philippine peso (P) = 100 centavos
Exchange rates: Philippine pesos (P) per US$1 - 27.725 (January 1994), 22.120 (1993), 25.512 (1992), 27.479 (1991), 24.311 (1990), 21.737 (1989)

Fiscal year: calendar year

NOTE: The information regarding Philippines on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 1995 information contained here. All suggestions for corrections of any errors about Philippines Economy 1995 should be addressed to the CIA.