Philippines



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Philippines Economy 2008


Economy - overview: The Philippine economy grew at its fastest pace in three decades with real GDP growth exceeding 7% in 2007. Higher government spending contributed to the growth, but a resilient service sector and large remittances from the millions of Filipinos who work abroad have played an increasingly important role. Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. Nevertheless, the Philippines will need still higher, sustained growth to make progress in alleviating poverty, given its high population growth and unequal distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. Declining fiscal deficits, tapering debt and debt service ratios, as well as recent efforts to increase spending on infrastructure and social services have heightened optimism over Philippine economic prospects. Although the general macroeconomic outlook has improved significantly, the Philippines continues to face important challenges and must maintain the reform momentum in order to catch up with regional competitors, improve employment opportunities, and alleviate poverty. Longer-term fiscal stability will require more sustainable revenue sources, rather than non-recurring revenues from privatization.
GDP (purchasing power parity): $300.1 billion (2007 est.)
GDP (official exchange rate): $144.1 billion (2007 est.)
GDP - real growth rate: 7.3% (2007 est.)
GDP - per capita (PPP): $3,200 (2007 est.)
GDP - composition by sector: agriculture: 13.8% industry: 31.7% services: 54.5% (2007 est.)
Labor force: 36.22 million (2007 est.)
Labor force - by occupation: agriculture: 35% industry: 15% services: 50% (2007 est.)
Unemployment rate: 7.3% (2007 est.)
Household income or consumption by percentage share: lowest 10%: 2.4% highest 10%: 31.2% (2006)
Distribution of family income - Gini index: 45.8 (2006)
Investment (gross fixed): 14.8% of GDP (2007 est.)
Budget: revenues: $24.63 billion expenditures: $24.9 billion (2007 est.)
Public debt: 55.8% of GDP (2007 est.)
Inflation rate (consumer prices): 2.8% (2007 est.)
Central bank discount rate: 4.28% (31 December 2007)
Commercial bank prime lending rate: 8.69% (31 December 2007)
Stock of money: $21.27 billion (31 December 2007)
Stock of quasi money: $65.85 billion (31 December 2007)
Stock of domestic credit: $65.66 billion (31 December 2007)
Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial production growth rate: 7.1% (2007 est.)
Electricity - production: 56.51 billion kWh (2007 est.)
Electricity - consumption: 47.04 billion kWh (2006 est.)
Electricity - exports: 0 kWh (2007 est.)
Electricity - imports: 0 kWh (2007 est.)
Oil - production: 23,930 bbl/day (2007 est.)
Oil - consumption: 340,100 bbl/day (2006 est.)
Oil - exports: 41,160 bbl/day (2005)
Oil - imports: 355,800 bbl/day (2005)
Oil - proved reserves: 138.5 million bbl (1 January 2008 est.)
Natural gas - production: 2.2 billion cu m (2006 est.)
Natural gas - consumption: 2.2 billion cu m (2006 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 0 cu m (2007 est.)
Natural gas - proved reserves: 98.54 billion cu m (1 January 2008 est.)
Current account balance: $6.351 billion (2007 est.)
Exports: $49.32 billion f.o.b. (2007 est.)
Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Exports - partners: US 17%, Japan 14.5%, Hong Kong 11.5%, China 11.4%, Netherlands 8.2%, Singapore 6.2%, Malaysia 5%, Germany 4.3% (2007)
Imports: $57.56 billion f.o.b. (2007 est.)
Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Imports - partners: US 14.1%, Japan 12.3%, Singapore 11.2%, Taiwan 7.3%, China 7.2%, Saudi Arabia 6.4%, South Korea 5.9%, Malaysia 4.1%, Thailand 4.1% (2007)
Reserves of foreign exchange and gold: $33.75 billion (31 December 2007 est.)
Debt - external: $61.78 billion (31 December 2007 est.)
Stock of direct foreign investment - at home: $19.88 billion (2007 est.)
Stock of direct foreign investment - abroad: $5.584 billion (2007 est.)
Market value of publicly traded shares: $103.4 billion (2007)
Currency (code): Philippine peso (PHP)
Exchange rates: Philippine pesos (PHP) per US dollar - 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004), 54.203 (2003)

NOTE: The economy information regarding Philippines on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 2008 information contained here. All suggestions for corrections of any errors about Philippines Economy 2008 should be addressed to the CIA.