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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)
$298.9 billion (2007 est.)
GDP (official exchange rate)
$144.1 billion (2007 est.)
GDP - real growth rate
7.3% (2007 est.)
GDP - per capita (PPP)
$3,300 (2007 est.)
GDP - composition by sector
agriculture: 14.1%
industry: 31.3%
services: 54.6% (2007 est.)
Population below poverty line
30% (2003 est.)
Household income or consumption by percentage share
lowest 10%: 2.4%
highest 10%: 31.2% (2006)
Inflation rate (consumer prices)
2.8% (2007 est.)
Investment (gross fixed)
14.2% of GDP (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.)
Distribution of family income - Gini index
45.8 (2006)
Budget
revenues: $23.96 billion
expenditures: $25.24 billion (2007 est.)
Public debt
59.5% of GDP (September 2007 est.)
Industries
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial production growth rate
7% (2007 est.)
Electricity - production
53.67 billion kWh (2005)
Electricity - consumption
46.86 billion kWh (2005)
Electricity - exports
0 kWh (2005)
Electricity - imports
0 kWh (2005)
Oil - production
24,310 bbl/day (2005 est.)
Oil - consumption
340,000 bbl/day (2005 est.)
Oil - imports
353,700 bbl/day (2004)
Oil - exports
34,900 bbl/day (2004)
Oil - proved reserves
152 million bbl (31 December 2006 est.)
Natural gas - production
2.781 billion cu m (2005 est.)
Natural gas - consumption
2.781 billion cu m (2005 est.)
Natural gas - exports
0 cu m (2005 est.)
Natural gas - imports
0 cu m (2005)
Natural gas - proved reserves
107.5 billion cu m (1 January 2006 est.)
Current Account Balance
$6.7 billion (2007 est.)
Agriculture - products
sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
Exports
$48.38 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 18.3%, Japan 16.5%, Netherlands 10.1%, China 9.8%, Hong Kong 7.8%, Singapore 7.3%, Malaysia 5.6%, Taiwan 4.3% (2006)
Imports
$53.96 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 16.3%, Japan 13.6%, Singapore 8.5%, Taiwan 8%, China 7.1%, South Korea 6.2%, Saudi Arabia 5.8%, Malaysia 4.1%, Thailand 4.1%, Hong Kong 4% (2006)
Reserves of foreign exchange and gold
$33.71 billion (31 December 2007 est.)
Debt - external
$62.84 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
$16.02 billion (2006 est.)
Stock of direct foreign investment - abroad
$2.131 billion (2006 est.)
Market value of publicly traded shares
$103.4 billion (2007)
Economic aid - recipient
ODA, $451.4 million in commitments (2006)
Currency (code)
Philippine peso (PHP)
Exchange rates
Philippine pesos per US dollar - 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004), 54.203 (2003)
Fiscal year
calendar year
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