Short facts about the economy in Philippines
| Economy -
overview: |
In 1998 the Philippine economy - a
mixture of agriculture, light industry, and supporting services - deteriorated
as a result of spillover from the Asian financial crisis and poor weather
conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to
about 3% in 1999 and 3.6% in 2000. The government has promised to continue its
economic reforms to help the Philippines match the pace of development in the
newly industrialized countries of East Asia. The strategy includes improving
infrastructure, overhauling the tax system to bolster government revenues,
moving toward further deregulation and privatization of the economy, and
increasing trade integration with the region. |
| GDP: |
purchasing power parity - $310 billion
(2000 est.) |
| GDP - real
growth rate: |
3.6% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $3,800 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 20%
industry: 32%
services: 48% (1997
est.) |
| Population
below poverty line: |
41% (1997
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 1.5%
highest 10%: 39.3%
(1998) |
| Inflation
rate (consumer prices): |
5% (2000
est.) |
| Labor
force: |
48.1 million (2000
est.) |
| Labor force
- by occupation: |
agriculture 39.8%, government and
social services 19.4%, services 17.7%, manufacturing 9.8%, construction 5.8%,
other 7.5% (1998 est.) |
| Unemployment
rate: |
10%
(2000) |
| Budget: |
revenues: $14.5 billion
expenditures: $12.6 billion, including
capital expenditures of $NA (1998 est.) |
| Industries: |
textiles, pharmaceuticals, chemicals,
wood products, food processing, electronics assembly, petroleum refining,
fishing |
| Industrial
production growth rate: |
4% (2000
est.) |
| Electricity
- production: |
40.745 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 61.03%
hydro: 18.68%
nuclear:
0%
other: 20.29% (1999) |
| Electricity
- consumption: |
37.893 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
rice, coconuts, corn, sugarcane,
bananas, pineapples, mangoes; pork, eggs, beef;
fish |
| Exports: |
$38 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
electronic equipment, machinery and
transport equipment, garments, coconut products |
| Exports -
partners: |
US 34%, Japan 14%, Netherlands 8%,
Singapore 6%, UK 6%, Hong Kong 4% (1998) |
| Imports: |
$35 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
raw materials and intermediate goods,
capital goods, consumer goods, fuels |
| Imports -
partners: |
US 22%, Japan 20%, South Korea 8%,
Singapore 6%, Taiwan 5%, Hong Kong 4% (1998
est.) |
| Debt -
external: |
$52 billion
(1999) |
| Economic aid
- recipient: |
ODA, $1.1 billion
(1998) |
| Currency: |
Philippine peso
(PHP) |
| Exchange
rates: |
Philippine pesos per US dollar - 50.969
(January 2001), 44.192 (2000), 39.089 (1999), 40.893 (1998), 29.471 (1997),
26.216 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
