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[[es:Economía de Filipinas]]
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[[fr:Économie des Philippines]]
[[fr:Économie des Philippines]]

Revision as of 01:27, 25 October 2012

Economy of Philippines
Makati, financial capital of the Philippines
CurrencyPhilippine peso (PHP) = 100 centavos (English)
piso = 100 sentimo (Filipino)
Calendar year
Trade organizations
APEC, ASEAN, WTO, EAS, Asian Development Bank, ASEAN Plus Three, and others
Statistics
GDP$224.8 billion nominal(2011)[1] $411.9 billion PPP (2011)[2]
GDP growth
6.1% (First Half of 2012)
GDP per capita
$2,345 (2011)[3] (nominal 126th)
$4,080 (2011)[3] (PPP 126th)
GDP by sector
agriculture (12.3%), industry (33.3%), services (54.4%) (2011 est.)[4]
3.6% (September 2012)[5]
Population below poverty line
national – 32.9% (2006 est.)[4]
international – 22.6% (2006)[6]
regional – 27% (2006)[7]
45.8 (2006)[4]
Labor force
39.81 million (2011 est.)[4]
Labor force by occupation
services (52%) agriculture (33%), industry (15%) (2010 est.)[4]
Unemployment6.9% (April 2012)[8]
Main industries
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing[4]
External
Exports$48.0 billion (2011)[9]
Export goods
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[4]
Main export partners
Japan 18.5%, United States 14.8%, China 12.7%, Singapore 8.9%, Hong Kong 7.7%, South Korea 4.6%, Taiwan 4.2%, Thailand 4.0%, Netherlands 3.6%, Germany 3.5% (2011)[10]
Imports$60.1 billion (2011)[9]
Import goods
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[4]
Main import partners
Japan 10.8%, United States 10.8%, China 10.1%, Singapore 8.1%, South Korea 7.3%, Taiwan 6.9%, Thailand 5.8%, Saudi Arabia 5.4%, Malaysia 4.4%, Indonesia 3.9% (2011)[11]
$62.431 billion (September 2011)[12]
Public finances
$114.41 billion (50.9% of GDP) (2011)[13]
Revenues$31.38 billion (2011)
Expenses$35.95 billion (2011)[14]
Economic aid$1.67 billion[15]
$81.90 billion (September 2012)[21]
All values, unless otherwise stated, are in US dollars.


The Economy of the Philippines is the 43rd largest in the world, according to 2011 World Bank statistics. According to the CIA Factbook, the estimated 2011 gross domestic product (purchasing power parity) was $411.9 billion (2011 est.)[4] The Goldman Sachs estimates that by the year 2050, it will be the 14th largest economy in the world and one in 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.[22]

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. As 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.

Macroeconomic trend

A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[23][24]

Year GDP growth in percent
(constant prices, base year = 2000)
GDP
in PHP Billion
(current prices)		 GDP
in USD Billion
(current prices)		 GDP per capita
in USD
(current prices)		 GDP
in USD Billion
(PPP)		 GDP per capita
in USD
(PPP)		 Peso vs Dollar
Exchange Rate
1980 5.15 270.1 35.9 744 64.4 1334 7.51
1981 3.42 312.0 39.5 797 72.9 1471 7.90
1982 3.62 351.4 41.1 810 80.1 1578 8.54
1983 1.88 408.9 36.8 707 84.9 1630 11.11
1984 -7.32 581.1 34.8 652 81.6 1530 16.70
1985 -7.31 633.6 34.1 623 77.9 1426 18.61
1986 3.42 674.6 33.1 591 82.4 1471 20.39
1987 4.31 756.5 36.8 641 88.4 1540 20.57
1988 6.75 885.5 42.0 715 97.6 1663 21.09
1989 6.21 1025.3 47.3 786 107.6 1791 21.70
1990 3.04 1190.5 48.9 796 115.2 1873 24.33
1991 -0.58 1379.9 50.2 797 118.6 1882 27.48
1992 0.34 1497.5 58.7 912 121.8 1891 25.51
1993 2.12 1633.6 60.2 914 127.1 1929 27.12
1994 4.39 1875.7 71.0 1052 135.5 2007 26.42
1995 4.68 2111.7 83.7 1224 144.8 2118 25.24
1996 5.85 2406.4 93.5 1336 156.1 2232 24.74
1997 5.19 2688.7 92.8 1297 167.1 2336 28.98
1998 -0.58 2952.8 73.8 1009 168.1 2297 40.02
1999 3.08 3244.2 83.0 1110 175.8 2352 39.09
2000 4.41 3580.7 81.0 1053 187.5 2437 44.19
2001 2.89 3888.8 76.3 971 197.3 2511 50.99
2002 3.65 4198.3 81.4 1014 207.8 2591 51.60
2003 4.97 4548.1 83.9 1025 222.7 2720 54.20
2004 6.70 5120.4 91.4 1093 242.7 2905 56.04
2005 4.78 5677.8 103.1 1209 261.0 3061 55.09
2006 5.24 6271.2 122.2 1405 283.5 3260 51.31
2007 6.62 6892.7 149.4 1684 311.1 3507 46.15
2008 4.15 7720.9 173.6 1919 331.2 3661 44.47
2009 1.15 8026.1 168.5 1827 338.5 3670 47.64
2010 7.63 9003.5 199.6 2123 368.5 3920 45.11
2011 3.72 9734.8 224.75 2345 391.1 4080 43.31

GDP growth at constant 1985 prices in Philippine pesos:[25][23][26]

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 2012
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

Government budget

The national government budget for 2012 has set the following budget allocations:[27]

Budget Allocation Millions of Pesos
(PHP)		 Millions of US Dollars
(USD)		 %
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

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.

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.[28] 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]

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.[29] 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.[30] 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 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,[31] 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.[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]

Outsourcing

Main article: Business process outsourcing in the Philippines
File:Asiatown IT Park.jpg
Asiatown IT Park in Cebu
A business process outsourcing office in Bacolod

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.[32][33] 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 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 less expensive operational and labor costs and high proficiency in spoken English and highly educated labor pool. As of 2007, business process outsourcing was a $150 billion industry.

Economic indicators and international rankings

Ortigas Center
Organization Title As of Change from previous Ranking
International Monetary Fund Gross Domestic Product (PPP) 2011 (Steady) 32nd[34]
International Monetary Fund Gross Domestic Product (nominal) 2011 (Decrease 1) 46th[35]
International Monetary Fund GDP per Capita (PPP) 2011 (Steady) 126th[36]
International Monetary Fund GDP per Capita (nominal) 2011 (Decrease 1) 126th[37]
International Monetary Fund Foreign Reserves 2012 25th[38]
United Nations Population 2012 (Steady) 12th[39]
United Nations Area 2012 (Steady) 73rd[40]
United Nations Population Density 2010 45th[41]
Central Intelligence Agency Life Expectancy 2011 133rd out of 221st[42]
United Nations Literacy Rate 2011 84th out of 182nd[43]
The World Factbook External Debt 2010 46th[44]
World Tourism Organization Tourist Arrival 2010 (Increase 1) 52 out of 198[45]
United Nations Human Development Index 2011 (Increase 1) 112 out of 187[46]
World Economic Forum Global Competitiveness 2012 (Increase 10) 65 out of 144[47]
Fraser Institute Economic Freedom of the World 2012 (Increase 16) 61 out of 144[48]
World Economic Forum Global Gender Gap Report 2011 (Increase 1) 8 out of 135[49]
World Economic Forum Travel and Tourism Competitiveness 2011 94 out of 139[50]
World Economic Forum Global Enabling Trade Report 2012 (Increase 20) 72 out of 132[51]
World Bank Ease of Doing Business 2012 (Increase 12) 136 out of 183[52]
Transparency International Corruption Perceptions Index 2011 129 out of 183[53]
Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2012 (Increase 8) 107 out of 179[54]
The Economist Intelligence Unit Global Peace Index 2012 (Increase 3) 133 out of 158[55]
Reporters Without Borders Press Freedom Index 2011 (Increase 16) 140 out of 178[56]
World Economic Forum Financial Development Index 2011 44 out of 60[57]

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[58][59][60]
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
2012 (1st H) 6.1 5.4
* Computed at Constant 2000 Prices
** Source: NEDA and NSCB
Filipino exports in 2006
Graphical depiction of Philippines' product exports in 28 color coded categories.

Most of the following statistics are sourced from the CIA World Factbook - Philippines (as retrieved on May 15, 2010; figures are in US dollars unless otherwise indicated).

  • GDP - purchasing power parity: $411.9 billion (2011est.)[2]
  • GDP - real growth rate: 3.7% (2011)
  • GDP per capita purchasing power parity: $4,111 (2011 est. in 2011 US dollars)
  • GDP nominal: $224.8 billion (2011)[1]
  • GDP per capita: $2,345 (2011 est.)[61]
  • GDP - composition by sector:
    agriculture: 12.3%
    industry: 33.3%
    services: 54.4% (2011 est.)[4]
  • Population below poverty line:[4] 32.9% (2006 est.)[4]
  • Household income or consumption by percentage share:
    lowest 10%: 2.4%
    highest 10%: 31.2% (2006)[4]
  • Inflation rate (consumer prices): 5.3% (2011 est.),[4] 3.5% (September 2010)[62]
  • Labor force: 39.81 million (2011 est.)[4]
  • Labor force by occupation:
    agriculture 33%
    industry 15%
    services 52% (2011 est.)[4]
  • Unemployment rate: 7.2% (April 2011)[8]
  • Budget:
    revenues: $31.99 billion (2011 est.)[4]
    expenditures: $36.71 billion (2011 est.)[4]
  • Foreign Reserves: US$81.90 billion (September 2012)[21]
  • Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
  • Industrial production growth rate: 12.1% (2010 est.)[4]
  • Electricity - production: 59.19 billion kWh (2009 est.)[4]
  • Electricity - consumption: 54.4 billion kWh (2009 est.)[4]
  • Electricity - exports: 0 kWh (2007)[4]
  • Electricity - imports: 0 kWh (2007)[4]
  • Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish[4]
  • Exports: $54.17 billion (2011 est.); $69.46 billion (2010 est.)[4][63]
  • Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[4]
  • 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)[4]
  • Imports: $68.84 billion (2011 est.)[4]
  • Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[4]
  • 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)[4]
  • Debt - external: $62.41 billion (31 December 2011 est.)[4]
  • 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),[4] 55.086 (2005[citation needed])

See also

References

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  2. ^ a b "The Philippines GDP Data & Country Report | Global Finance". Gfmag.com. Retrieved 2012-10-12.
  3. ^ a b "Report for Selected Countries and Subjects". Imf.org. 2006-09-14. Retrieved 2012-10-12.
  4. ^ 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 CIA World Factbook, Philippines, Retrieved May 15, 2009.
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  6. ^ "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 (Table 18.1). {{cite book}}: Cite has empty unknown parameter: |separator= (help)CS1 maint: postscript (link)
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  14. ^ "Manila business". Sun.Star. Retrieved 2012-10-12.
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  16. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  17. ^ "S&P Raises Philippines' Credit Rating to Nine-Year High". Bloomberg. 2012-07-04.
  18. ^ Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.
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  23. ^ a b International Monetary Fund. (April 2012). World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2017]. Retrieved 2012-06-23 from the World Economic Outlook Database.
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  25. ^ 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 the Makati 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.
  26. ^ International Monetary Fund. (April 2002). "The World Economic Outlook (WEO) Database April 2002 – Real Gross Domestic Product (annual percent change) – All countries".
  27. ^ "President Aquino submits P2.006-T 2013 Empowerment Budget to Congress". Retrieved 2012-08-31. {{cite web}}: Cite has empty unknown parameters: |month= and |coauthors= (help)
  28. ^ Oslowski, Justin. (March 25, 2003). "Automotive Production in the Philippines". Industry Canada. Archived from the original on 2007-12-08. Retrieved 2007-12-11.
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  30. ^ "Texas Instruments in Baguio retrenches 392 employees - Equipment\cn-c114 ĄŞ C114 - China Communication Network". Cn-c114.net. Retrieved 2012-10-12.
  31. ^ 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 (2007). "Geothermal Energy Systems". Philosophical transactions. Series A, Mathematical, physical, and engineering sciences. 365 (1853). ResLab, Australia: 1057–94. doi:10.1098/rsta.2006.1964. PMID 17272236. Archived from the original on 2005-03-09. Retrieved 2007-12-11Template:Inconsistent citations {{cite journal}}: Unknown parameter |month= ignored (help)CS1 maint: multiple names: authors list (link) CS1 maint: postscript (link) (from internet archive)
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  34. ^ Largest GDP 2011 List of countries by GDP (PPP)
  35. ^ Largest GDP 2011 List of countries by GDP (nominal)
  36. ^ GDP Per Capita List of countries by GDP (PPP) per capita
  37. ^ GDP Per Capita List of countries by GDP (nominal) per capita
  38. ^ Foreign Reserves List of countries by foreign exchange reserves
  39. ^ Population List of countries by population
  40. ^ Area List of countries and outlying territories by total area
  41. ^ Population Density List of sovereign states and dependent territories by population density
  42. ^ "Life Expectancy". Cia.gov. Retrieved 2012-10-12.
  43. ^ Literacy Rate List of countries by literacy rate
  44. ^ Population Density List of countries by external debt
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  46. ^ Human Development Index 2011 List of countries by Human Development Index
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  49. ^ Global Gender Gap Global Gender Gap Report
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  54. ^ "Country Rankings: World & Global Economy Rankings on Economic Freedom". Heritage.org. 2012-01-12. Retrieved 2012-10-12.
  55. ^ Global Peace Index
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  58. ^ 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
  59. ^ National Economic and Development Authority (NEDA), Republic of the Philippines. "National Income Accounts (NIA) – GNP/GDP Matrices". Retrieved September 2010. {{cite web}}: Check date values in: |accessdate= (help)
  60. ^ Agcaoili, Lawrence. (November 26, 2010). GDP growth slows to 6.5% in 3rd quarter. The Philippine Star.
  61. ^ [4], International Monetary Fund.
  62. ^ National Statistics Office, Republic of the Philippines. (2010-10-05). "Consumer Price Index September 2010". Retrieved 2010-09-30.
  63. ^ Ho, Abigail. (December 28, 2010). DTI says export earnings to hit $100B by '16. The Philippine Daily Inquirer. Retrieved December 28, 2010.

Further reading

Wikimedia Commons has media related to Economy of the Philippines.

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