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The economy has weathered global economic and financial downturns better than its regional peers due to minimal
exposure to troubled international securities , lower dependence on exports, relatively resilient domestic consumption,
large remittances from four- to five-million overseas Filipino workers , and a rapidly expanding business process
outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves
are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2012 . Efforts
to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and
reduce high debt levels. The Philippines has received several credit rating upgrades on its sovereign debt, and has had
little difficulty tapping domestic and international markets to finance its deficits. Economic growth in the Philippines
averaged 4.5% during the MACAPAGAL-ARROYO administration, but poverty worsened during her term. Growth has
accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which
hovers around 7%, and improving the qualit y of jobs. Underemployment is nearly 20% and more than 40% of the employed
are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for
education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to
help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include
reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of
doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws
continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities).
Gross domestic product is defined by OECD as "an aggregate measure of production equal to the sum of the gross values
added of all resident institutional units engaged in production.
GDP (purchasing power parity):
$454.3 billion (2013 est.)
country comparison to the world: 3 2
$425.3 billion (2012 est.)
$398.2 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate):
$272.2 billion (2013 est.)
GDP - real growth rate:
6.8% (2013 est.)
country comparison to the world: 2 7
6.8% (2012 est.)
3.6% (2011 est.)
GDP - per capita (PPP):
$4,700 (2013 est.)
country comparison to the world: 1 6 5
$4,400 (2012 est.)
$4,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving:
22.9% of GDP (2013 est.)
country comparison to the world: 6 3
21.3% of GDP (2012 est.)
23.6% of GDP (2011 est.)
GDP - composition, by end use: