Economy of the Philippines

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Economy of Philippines
Makati city glow.jpg
Skyline of Metro Manila
Currency Philippine peso (PHP) = 100 centavos (English)
piso = 100 sentimo (Filipino)
Fiscal year Calendar year
Trade organizations APEC, ASEAN, WTO, and others
Statistics
GDP

$216.1 billion (2011 est.)[1] (nominal 43rd)

$394.0 billion (2011 est.)[1] (PPP 31st)
GDP growth 3.7%
GDP per capita

$2,255 (2011 est.)[2] (nominal 122nd)

$4,111 (2011 est.)[2] (PPP 125th)
GDP by sector agriculture (13.9%), industry (31.3%), services (54.8%) (2010 est.)[1]
Inflation (CPI) 3.9% (January 2012)[3]
Population
below poverty line		 national – 32.9% (2006 est.)[1]
international – 22.6% (2006)[4]
regional – 27% (2006)[5]
Gini coefficient 45.8 (2006)[1]
Labor force 41.2 million (October 2011)[1]
Labor force
by occupation		 services (52%) agriculture (33%), industry (15%) (2010 est.)[1]
Unemployment 6.4% (October 2011)[6]
Main industries electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing[1]
Ease of Doing Business Rank 136th[7]
External
Exports $51.4 billion (2010)[1]
Export goods semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[1]
Main export partners Japan 12.5%, Netherlands 9.8%, Hong Kong 8.6%, China 7.7%, Germany 6.5%, Singapore 6.2%, South Korea 4.8% (2009 est.)[1]
Imports $54.7 billion (2010)[1]
Import goods electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[1]
Main import partners Japan 12.5%, United States 12%, China 8.8%, Singapore 8.7%, South Korea 7.9%, Republic of China 5.7% (2009 est.)[1]
Gross external debt $55.416 billion (1st Quarter, 2010)[8]
Public finances
Public debt $104.59 billion (52.4% of GDP) (2010)
Revenues $26.84 billion
Expenses $33.82 billion (2010 est.)[1]
Economic aid $561.7 million ODA recipient. (2007)[citation needed]
Credit rating
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

The Economy of the Philippines is the 30th largest in the world. According to the CIA Factbook, the estimated 2011 gross domestic product (nominal) was $216.1 billion.[1] The Goldman Sachs estimates that by the year 2050, it will land on the 14th place and one its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.[13] 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. A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. The Philippines is one of the Tiger Cub Economies in Southeast Asia together with Indonesia, Malaysia and Thailand.

Contents

[edit] Macro-economic trend

A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[14][15]

Philippine Stock Exchange in Makati
Year GDP percent
(constant prices)
 GDP
in PHP Million
(current prices)		 GDP
in USD Million
(current prices)		 GDP per capita
in USD
(current prices)		 GDP
in USD Million
(PPP)		 GDP per capita
in USD
(PPP)		 Peso vs Dollar
Exchange Rate
1980 5.149 270.063 35.954 744.071 64.442 1333.653 7.51
1981 3.423 311.995 39.495 797.231 72.894 1471.416 7.9
1982 3.619 351.417 41.15 810.35 80.14 1578.176 8.54
1983 1.875 408.92 36.797 706.828 84.871 1630.246 11.11
1984 -7.324 581.1 34.799 652.28 81.609 1529.699 16.7
1985 -7.307 633.62 34.052 622.867 77.937 1425.582 18.61
1986 3.417 674.618 33.093 590.942 82.381 1471.09 20.39
1987 4.312 756.471 36.78 640.759 88.427 1540.544 20.57
1988 6.753 885.456 41.975 715.083 97.641 1663.392 21.09
1989 6.205 1025.349 47.251 786.208 107.616 1790.616 21.7
1990 3.037 1190.507 48.932 795.636 115.163 1872.576 24.33
1991 -0.578 1379.875 50.214 797.044 118.555 1881.827 27.48
1992 0.338 1497.464 58.701 911.507 121.776 1890.932 25.51
1993 2.116 1633.63 60.238 914.075 127.101 1928.694 27.12
1994 4.388 1875.69 71.003 1051.679 135.473 2006.605 26.42
1995 4.679 2111.705 83.678 1224.271 144.766 2118.026 25.24
1996 5.846 2406.388 93.48 1336.342 156.147 2232.211 24.74
1997 5.185 2688.718 92.776 1296.657 167.143 2336.043 28.98
1998 -0.577 2952.762 73.786 1008.72 168.057 2297.494 40.02
1999 3.082 3244.197 82.995 1110.366 175.785 2351.773 39.09
2000 4.411 3580.714 81.026 1053.015 187.512 2436.914 44.19
2001 2.894 3888.801 76.262 970.648 197.298 2511.177 50.99
2002 3.646 4198.345 81.358 1014.217 207.803 2590.501 51.6
2003 4.97 4548.102 83.908 1024.799 222.718 2720.136 54.2
2004 6.698 5120.435 91.371 1093.497 242.734 2904.954 56.04
2005 4.778 5677.75 103.072 1208.895 260.982 3060.982 55.09
2006 5.243 6271.157 122.211 1405.166 283.541 3260.12 51.31
2007 6.617 6892.721 149.36 1683.758 311.073 3506.775 46.15
2008 4.153 7720.902 173.603 1919.167 331.177 3661.144 44.47
2009 1.148 8026.143 168.485 1826.857 338.515 3670.467 47.64
2010 7.632 9003.48 199.591 2123.008 368.546 3920.148 45.11
2011 3.718 9734.783 224.77 2345.399 409.862 4276.774 43.31

[16]


GDP growth at constant 1985 prices in Philippine pesos:[2][14][17]

Year 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979
GDP growth % 4.6 4.9 4.8 9.2 5 6.4 8 5.6 5.2 5.6
Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989
GDP growth % 5.149 3.423 3.619 1.875 -7.324 -7.307 3.417 4.312 6.753 6.205
Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
GDP growth % 3.037 -0.578 0.338 2.116 4.388 4.679 5.846 5.185 -0.577 3.082
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
GDP growth % 4.411 2.894 3.646 4.970 6.698 4.778 5.243 7.117 4.153 1.148 7.632 3.718
Skyline of Makati City, Metro Manila

[edit] Government budget

Administration Building in FEU
Department of Public Works and Highway

The proposed national government budget for 2011 has set the following budget allocations:[18]

Philbudget2011.png
Budget Allocation Millions of Pesos
(PHP)		 Millions of US Dollars
(USD)		  %
  Department of Education
 ₱207,300 $4,573 30.86
  Department of Public Works and Highways
 110,600 2,439.8 16.46
  Department of National Defense
 104,700 2,309.7 15.58
  Department of Interior and Local Government
 88,200 1,945.7 13.13
  Department of Agriculture
 37,700 831.7 5.61
  Department of Social Welfare and Development
 34,300 756.7 5.11
  Department of Health
 33,300 734.6 4.96
  Department of Transportation and Communications
 32,300 712.5 4.81
  State Universities and Colleges
 23,400 516.2 3.48

[edit] Private sector

As a newly industrialized nation, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy.[citation needed] 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.

[edit] Automotive

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.[citation needed] 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.[19] 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.[citation needed]

[edit] Electronics

Intel has been in the Philippines for 28 years as a major producer of products including the Pentium 4 processor. A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[20] 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.[21] 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.

[edit] Mining and natural resources

Geothermal power station in Negros Oriental.

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,[22] 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 sulfur. 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.[citation needed] 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.[citation needed]

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.[citation needed] 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.[citation needed]

[edit] Outsourcing

Asiatown IT Park in Cebu
Teletech Call Center
Main article: Business process outsourcing in the Philippines

According to an IBM Global Location Trends Annual Report, as of December 2010 the Philippines has overtaken India as the world leader in business support functions such as shares services and business process outsourcing.[23][24] The majority of the top ten BPO firms of the United States operate in the Philippines.[citation needed] Total jobs in the industry grew to 100,000 and total revenues are placed at $960 million for 2005. BPO facilities are mainly in Metro Manila and Cebu City although other regional areas such as Baguio, Bacolod, Cagayan de Oro, Clark Freeport Zone, Dagupan, Davao City, 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, these have industrial capabilities for almost all types of customer relations, ranging from travel services, technical support, education, customer care, financial services, and online business to customer support, online business to business support. The call center industry is an up-and-coming industry in the Philippines. 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 less expensive operational and labor costs.[1] In 2007, The Philippines remain as a top BPO destination for the estimated $150-billion business process outsourcing industry.[2].

[edit] Economic indicators and international rankings

Organization Title As of Ranking
International Monetary Fund Gross Domestic Product (PPP) 2010 32nd[25]
International Monetary Fund GDP per Capita (PPP) 2010 125th[26]
International Monetary Fund Foreign Reserves 2011 26th[27]
United Nations Population 2010 12th[28]
United Nations Area 2011 73rd[29]
United Nations Population Density 2010 45th[30]
Central Intelligence Agency Life Expectancy 2011 133rd out of 221st[31]
United Nations Literacy Rate 2011 84th out of 182nd[32]
The World Factbook External Debt 2010 46th[33]
World Tourism Organization Tourist Arrival 2010 53rd[34]
United Nations Human Development Index 2011 112 out of 187[35]
World Economic Forum Global Competitiveness 2011 75 out of 142[36]
World Economic Forum Global Gender Gap Report 2011 8 out of 135[37]
World Economic Forum Travel and Tourism Competitiveness 2011 94 out of 139[38]
World Bank Ease of Doing Business 2011 136 out of 183[39]
Transparency International Corruption Perceptions Index 2011 129 out of 183[40]
Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2011 115 out of 179[41]
Reporters Without Borders Press Freedom Index 2011 140 out of 178[42]
World Economic Forum Financial Development Index 2011 44 out of 60[43]

[edit] Statistics

Percentage of population in 2007 living below poverty line, by province. Provinces with darker shades have more people living below the poverty line.
Economic growth[44][45][46]
Year  % GDP  % GNI
1999 3.1 2.7
2000 4.4 7.7
2001 2.9 3.6
2002 3.6 4.1
2003 5.0 8.5
2004 6.7 7.1
2005 4.8 7.0
2006 5.2 5.0
2007 7.1 6.2
2008 4.2 5.0
2009 1.1 6.1
2010 7.6 8.2
2011 3.7 2.6
* Computed at Constant 2000 Prices
** Source: NEDA and NSCB
Filipino exports in 2006

Most of the following statistics are sourced from the CIA World Factbook - Philippines page retrieved on May 15, 2010 (currency is US dollars except where otherwise indicated).

  • GDP - purchasing power parity: $394 billion (2011 est.)[1]
  • GDP - real growth rate: 3.7 % (2011)
  • GDP per capita purchasing power parity: $4,111 (2011 est. in 2011 US dollars)
  • GDP nominal: $216.1 billion (2011)
  • GDP per capita: $2,255 (2011 est.)[1]
  • GDP - composition by sector:
    agriculture: 14.9%
    industry: 29.9%
    services: 55.1% (2009 est.)[1]
  • Population below poverty line:[1] 32.9% (2006 est.)[1]
  • Household income or consumption by percentage share:
    lowest 10%: 2.4%
    highest 10%: 31.2% (2006)[1]
  • Inflation rate (consumer prices): 3.3% (2009 est.),[1] 3.5% (September 2010)[3]
  • Labor force: 37.89 million (2009 est.)[1]
  • Labor force by occupation:
    agriculture 33%
    industry 15%
    services 52% (2009 est.)[1]
  • Unemployment rate: 7.2% (april 2011)[6]
  • Budget:
    revenues: $26.84 billion (2010 est.)[1]
    expenditures: $33.82 billion (2010 est.)[1]
  • Foreign Reserves: US$77.04 billion (January 2012)[47]
  • Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
  • Industrial production growth rate: 12.1% (2010 est.)[1]
  • Electricity - production: 56.57 billion kWh (2007 est.)[1]
  • Electricity - consumption: 54.4 billion kWh (2009 est.)[1]
  • Electricity - exports: 0 kWh (2007)[1]
  • Electricity - imports: 0 kWh (2007)[1]
  • Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish[1]
  • Exports: $37.51 billion (2009 est.); $69.46 billion (2010 est.)[1][48]
  • Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[1]
  • Exports - partners: United States 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.)[1]
  • Imports: $45.39 billion (2009 est.)[1]
  • Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[1]
  • Imports - partners: Japan 12.5%, United States 12%, China 8.8%, Singapore 8.7%, South Korea 7.9%, Republic of China 5.7% (2009 est.)[1]
  • Debt - external: $59.77 billion (30 September 2010 est.)[1]
  • Currency: 1 Philippine peso (₱) = 100 centavos
  • Exchange rates: Philippine pesos (PHP) per US dollar - 42.63 (2011), 45.11 (2010), 47.8 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006),[1] 55.086 (2005)

[edit] See also

[edit] References

  1. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am an ao Report for Philippines, International Monetary Fund.
  2. ^ a b c International Monetary Fund. (October 2010). The Philippine Stock Exchange, It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927. It currently maintains two trading floors, one at the Ayala Tower One in Makati City's Central Business District, and one at its headquarters in Pasig City. The PSE is composed of a 15-man Board of Directors, chaired by Jose T. Pardo. World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2015]. Retrieved 2011-01-31 from the World Economic Outlook Database.
  3. ^ a b National Statistics Office, Republic of the Philippines. (2010-10-05). "Consumer Price Index September 2010". http://census.gov.ph/data/sectordata/datacpi.html. Retrieved 2010-09-30. 
  4. ^ "18. Poverty and inequality" Statistical Yearbook for Asia and the Pacific 2009 United Nations – Economic and Social Commission for Asia and the Pacific March 24, 2010 http://www.unescap.org/stat/data/syb2009/index.asp (Table 18.1). 
  5. ^ Dumlao, Doris. (August 27, 2008). 23 million Filipinos living below Asia-Pacific poverty line. The Philippine Daily Inquirer.
  6. ^ a b "April 2011 Labor Force Survey (LFS)". Census.gov.ph. http://census.gov.ph/data/pressrelease/2011/lf1102tx.html. Retrieved 2011-09-04. 
  7. ^ "Doing Business in Philippines 2012". World Bank. http://www.doingbusiness.org/data/exploreeconomies/philippines/. Retrieved 2011-11-21. 
  8. ^ Economic and Financial Data for the Philippines. (September 24, 2010). Bangko Sentral ng Pilipinas. Retrieved September 27, 2010.
  9. ^ "Sovereigns rating list". Standard & Poor's. http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39. Retrieved 26 May 2011. 
  10. ^ http://www.brecorder.com/top-news/1-front-top-news/39058-sap-revises-philippines-outlook-to-positive-affirms-rating-.html
  11. ^ Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. http://www.guardian.co.uk/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard. Retrieved 28 May 2011. 
  12. ^ http://business.inquirer.net/5028/fitch-upgrades-philippines%E2%80%99-credit-rating
  13. ^ "World’s top economies in 2050 will be...". http://business.blogs.cnn.com/2012/01/12/worlds-top-economies-in-2050-will-be/. Retrieved 2012-01-13. 
  14. ^ a b International Monetary Fund. (April 2010). World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2015]. Retrieved 2010-05-29 from the World Economic Outlook Database.
  15. ^ International Monetary Fund. (April 2010). "World Economic Outlook (WEO) Database April 2010 – Report for Selected Countries and Subjects – Philippines and United States". http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.aspx?pr.x=67&pr.y=9&sy=1980&ey=2015&ssm=1&scsm=1&ssd=1&sort=subject&ds=.&br=1&c=566%2C111&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDPDPC%2CNGAP_NPGDP%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CNID_NGDP%2CNGSD_NGDP%2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CFLIBOR6%2CLUR%2CLE%2CLP%2CGGXCNL%2CGGXCNL_NGDP%2CGGSB%2CGGSB_NPGDP%2CGGXWDN%2CGGXWDN_NGDP%2CGGXWDG%2CGGXWDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a=#sNGDP. 
  16. ^ [1]
  17. ^ International Monetary Fund. (April 2002). "The World Economic Outlook (WEO) Database April 2002 – Real Gross Domestic Product (annual percent change) – All countries". http://www.imf.org/external/pubs/ft/weo/2002/01/data/growth_a.csv. 
  18. ^ "President Aquino's 2011 Budget Message". http://www.gov.ph/2010/08/24/president-aquinos-2011-budget-message. Retrieved 2010-08-24. 
  19. ^ Oslowski, Justin. (March 25, 2003). "Automotive Production in the Philippines". Industry Canada. Archived from the original on 2007-12-08. http://web.archive.org/web/20071208161345/http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html. Retrieved 2007-12-11. 
  20. ^ "The positive outlook to the Philippines". philnews.com. http://www.philnews.com/2005/ma.html. Retrieved 2007-12-11 
  21. ^ http://www.cn-c114.net/577/a376549.html
  22. ^ Tester, JK; Anderson, Bj; Batchelor, As; Blackwell, Dd; DiPippo, R; Drake, Em; Garnish, J; Livesay, B; Moore, Mc; Nichols, K; Petty, S; Toksoz, Mn; Veatch, Rw; Baria, R; Augustine, C; Murphy, E; Negraru, P; Richards, M (Apr 2007). "Geothermal Energy Systems". Philosophical transactions. Series A, Mathematical, physical, and engineering sciences (ResLab, Australia) 365 (1853): 1057–94. doi:10.1098/rsta.2006.1964. PMID 17272236. Archived from the original on 2005-03-09. http://web.archive.org/web/20050309061903/http://reslab.com.au/resfiles/geo/text.html. Retrieved 2007-12-11  (from internet archive)
  23. ^ IBM Global Business Services. (October 2010). Global Location Trends – 2010 Annual Report.
  24. ^ Balana, Cynthia D. and Lawrence de Guzman. (December 5, 2010). It's official: Philippines bests India as No. 1 in BPO. The Philippine Daily Inquirer.
  25. ^ Largest GDP 2010 List of countries by GDP (PPP)
  26. ^ GDP Per Capita List of countries by GDP (PPP) per capita
  27. ^ Foreign Reserves List of countries by foreign exchange reserves
  28. ^ Population List of countries by population
  29. ^ Area List of countries and outlying territories by total area
  30. ^ Population Density List of sovereign states and dependent territories by population density
  31. ^ Life Expectancy
  32. ^ Literacy Rate List of countries by literacy rate
  33. ^ Population Density List of countries by external debt
  34. ^ Tourism
  35. ^ Human Development Index 2011 List of countries by Human Development Index
  36. ^ The Global Competitiveness Report 2010-2011
  37. ^ Global Gender Gap Global Gender Gap Report
  38. ^ Travel and Tourism Competitiveness
  39. ^ Ease of Doing Business Report
  40. ^ Corruption Perceptions Index
  41. ^ Economic Freedom
  42. ^ [2]
  43. ^ ABS-CBN News
  44. ^ National Economic and Development Authority (NEDA), Republic of the Philippines. (January 31, 2011). Annual GDP Sizzled to its Highest Growth Rate in the Post Marcos Era at 7.3 Percent; Q4 2010 GDP grew by 7.1 percent
  45. ^ National Economic and Development Authority (NEDA), Republic of the Philippines. "National Income Accounts (NIA) – GNP/GDP Matrices". http://www.neda.gov.ph/econreports_dbs.asp. Retrieved September 2010. 
  46. ^ Agcaoili, Lawrence. (November 26, 2010). GDP growth slows to 6.5% in 3rd quarter. The Philippine Star.
  47. ^ http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=775282
  48. ^ Ho, Abigail. (December 28, 2010). DTI says export earnings to hit $100B by '16. The Philippine Daily Inquirer. Retrieved December 28, 2010.

[edit] Further reading

[edit] External links

Next Eleven Economies

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