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Philippines Economy 2015
http://www.theodora.com/wfbcurrent/philippines/philippines_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
The economy has weathered global economic and financial downturns 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 rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and reduce high debt levels. The Philippines has received several credit rating upgrades on its sovereign debt, and has had little difficulty tapping domestic and international markets to finance its deficits. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration, but poverty worsened during her term. Growth has accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities).

GDP (purchasing power parity):
$454.3 billion (2013 est.)
country comparison to the world: 32

$425.3 billion (2012 est.)
$398.2 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$272.2 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.8% (2013 est.)
country comparison to the world: 27

6.8% (2012 est.)
3.6% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,700 (2013 est.)
country comparison to the world: 165

$4,400 (2012 est.)
$4,200 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
22.9% of GDP (2013 est.)
country comparison to the world: 63

21.3% of GDP (2012 est.)
23.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.6%
government consumption: 11.5%
investment in fixed capital: 20.2%
investment in inventories: -0.2%
exports of goods and services: 28.3%
imports of goods and services: -32.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 11.2%
industry: 31.6%
services: 57.2% (2013 est.)

Agriculture - products:
sugarcane, coconuts, rice, corn, bananas, cassava (manioc, tapioca), pineapples, mangoes; pork, eggs, beef; fish

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

Industrial production growth rate:
9% (2013 est.)
country comparison to the world: 19
[see also: Industrial production growth rate country ranks ]

Labor force:
41.33 million (2013 est.)
country comparison to the world: 16
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 32%
industry: 15%
services: 53% (2012 est.)

Unemployment rate:
7.4% (2013 est.)
country comparison to the world: 81

7% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
26.5% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 33.6% (2009 est.)

Distribution of family income - Gini index:
44.8 (2009)
country comparison to the world: 42

46.6 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $38.88 billion
expenditures: $43.89 billion (2013 est.)

Taxes and other revenues:
14.3% of GDP (2013 est.)
country comparison to the world: 196
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.8% of GDP (2013 est.)
country comparison to the world: 81
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50.2% of GDP (2013 est.)
country comparison to the world: 68

51.5% of GDP (2012 est.)
note: data cover debt issued by the national government, and excludes debt instruments issued by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by social security institutions, government-owned and controlled corporations, the Central Bank, and local government units
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.8% (2013 est.)
country comparison to the world: 110

3.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.3% (31 December 2012 est.)
country comparison to the world: 63

5.6% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.8% (31 December 2013 est.)
country comparison to the world: 138

5.68% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$43.67 billion (31 December 2013 est.)
country comparison to the world: 50

$39.01 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$137.7 billion (31 December 2013 est.)
country comparison to the world: 49

$121.6 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$150.3 billion (31 December 2013 est.)
country comparison to the world: 47

$129.4 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$266.3 billion (31 December 2012)
country comparison to the world: 30

$198.4 billion (31 December 2011)
$202.2 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$7.512 billion (2013 est.)
country comparison to the world: 25

$7.126 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$47.45 billion (2013 est.)
country comparison to the world: 58

$46.28 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

Exports - partners:
Japan 19%, US 14.2%, China 11.8%, Singapore 9.3%, Hong Kong 9.2%, South Korea 5.5%, Thailand 4.7% (2012)

Imports:
$63.91 billion (2013 est.)
country comparison to the world: 47

$61.49 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic

Imports - partners:
US 11.5%, China 10.8%, Japan 10.4%, South Korea 7.3%, Singapore 7.1%, Thailand 5.6%, Saudi Arabia 5.6%, Indonesia 4.4%, Malaysia 4% (2012)

Reserves of foreign exchange and gold:
$85.04 billion (31 December 2013 est.)
country comparison to the world: 26

$83.83 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$72.81 billion (31 December 2013 est.)
country comparison to the world: 54

$NA (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$33.28 billion (31 December 2013 est.)
country comparison to the world: 61

$30.38 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$9.435 billion (31 December 2013 est.)
country comparison to the world: 54

$8.435 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Philippine pesos (PHP) per US dollar -

42.69 (2013 est.)
42.229 (2012 est.)
45.11 (2010 est.)
47.68 (2009)
44.439 (2008)


NOTE: The information regarding Philippines on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 2015 information contained here. All suggestions for corrections of any errors about Philippines Economy 2015 should be addressed to the CIA.



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