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Philippines Economy 2017
http://www.theodora.com/wfbcurrent/philippines/philippines_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Philippines Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable.Efforts to improve tax administration and expenditures management have helped ease the Philippines' debt burden and tight fiscal situation. The Philippines has received investment-grade credit ratings on its sovereign debt under the AQUINO administration and has had little difficulty financing its budget deficits. However, weak absorptive capacity and implementation bottlenecks have prevented the government from maximizing its expenditure plans, which the administration has been working to address. Although it has improved, the low tax-to-GDP ratio remains a constraint to supporting increasingly higher spending levels and sustaining strong growth over the longer term.Economic growth has accelerated, averaging 6.0% per year from 2011 to 2015, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. The Philippines has not sustained steady growth in foreign direct investment, which continues to lag regional peers.Although the economy has grown at a faster pace under the AQUINO government, challenges to achieving more inclusive growth remain. The unemployment rate has declined somewhat in recent years but remains high, hovering at around 6.5%; underemployment is also high, ranging from 18% to 19% of the employed. At least 40% of the employed work in the informal sector. Poverty afflicts about a quarter of the population. More than 60% of the poor reside in rural areas, a challenge to raising rural farm and non-farm incomes. The AQUINO administration has been working to boost expenditures for education, health, transfers to the poor, and other social spending programs. Infrastructure remains underfunded and the government is relying on the private sector to help with major projects under its Public-Private Partnership program. Continued efforts are needed to improve governance, the judicial system, the regulatory environment, and the overall ease of doing business.Notable achievements over the past year include passage of laws that liberalized the entry of foreign banks into the country; partially relaxed the cabotage law by allowing foreign vessels to ply import and export cargo within the archipelago; and passage of anti-trust legislation. Substantial progress has also been made towards passage of a Customs Tariff and Modernization Act to meet international standards and commitments, with strong prospects of enactment into law before President AQUINO steps down from office. However, the Philippine Constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.

GDP (purchasing power parity):
$801.9 billion (2016 est.) $753.7 billion (2015 est.) $711.6 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 30
[see also: GDP country ranks ]

GDP (official exchange rate):
$311.7 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.4% (2016 est.) 5.9% (2015 est.) 6.2% (2014 est.)
country comparison to the world: 16
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,700 (2016 est.) $7,400 (2015 est.) $7,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 154
[see also: GDP - per capita country ranks ]

Gross national saving:
25.5% of GDP (2016 est.) 23.4% of GDP (2015 est.) 24.3% of GDP (2014 est.)
country comparison to the world: 45
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 24.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.8% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
6.8% (2016 est.)
country comparison to the world: 20
[see also: Industrial production growth rate country ranks ]

Labor force:
42.8 million (2016 est.)
country comparison to the world: 16
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 29%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16%
[see also: Labor force - by occupation - industry country ranks ]
services: 55% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.6% (2016 est.) 6.3% (2015 est.)
country comparison to the world: 74
[see also: Unemployment rate country ranks ]

Population below poverty line:
25.2% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.5% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
46 (2012) 46.4 (2009)
country comparison to the world: 34
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $45.54 billion
[see also: Budget revenues country ranks ]
expenditures: $48.76 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
14.6% of GDP (2016 est.)
country comparison to the world: 192
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% of GDP (2016 est.)
country comparison to the world: 49
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
42.9% of GDP (2016 est.) 44.8% of GDP (2015 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,
country comparison to the world: 111
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2016 est.) 1.3% (2015 est.)
country comparison to the world: 101
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.13% (31 December 2015) 6.13% (31 December 2014)
country comparison to the world: 64
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2016 est.) 5.58% (31 December 2015 est.)
country comparison to the world: 126
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$66.03 billion (31 December 2016 est.) $56.56 billion (31 December 2015 est.)
country comparison to the world: 46
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$187.9 billion (31 December 2016 est.) $171 billion (31 December 2015 est.)
country comparison to the world: 42
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$187.8 billion (31 December 2016 est.) $166.7 billion (31 December 2015 est.)
country comparison to the world: 47
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$238.8 billion (31 December 2015 est.) $261.8 billion (31 December 2014 est.) $217.3 billion (31 December 2013 est.)
country comparison to the world: 30
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$5.542 billion (2016 est.) $8.396 billion (2015 est.)
country comparison to the world: 24
[see also: Current account balance country ranks ]

Exports:
$38.2 billion (2016 est.) $43.28 billion (2015 est.)
country comparison to the world: 51
[see also: Exports country ranks ]

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

Exports - partners:
Japan 21.1%, US 15%, China 10.9%, Hong Kong 10.6%, Singapore 6.2%, Germany 4.5%, South Korea 4.3% (2015)

Imports:
$60.95 billion (2016 est.) $64.97 billion (2015 est.)
country comparison to the world: 43
[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:
China 16.2%, US 10.8%, Japan 9.6%, Singapore 7%, South Korea 6.5%, Thailand 6.4%, Malaysia 4.8%, Indonesia 4.4% (2015)

Reserves of foreign exchange and gold:
$79.99 billion (31 December 2016 est.) $80.67 billion (31 December 2015 est.)
country comparison to the world: 29
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$77.46 billion (31 December 2016 est.) $77.46 billion (31 December 2015 est.)
country comparison to the world: 55
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$62.8 billion (31 December 2016 est.) $59.3 billion (31 December 2015 est.)
country comparison to the world: 55
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$44.1 billion (31 December 2016 est.) $41.1 billion (31 December 2015 est.)
country comparison to the world: 46
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Philippine pesos (PHP) per US dollar - 47.08 (2016 est.) 45.503 (2015 est.) 45.503 (2014 est.) 44.395 (2013 est.) 42.23 (2012 est.)


NOTE: The information regarding Philippines on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 2017 information contained here. All suggestions for corrections of any errors about Philippines Economy 2017 should be addressed to the CIA.




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