Economy of the Philippines
|Economy of the Philippines|
Skyline of Makati
|Currency||Philippine peso (PHP) = 100 centavos (English)
piso = 100 sentimo (Filipino)
|Fiscal year||Calendar year|
|Trade organisations||APEC, ASEAN, WTO, EAS, Asian Development Bank, ASEAN Plus Three, and others|
$257 billion nominal(2012)$424.355 billion PPP (2012)
|GDP growth||7.5% (Q2 2013)|
|GDP per capita|| (PPP 126th)|
|GDP by sector||agriculture (12.3%), industry (33.3%), services (54.4%) (2011 est.)|
|Inflation (CPI)||2.1% (August 2013)|
below poverty line
|national – 22.9% (2006 est.)
international – 22.6% (2006)
regional – 27% (2006)
|Gini coefficient||43.0 (2009)|
|Labour force||59.81 million (2011 est.)|
|services (52%) agriculture (33%), industry (15%) (2010 est.)|
|Unemployment||7.1% (January 2013)|
|Main industries||electronics assembly, Business Process Outsourcing, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing|
|Ease of doing business rank||108th of 183 countries ranked|
|Exports||$52 billion (2012)|
|Export goods||semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits|
|Main export partners|| Japan 19.0%
United States 14.2%
Hong Kong 9.2%
South Korea 5.5%
Thailand 4.7% (2012 est.)
|Imports||$57.24 billion (2010)|
|Import goods||electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic|
|Main import partners|| United States 11.5%
South Korea 7.3%
Saudi Arabia 5.6%
Malaysia 4.0% (2012 est.)
|Gross external debt||$60.3 billion (2012)|
|Public debt||48.9 % of GDP (Q1 2013)|
|Revenues||$31.38 billion (2011)|
|Expenses||$35.95 billion (2011)|
|Economic aid||$1.67 billion|
|Foreign reserves||$85.761 billion (January 2013)|
|All values, unless otherwise stated, are in US dollars|
The Economy of the Philippines is the 40th largest in the world, according to 2012 International Monetary Fund statistics and it is also one of the emerging markets in the world. The Philippines is considered as a newly industrialized country, it has been transitioning from one based on agriculture to one based more on services and manufacturing. According to the CIA Factbook, the estimated 2012 GDP (purchasing power parity) was $424.355 billion. Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world, Goldman Sachs also included the Philippines in its list of the Next Eleven economies. According to HSBC, the Philippine economy will become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the Southeast Asian region by 2050.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, Malaysia and Thailand. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.
- 1 Macroeconomic trends
- 2 Composition by sector
- 3 Regional Accounts
- 4 Economic indicators and international rankings
- 5 Statistics
- 6 Government budget
- 7 See also
- 8 References
- 9 Further reading
- 10 External links
The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2011 reported it as the 45th largest economy in the world. However its growth has been behind that of many of its Asian neighbors, the so-called Asian Tigers, and it is not a part of the Group of 20 nations. Instead it is often grouped in a second tier of emerging markets or of newly industrialized countries. Depending upon the analyst, this second tier can go by the name the Next Eleven or the Tiger Cub Economies.
In the years 2012 and 2013, the Philippines posted high GDP growth rates, reaching 6.8% in 2012 and 7.7% in the first quarter and 7.5% in the second quarter of 2013, the highest GDP growth rates in Asia for the first two quarters of 2013, followed by China and Indonesia.
|Year||GDP growth in percent
(constant prices, base year = 2000)
in PHP Billion
in USD Billion
|GDP per capita
in USD Billion
|GDP per capita
|Peso vs Dollar
|GDP growth %||4.6||4.9||4.8||9.2||5||6.4||8||5.6||5.2||5.6|
|GDP growth %||5.149||3.423||3.619||1.875||-7.324||-7.307||3.417||4.312||6.753||6.205|
|GDP growth %||3.037||-0.578||0.338||2.116||4.388||4.679||5.846||5.185||-0.577||3.082|
|GDP growth %||4.411||2.894||3.646||4.970||6.698||4.778||5.243||7.117||4.153||1.148||7.632||3.6||6.8|
Composition by sector
As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy. Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.
Filipinos who go aboard to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.
The agriculture sector makes up 12% of the GDP and employs 33% of the workforce. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus, such as major multinational corporations like Dole Food Company and Del Monte Foods.
The Philippines is the world's largest producer of coconuts producing 19,500,000 tons in 2009. Coconut production in the Philippines is generally concentrated in medium-sized farms. By 1995, the production of coconut in the Philippines had experienced a 6.5% annual growth and later surpassed Indonesia in total output in the world. The Philippines is also the world's largest producer of pineapples, producing 2,198 thousand metric tons in 2009. Rice production in the Philippines is important to the food supply in the country and economy. The country is the 8th largest rice producer in the world, accounting for 2.8% of global rice production. However, the country was also the world's largest rice importer in 2010. Rice is the most important food crop, a staple food in most of the country. It is produced extensively in Luzon, the Western Visayas, Southern Mindanao, and Central Mindanao.
The Philippines is one of the largest producers of sugar in the world according to Food and Agriculture Organization of the United Nations Statistics Division. At least 17 provinces located in 8 regions of the country have grown sugarcane crops, of which Negros island accounts for half of the country’s total production. As of Crop Year 2012-2013, 29 mills are operational divided as follows: 6 mills in Luzon, 13 mills in Negros, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao. A range from 360,000 to 390,000 hectares are devoted to sugarcane production. The largest sugarcane areas are found in Negros which accounts for 51% of sugarcane areas planted. This is followed by Mindanao which accounts for 20%; Luzon, 17%; Panay islands, 7% and Eastern Visayas, 4%.
Shipbuilding and repair
The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas. It became the fourth largest shipbuilding nation in 2010. Subic-made cargo vessels are now exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators. The country’s shipyards are now building ships like bulk carriers, container ships and big passenger ferries. General Santos' shipyard is mainly for ship repair and maintenance.
Being surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. On top of the current operating shipyards, two additional shipyards in Misamis Oriental and Cagayan province are being expanded to support future locators. It has a vast manpower pool of 60,000 certified welders that comprise the bulk of workers in shipbuilding.
The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford, Toyota, Mitsubishi, Nissan and Honda are the most prominent automakers manufacturing cars in the country. Kia and Suzuki produce small cars in the country. Isuzu also produces SUVs in the country. Honda and Suzuki produce motorcycles in the country. A 2003 Canadian market research report predicted that further investments in this sector were expected to grow in the following years. Toyota sells the most vehicles in the country. By 2011, China's Chery Automobile company is going to build their assembly plant in Laguna, that will serve and export cars to other countries in the region if monthly sales would reach 1,000 units. Automotive sales in the Philippines moved up from 165,056 units in 2011 to over 180,000 in 2012. Japan’s automotive manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines.
Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio in the Cordillera region. The company produces aircraft actuators in their manufacturing facility.
In 2011, the total export output of aerospace products in the Philippines reached US $3 billion.
A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world. Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world. Until 2005, Toshiba laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of hard disk drives. Printer manufacturer Lexmark has a factory in Mactan in the Cebu region.
Mining and extraction
The country is rich with mineral and geothermal energy resources. In 2003, it produced 1931 MW of electricity from geothermal sources (27% of total electricity production), second only to the United States, and a recent discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is already being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist.
About 60% of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declined 16% to $793 million. Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.
The industry rebounded starting in late 2004 when the Supreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies. However, the DENR has yet to approve the revised Department Administrative Order (DAO) that will provide the Implementing Rules and Regulations of the Financial and Technical Assistance Agreement (FTAA), the specific part of the 1994 Mining Act that allows 100% foreign ownership of Philippines mines.
Offshoring and outsourcing
According to an IBM Global Location Trends Annual Report, as of December 2010[update] the Philippines has surpassed India as the world leader in business process outsourcing. The majority of the top ten BPO firms of the United States operate in the Philippines. Total jobs in the industry grew to 100,000 and total revenues were placed at $960 million for 2005. In 2012, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class. BPO facilities are located mainly in Metro Manila and Cebu City although other regional areas such as Baguio, Bacolod, Cagayan de Oro, Clark Freeport Zone, Dagupan, Davao City, Legazpi, Dumaguete, Lipa, Iloilo City, and CamSur are now being promoted and developed for BPO operations.
Call centers began in the Philippines as plain providers of email response and managing services and is now a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business to business support. Business process outsourcing (BPO) is regarded as one of the fastest growing industries in the world. The Philippines is also considered as location of choice due to its many outsourcing benefits such as less expensive operational and labor costs and high proficiency in spoken English and highly educated labor pool. In 2011, the business process outsourcing industry in the Philippines generated 700 thousand jobs and some US$11 billion in revenue, 24 percent higher than 2010. By 2016, the industry is projected to reach US$27.4 billion in revenue with employment generation to almost double at 1.3 million workers.
BPOs and the call center industry in general is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as Fitch and S&P.
Gross Regional Domestic Product (GRDP) is GDP measured at regional levels. Figures are for the year 2011.
|Region||GRDP (in billion PHP)||% of GRDP||Agriculture (in billion PHP)||% of GRDP||Industry (in billion PHP)||% of GRDP||Services (in billion PHP)||% of GRDP||per capita GRDP|
Note: Green-colored cells indicate higher value or best performance in index, while yellow-colored cells indicate the opposite.
Economic indicators and international rankings
|Year||% GDP||% GNI|
|* Computed at Constant 2000 Prices|
|** Source: NEDA and NSCB|
Most of the following statistics are sourced from the International Monetary Fund - Philippines (as of 2012; figures are in US dollars unless otherwise indicated).
- GDP - purchasing power parity: $416.721 billion (2012est.)
- GDP - real growth rate: 6.6% (2012)
- GDP per capita purchasing power parity: $4,263.689 (2012 est. in 2012 US dollars)
- GDP nominal: $240.664 Billion (2012)
- GDP per capita: $2,462.354 (2012 est.)
- GDP - composition by sector:
- agriculture: 12.3%
- industry: 33.3%
- services: 54.4% (2011 est.)
- Population below poverty line: 32.9% (2006 est.)
- Household income or consumption by percentage share:
- lowest 10%: 2.4%
- highest 10%: 31.2% (2006)
- Inflation rate (consumer prices): 5.3% (2011 est.), 3.5% (September 2010)
- Labor force: 39.81 million (2011 est.)
- Labor force by occupation:
- agriculture 33%
- industry 15%
- services 52% (2011 est.)
- Unemployment rate: 7.2% (April 2011)
- Foreign Reserves: US$81.90 billion (September 2012)
- Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
- Industrial production growth rate: 12.1% (2010 est.)
- Electricity - production: 59.19 billion kWh (2009 est.)
- Electricity - consumption: 54.4 billion kWh (2009 est.)
- Electricity - exports: 0 kWh (2007)
- Electricity - imports: 0 kWh (2007)
- Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
- Exports: $54.17 billion (2011 est.); $69.46 billion (2010 est.)
- Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
- Exports - partners: China 19%, United States 13.4%, Singapore 13.2%, Japan 12.8%, Hong Kong 7.6%, Germany 4.2%, South Korea 4.1% (2010)
- Imports: $68.84 billion (2011 est.)
- Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
- Imports - partners: Japan 14.1%, China 13.6%, United States 9.9%, Singapore 9.3%, Thailand 6.5%, South Korea 5.6%, Indonesia 4.1% (2010)
- Debt - external: $62.41 billion (31 December 2011 est.)
- Currency: 1 Philippine peso (₱) = 100 centavos
- Exchange rates: Philippine pesos (PHP) per US dollar - 43.44 (2011), 45.11 (2010), 47.68 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006), 55.086 (2005)
The national government budget for 2012 has set the following budget allocations: Noticeably enough, the Department of Science & Technology is not reflected in the chart below which underlines the Philippine government's need to invest more on education, particularly in the sciences and engineering fields to solidify its current growth momentum.
|Budget Allocation||Millions of Pesos
|Millions of US Dollars
|Department of Education||₱238,800||$5,513.7||13.15|
|Department of Public Works and Highways||126,400||2,918.5||6.96|
|Department of National Defense||108,100||2,496.0||5.95|
|Department of Interior and Local Government||99,800||2,304.3||5.50|
|Department of Agriculture||61,400||1,417.7||3.38|
|Department of Social Welfare and Development||48,800||1,126.8||2.69|
|Department of Health||45,800||1,057.5||2.52|
|Department of Transportation and Communications||34,700||801.2||1.91|
|State Universities and Colleges||25,800||595.7||1.42|
|Department of Finance||23,600||544.9||1.30|
|Department of Environment and Natural Resources||17,500||404.1||0.96|
- List of companies of the Philippines
- Next Eleven
- Tiger Cub Economies
- Newly Industrialized countries
- Economy of Asia
- Emerging markets
- Bamboo network
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- Largest GDP 2012 List of countries by GDP (nominal)
- GDP Per Capita List of countries by GDP (PPP) per capita
- GDP Per Capita List of countries by GDP (nominal) per capita
- Foreign Reserves List of countries by foreign exchange reserves
- Population List of countries by population
- Area List of countries and outlying territories by total area
- Population Density List of sovereign states and dependent territories by population density
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