Economy - overview:

Philippine GDP grew just under 1% in 2009 but the economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to securities issued by troubled global financial institutions; lower dependence on exports; relatively resilient domestic consumption, supported by large remittances from four-to five-million overseas Filipino workers; and a growing business process outsourcing industry. Economic growth in the Philippines has averaged 4.5% 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 inequitable distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures to address the government's yawning budget deficit and to reduce high debt and debt service ratios. But the government abandoned its 2008 balanced-budget goal in order to help the economy weather the global financial and economic storm. The economy faces several long term challenges. The Philippines must maintain the reform momentum in order to catch up with regional competitors, boost trade, alleviate poverty, and improve employment opportunities and infrastructure. Inadequate tax revenues could limit the government's ability to address these issues.

GDP (purchasing power parity):

$324.8 billion (2009 est.)

country comparison to the world: 36

$321.9 billion (2008 est.)

$310.2 billion (2007 est.)

note: data are in 2009 US dollars

GDP (official exchange rate):

$160.6 billion (2009 est.)

GDP - real growth rate:

0.9% (2009 est.)

country comparison to the world: 102

3.8% (2008 est.)

7.1% (2007 est.)

GDP - per capita (PPP):

$3,300 (2009 est.)

country comparison to the world: 162

$3,400 (2008 est.)

$3,300 (2007 est.)

note: data are in 2009 US dollars

GDP - composition by sector:

agriculture: 14.9%

industry: 29.9%

services: 55.1% (2009 est.)

Labor force:

37.89 million (2009 est.)

country comparison to the world: 17

Labor force - by occupation:

agriculture: 34%

industry: 15%

services: 51% (2009 est.)

Unemployment rate:

7.5% (2009 est.)

country comparison to the world: 71

7.4% (2008 est.)

Investment (gross fixed):

14.3% of GDP (2009 est.)

country comparison to the world: 138

Budget:

revenues: $23.56 billion

expenditures: $29.82 billion (2009 est.)

Public debt:

58.7% of GDP (2009 est.)

country comparison to the world: 32

56.9% of GDP (2008 est.)

Inflation rate (consumer prices):

3.3% (2009 est.)

country comparison to the world: 105

9.3% (2008 est.)

Central bank discount rate:

3.5% (31 December 2009)

country comparison to the world: 75

6% (31 December 2008)

Commercial bank prime lending rate:

6.89% (31 December 2009)

country comparison to the world: 105

8.75% (31 December 2008)

Stock of money:

$24.32 billion (30 November 2009)

country comparison to the world: 42

$22.53 billion (31 December 2008)

Stock of quasi money:

$55.71 billion (30 November 2009)

country comparison to the world: 36

$65.85 billion (31 December 2007)

Stock of domestic credit:

$81.96 billion (30 November 2009)

country comparison to the world: 46

$77.68 billion (31 December 2008)

Market value of publicly traded shares:

$130.5 billion (31 December 2009)

country comparison to the world: 42

$85.63 billion (31 December 2008)

$172.5 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:

-2% (2009 est.)

country comparison to the world: 89

Electricity - production:

56.57 billion kWh (2007 est.)

country comparison to the world: 45

Electricity - consumption:

48.96 billion kWh (2007 est.)

country comparison to the world: 46

Electricity - exports:

0 kWh (2008 est.)

Electricity - imports:

0 kWh (2008 est.)

Oil - production:

25,120 bbl/day (2008)

country comparison to the world: 72

Oil - consumption:

313,000 bbl/day (2008 est.)

country comparison to the world: 38

Oil - exports:

36,720 bbl/day (2007 est.)

country comparison to the world: 83

Oil - imports:

342,200 bbl/day (2007 est.)

country comparison to the world: 31

Oil - proved reserves:

138.5 million bbl (1 January 2009 est.)

country comparison to the world: 64

Natural gas - production:

2.94 billion cu m (2008 est.)

country comparison to the world: 55

Natural gas - consumption:

2.94 billion cu m (2008 est.)

country comparison to the world: 74

Current account balance:

$8.552 billion (2009 est.)

country comparison to the world: 25

$3.633 billion (2008)

Exports:

$37.51 billion (2009 est.)

country comparison to the world: 56

$48.25 billion (2008 est.)

Exports - commodities:

semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

Exports - partners:

US 17.6%, Japan 16.2%, Netherlands 9.8%, Hong Kong 8.6%, China 7.7%, Germany 6.5%, Singapore 6.2%, South Korea 4.8% (2009 est.)

Imports:

$46.39 billion (2009 est.)

country comparison to the world: 47

$61.14 billion (2008)

Imports - commodities:

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

Imports - partners:

Japan 12.5%, US 12%, China 8.8%, Singapore 8.7%, South Korea 7.9%, Taiwan 7.1%, Thailand 5.7% (2009 est.)

Reserves of foreign exchange and gold:

$44.24 billion (31 December 2009 est.)

country comparison to the world: 35

$37.55 billion (31 December 2008)

Debt - external:

$53.14 billion (30 September 2009 est.)

country comparison to the world: 48

$66.27 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:

$22.36 billion (31 October 2009 est.)

country comparison to the world: 64

$20.36 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:

$6.192 billion (31 September 2009 est.)

country comparison to the world: 56

$5.832 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)