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Philippines Economy 2010
http://www.workmall.com/wfb2010/philippines/philippines_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
The Philippines weathered the 2008-09 global recession better than its regional peers, due to lower dependence on exports and higher levels of domestic consumption, fueled by large remittances from four-to five-million overseas Filipino workers. Economic growth in the Philippines averaged 5% per year since 2001, when President MACAPAGAL-ARROYO took office. Despite this growth, poverty worsened during the term of MACAPAGAL-ARROYO, because of a high population growth rate and unequal distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. In recent years, declining fiscal deficits, tapering debt and debt service ratios, and increased spending on infrastructure and social services bolstered optimism over Philippine economic prospects. Nevertheless, the economy still faces several long term challenges. The Philippines must maintain the reform momentum in order to catch up with regional competitors, boost trade, improve employment opportunities, and alleviate poverty. High government spending to stimulate the economy has created a large budget gap that could limit the government's ability to address these issues.

GDP (purchasing power parity):
$327.2 billion (2009 est.)

$322 billion (2008 est.)
$310.2 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$158.7 billion (2009 est.)

GDP - real growth rate:
1.6% (2009 est.)

3.8% (2008 est.)
7.1% (2007 est.)

GDP - per capita (PPP):
$3,300 (2009 est.)

$3,400 (2008 est.)
$3,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 14.9%
industry: 30.9%
services: 54.2% (2009 est.)

Labor force:
37.73 million (2009 est.)

Labor force - by occupation:
agriculture: 35%
industry: 15%
services: 50% (2008 est.)

Unemployment rate:
8% (2009 est.)

7.4% (2008 est.)

Population below poverty line:
30% (2003 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)

46.6 (2003)

Investment (gross fixed):
14.9% of GDP (2009 est.)

Budget:
revenues: $23.29 billion
expenditures: $29.23 billion (2009 est.)

Public debt:
62.3% of GDP (2009 est.)

56.9% of GDP (2008 est.)

Inflation rate (consumer prices):
3% (2009 est.)

9.3% (2008 est.)

Central bank discount rate:
6% (31 December 2008)

4.28% (31 December 2007)

Commercial bank prime lending rate:
8.75% (31 December 2008)

8.69% (31 December 2007)

Stock of money:
$22.53 billion (31 December 2008)

$21.27 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$65.85 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$65.66 billion (31 December 2007)

Market value of publicly traded shares:
$52.1 billion (31 December 2008)

$103.2 billion (31 December 2007)
$68.38 billion (31 December 2006)

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:
-1% (2009 est.)

Electricity - production:
56.57 billion kWh (2007 est.)

Electricity - consumption:
48.96 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
25,120 bbl/day (2008 est.)

Oil - consumption:
320,000 bbl/day (2008 est.)

Oil - exports:
36,720 bbl/day (2007 est.)

Oil - imports:
342,200 bbl/day (2007 est.)

Oil - proved reserves:
138.5 million bbl (1 January 2009 est.)

Natural gas - production:
2.94 billion cu m (2008 est.)

Natural gas - consumption:
2.94 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
98.54 billion cu m (1 January 2009 est.)

Current account balance:
$8.16 billion (2009 est.)

$4.227 billion (2008 est.)

Exports:
$36.18 billion (2009 est.)

$48.2 billion (2008 est.)

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

Exports - partners:
US 16.7%, Japan 15.7%, China 11.1%, Hong Kong 10.1%, Netherlands 7.5%, Singapore 5.3%, South Korea 5.1%, Germany 5% (2008)

Imports:
$46.12 billion (2009 est.)

$60.78 billion (2008 est.)

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

Imports - partners:
US 12.8%, Japan 11.8%, Singapore 10.3%, Saudi Arabia 8.5%, China 7.5%, South Korea 5.2%, Thailand 5%, Malaysia 4.3% (2008)

Reserves of foreign exchange and gold:
$43.04 billion (31 December 2009 est.)

$37.55 billion (31 December 2008 est.)

Debt - external:
$62.73 billion (31 December 2009 est.)

$66.27 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$21.67 billion (31 December 2009 est.)

$21.4 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$5.99 billion (31 December 2009 est.)

$5.81 billion (31 December 2008 est.)

Exchange rates:
Philippine pesos (PHP) per US dollar - 47.8 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006), 55.086 (2005)


NOTE: The information regarding Philippines on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 2010 information contained here. All suggestions for corrections of any errors about Philippines Economy 2010 should be addressed to the CIA.



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