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Philippines Economy Profile 2014

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Economy - overviewThe 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.)
$425.3 billion (2012 est.)
$398.2 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$272.2 billion (2013 est.)
GDP - real growth rate6.8% (2013 est.)
6.8% (2012 est.)
3.6% (2011 est.)
GDP - per capita (PPP)$4,700 (2013 est.)
$4,400 (2012 est.)
$4,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving22.9% of GDP (2013 est.)
21.3% of GDP (2012 est.)
23.6% of GDP (2011 est.)
GDP - composition, by end usehousehold 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 sectoragriculture: 11.2%
industry: 31.6%
services: 57.2% (2013 est.)
Population below poverty line26.5% (2009 est.)
Labor force41.33 million (2013 est.)
Labor force - by occupationagriculture: 32%
industry: 15%
services: 53% (2012 est.)
Unemployment rate7.4% (2013 est.)
7% (2012 est.)
Unemployment, youth ages 15-24total: 16.3%
male: 15.2%
female: 18.3% (2011)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 33.6% (2009 est.)
Distribution of family income - Gini index44.8 (2009)
46.6 (2003)
Budgetrevenues: $38.88 billion
expenditures: $43.89 billion (2013 est.)
Taxes and other revenues14.3% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.8% of GDP (2013 est.)
Public debt50.2% of GDP (2013 est.)
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
Inflation rate (consumer prices)2.8% (2013 est.)
3.2% (2012 est.)
Central bank discount rate5.3% (31 December 2012 est.)
5.6% (31 December 2011 est.)
Commercial bank prime lending rate5.8% (31 December 2013 est.)
5.68% (31 December 2012 est.)
Stock of narrow money$43.67 billion (31 December 2013 est.)
$39.01 billion (31 December 2012 est.)
Stock of broad money$137.7 billion (31 December 2013 est.)
$121.6 billion (31 December 2012 est.)
Stock of domestic credit$150.3 billion (31 December 2013 est.)
$129.4 billion (31 December 2012 est.)
Market value of publicly traded shares$266.3 billion (31 December 2012)
$198.4 billion (31 December 2011)
$202.2 billion (31 December 2010)
Agriculture - productssugarcane, coconuts, rice, corn, bananas, cassava (manioc, tapioca), pineapples, mangoes; pork, eggs, beef; fish
Industrieselectronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial production growth rate9% (2013 est.)
Current Account Balance$7.512 billion (2013 est.)
$7.126 billion (2012 est.)
Exports$47.45 billion (2013 est.)
$46.28 billion (2012 est.)
Exports - commoditiessemiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Exports - partnersJapan 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.)
$61.49 billion (2012 est.)
Imports - commoditieselectronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Imports - partnersUS 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.)
$83.83 billion (31 December 2012 est.)
Debt - external$72.81 billion (31 December 2013 est.)
$NA (31 December 2012 est.)
Stock of direct foreign investment - at home$33.28 billion (31 December 2013 est.)
$30.38 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$9.435 billion (31 December 2013 est.)
$8.435 billion (31 December 2012 est.)
Exchange ratesPhilippine pesos (PHP) per US dollar -
42.69 (2013 est.)
42.229 (2012 est.)
45.11 (2010 est.)
47.68 (2009)
44.439 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014