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Philippines Economy 1996

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% annual import growth in 1992-94. Provided the government can cope with the substantial trade deficit and meet the fiscal targets agreed to with the IMF, the Philippines should duplicate the strong growth performance of 1994 in 1995-96.

National product:

GDP - purchasing power parity - $161.4 billion (1994 est.)

National product real growth rate:

4.3% (1994 est.)

National product per capita:

$2,310 (1994 est.)

Inflation rate (consumer prices):

7.1% (1994 est.)

Unemployment rate:

9% (1994)

Budget:

revenues:

$14 billion

expenditures:

$15.4 billion, including capital expenditures of $NA (FY94/95 est.)

Exports:

$13.4 billion (f.o.b., 1994)

commodities:

electronics, textiles, coconut products, copper, fish

partners:

US 39%, Japan 16%, Germany 5%, Hong Kong 5%, UK 4% (1993)

Imports:

$21.3 billion (f.o.b., 1994)

commodities:

raw materials 40%, capital goods 25%, petroleum products 10%

partners:

Japan 23%, US 20%, Taiwan 6%, Singapore 5%, South Korea 5% (1993)

External debt:

$40 billion (1994 est.)

Industrial production:

growth rate 1.4% (1993); accounts for 28% of GDP

Electricity:

capacity:

6,770,000 kW

production:

20.4 billion kWh

consumption per capita:

278 kWh (1993)

Industries:

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

Agriculture:

accounts for 22% 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 - 24.622 (January 1995), 26.417 (1994), 22.120 (1993), 25.512 (1992), 27.479 (1991), 24.311 (1990)

Fiscal year:

calendar year

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