Economy of the Philippines - Wikipedia Page 1 of 15

Economy of the Philippines

From Wikipedia, the free encyclopedia

The Economy of the Philippines is the world's 34th largest economy by nominal GDP according to the 2017 estimate of
the International Monetary Fund's statistics, it is the 13th largest economy in Asia, and the 3rd largest economy in the Economy of the Philippines
ASEAN after Indonesia and Thailand. The Philippines is one of the emerging markets and is the sixth richest in Southeast
Asia by GDP per capita values, after the regional countries of Singapore, Brunei, Malaysia, Thailand and Indonesia.[25]

The Philippines is primarily considered a newly industrialized country, which has an economy transitioning from one based
on agriculture to one based more on services and manufacturing. As of 2017, GDP by Purchasing power parity was
estimated to be at $878.980 billion.[26]

Primary exports include semiconductors and electronic products, transport equipment, garments, copper products,
petroleum products, coconut oil, and fruits. Major trading partners include the Japan, China, United States, 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, 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.
From top to bottom. Bonifacio Global City, Ortigas
The Philippine economy is projected to be the 5th largest in Asia and 16th biggest in the world by 2050. According to the Center, Makati City
PricewaterhouseCoopers, it estimates that it will be the 12th to 14th richest economy in the world by 2060. While this
Currency Philippine peso (Filipino: piso;
opposes other reports from HSBC Holdings PLC, that by the year 2050, the Philippines will have been stated to surpass the
economy of Indonesia due to its yearly higher GDP growth rate of 6.5% (Second, after China). However, the economic sign: ; code: PHP)

statistics may still vary depending on the performance of the government every year. [27] Fiscal year Calendar year
Trade APEC, ASEAN, WTO, EAS,
Historical Annual GDP Growth Rates[28] organizations AFTA, ADB, and others
Date range Official rate Calculated rate[a] Statistics
18th century 0.1% GDP
(nominal) $348.593 billion (2017
19th century 0.6%
est.)[1]
20th century 2.7%
(PPP) $878.980 billion (2017 est.)
1900-1949 1.4% [1]

1950-1999 4.6% 4.0%

GDP rank 34th nominal (2017)
1950-1959 6.7% 5.9% 29th PPP (2017)
1960-1969 5.3% 4.7% GDP growth 6.4% (Q1 2017)[2]
1970-1979 6.5% 5.6% GDP per capita
1980-1989 11.0% 0.9% (nominal) $3,280 (2017 est.)[1]

1990-1999 3.2% 3.0% (PPP) $8,223 (2017 est.)[1]

a. The calculated figures express the change in the rate of creation of "real wealth".[29] GDP by sector agriculture: 9.49%
industry: 33.48%
services: 57.03%

Contents (2015)[3]
Inflation (CPI) 3.1% (May 2017)[4]
1
Pre Colonial Era (900s1565)
Population 21.6%[5]
2
Spanish Era: New Spain (15651815) below
3
Spanish Era: Spanish East Indies (181598) poverty line
4
First Philippine Republic (18991901) Gini coefficient 43.04 (2012)[6]
5
American Era (190135)
Labor force 64.80 million (April 2015)[7]
6
Commonwealth Era (193545)
6.1 World War II (194145) Labor force by services: 53%
6.2 Third Philippine Republic (194665) occupation agriculture: 32%
6.3 Marcos Era (196586) industry: 15%
6.4 Aquino Administration (198692) (2012 est.)[8]
6.5 Ramos Administration (199298)
Unemployment 4.7% (October 2016)[9]
6.6 Estrada Administration (19982001)
6.7 Macapagal-Arroyo's Administration (200110) Main industries electronics assembly, aerospace,
6.8 Benigno Aquino III's Administration (201016) business process outsourcing,
7 Macroeconomic trends food manufacturing, shipbuilding,
8 Composition by sector chemicals, textiles, garments,
8.1 Agriculture metals, petroleum refining,
8.2 Shipbuilding and repair fishing, rice[10]
8.3 Automotive Ease-of-doing- 99th (2017)[11]
8.4 Aerospace business rank
8.5 Electronics External
8.6 Mining and extraction
Exports $58.827 billion (2015)[12]
8.7 Offshoring & outsourcing
8.8 Tourism Export goods

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 2 of 15

9 Regional Accounts semiconductors and electronic

10 Economic indicators and international rankings products, transport equipment,
11 Statistics garments, copper products,
12 Government budget petroleum products, coconut oil,
13 See also fruits[13]
14 References Main export Japan 21.3%
15 Further reading partners United States 14.7%
16 External links China 12.4%
Hong Kong 8.0%
Singapore 7.3%
Pre Colonial Era (900s1565) South Korea 6.0%
Germany 4.1%
The economic history of the Philippine Islands had been traced back to the pre- Taiwan 3.5%
colonial times. The country which was then composed of different kingdoms and Thailand 3.4%
thalassocracies oversaw the large number of merchants coming to the islands for Indonesia 3.1% (2013 est.)
trade. Indian, Arab, Chinese and Japanese merchants were welcomed by these [14]
kingdoms, which were mostly located by riverbanks, coastal ports and central
plains. The merchants traded for goods such as gold, rice, pots and other products. Imports $71.067 billion (2015)[15]
The barter system was implemented at that time and the pre-colonial people enjoyed
a life filled with imported goods which reflected their fashion and lifestyle. Import goods electronic products, mineral fuels,
machinery and transport
From the 12th century, a huge industry centred around the manufacture and trade of equipment, iron and steel, textile
burnay clay pots, used for the storage of tea and other perishables, was set up in the fabrics, grains, chemicals, plastic
northern Philippines with Japanese and Okinawan traders. These pots were known [13]
as 'Ruson-tsukuri' (Luzon-made) in Japanese, and were considered among the best
storage vessels used for the purpose of keeping tea leaves and rice wine fresh. Main import China 12.9%
Hence, Ruson-Tsukuri pots became sought after in Northeast Asia. Each Philippine partners United States 11.2%
kiln had its own branding symbol, marked on the bottom of the Ruson-tsukuri by a Japan 8.4%
single baybayin letter. Taiwan 7.8%
South Korea 7.7%
The people also were great agriculturists and the islands especifically Luzon has
Japanese traders living in the Singapore 6.8%
great abundance of rice, fowls, wine as well as great numbers of carabaos, deer, wild
Philippines in the mid 16th century, Thailand 5.4%
boar and goats. In addition, there were also great quantities of cotton and colored
as encountered by Spanish explorers clothes, wax, honey and date palms produced by the natives. The Wangdom of Saudi Arabia 4.5%
in the Boxer Codex Pangasinan often exported deer-skins to Japan and Okinawa. The Nation of Ma-i Indonesia 4.5%
produced beeswax, cotton, true pearls, tortoise shell, medicinal betel nuts and yuta Germany 3.8
cloth in their trade with East Asia. The Kingdom of Tondo was also an entrepot for the distribution of Chinese goods across (2013 est.)[14]
the archipelago. The Kingdom of Maynila a vassal-state of the Sultanate of Brunei also became an entrepot, but between
FDI stock $8 billion (April 2016)[16]
Borneo and the Philippines.
Gross external $75.3 billion (2015)[17]
The Visayas islands which is home to the Kedatuan of Madja-as, the Kedatuan of Dapitan and the Rajahnate of Cebu on the debt
other hand were abundant in rice, fish, cotton, swine, fowls, wax and honey. Leyte was said to produce two rice crops a
Public finances
year, and Pedro Chirino commented on the great rice and cotton harvests that were sufficient to feed and clothe the people.
Public debt 35.5% of GDP (Q3 2016)[18]
In Mindanao, the Rajahnate of Butuan specialized in the mining of gold and the manufacture of jewelry. The Sultanate of
Maguindanao was known for the raising and harvesting of cinnamon. The Sultanate of Lanao had a fishing industry by lake Revenues $58.97 billion (2016 est.)
Lanao and the Sultanate of Sulu had lively pearl-diving operations. Expenses $65.73 billion (2016 est.)
Economic aid $1.67 billion[19]
The kingdoms of ancient Philippines were active in international trade, and they used the ocean as natural highways.[30]
Ancient peoples were engaged in long-range trading with their Asian neighbors as far as west as Maldives and as far as Credit rating
north as Japan. Standard & Poor's:[20]
BBB (Domestic)
Some historians even proposed that they also had regular contacts with the people of Western Micronesia because it was the BBB (Foreign)
only area in the Oceania that had rice crops, tuba (fermented coconut sap), and tradition of betel nut chewing when the first BBB+ (T&C Assessment)
Europeans arrived there. The uncanny resemblance of complex body tattoos among the Visayans and those of Borneo also
[31] Outlook: Stable[21]
proved some interesting connection between Borneo and ancient Philippines. Magellan's chronicler, Antonio Pigafetta,
mentioned that merchants and ambassadors from all surrounding areas came to pay tribute to the rajah of Sugbu (Cebu) for Moody's:[22]
the purpose of trade. While Magellan's crew were with the rajah, a representative from Siam was paying tribute to the rajah. Baa2
[31]
Miguel Lpez de Legazpi also wrote how merchants from Luzon and Mindoro had come to Cebu for trade, and he also Outlook: Stable

mentioned how the Chinese merchants regularly came to Luzon for the same purpose. [31]
The Visayan Islands had earlier Fitch:[23]
BBB-
encounters with Greek traders in 21 AD.[32] Its people enjoyed extensive trade contacts with other cultures. Indians,
Outlook: Positive
Japanese, Arabs, Vietnamese, Cambodians, Thais, Malays and Indonesians as traders or immigrants.[33][34]
Foreign reserves $85.90 billion (August 2016)
Aside from trade relations, the natives were also involved in aquaculture and fishing. The natives make use of the
[24]
salambao, which is a type of raft that utilizes a large fishing net which is lowered into the water via a type of lever made of
two criss-crossed poles. Night fishing was accomplished with the help of candles made from a particular type of resin
similar to the copal of Mexico. Use of safe pens for incubation and protection of the small fry from predators was also All values, unless otherwise stated, are in US
observed, and this method astonished the Spaniards at that time.[31] During fishing, large mesh nets were also used by the dollars.
natives to protect the young and ensure future good catches.

Spanish Era: New Spain (15651815)

.

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 3 of 15

The natives already had a great economy and were considered one of the economic centers in Asia when the Spanish colonized and
unified the islands. Their economy grew even further when the Spanish government inaugurated the Manila Galleon trade system.
Trading ships, settlers[35] and military reinforcements[36] made voyages once or twice per year across the Pacific Ocean from the port of
Acapulco in Mexico to Manila in the Philippines. Both cities were part of the then Province of New Spain.

Sample of Goods brought via
Manila Galleon in Acapulco
This trade made the city of Manila one of the major global cities in the world, improving the growth of the Philippine economy in the
succeeding years. Trade also introduced foodstuffs such as maize, tomatoes, potatoes, chili peppers, chocolate and pineapples from
Mexico and Peru. Tobacco, first domesticated in Latin-America, and then introduced to the Philippines, became an important cash crop
for Filipinos. The Philippines also became the distribution center of silver mined in the Americas, which was in high demand in Asia,
during the period.[37] In exchange for this silver, Manila gathered Indonesian spices, Chinese silks and Indian gems to be exported to
Mexico.[38]

The Manila Galleon system operated until 1815, when Mexico got its independence. Nevertheless, it didn't affect the economy of the islands.

On March 10, 1785, King Charles III of Spain confirmed the establishment of the Royal Philippine Company with a 25-year charter. The Basque-based company was granted
a monopoly on the importation of Chinese and Indian goods into the Philippines, as well as the shipping of the goods directly to Spain via the Cape of Good Hope.

Spanish Era: Spanish East Indies (181598)

After Spain lost Mexico as a territory, New Spain was dissolved making the Philippines and other Pacific islands to form the Spanish East
Indies. This resulted in the Philippines being governed directly by the King of Spain and the Captaincy General of the Philippines while
the Pacific islands of Northern Mariana Islands, Guam, Micronesia and Palau was governed by the Real Audiencia of Manila and was part
of the Philippine territorial governance.

It made the economy of the Philippines grow further as people saw the rise of opportunities. Agriculture remained the largest contributor
to economy, being the largest producer of coffee in Asia as well as a large produce of tobacco.

In Europe, the Industrial Revolution spread from Great Britain during the period known as the Victorian Age. The industrialization of
Europe created great demands for raw materials from the colonies, bringing with it investment and wealth, although this was very Calle Escolta, the economic center
unevenly distributed. Governor-General Basco had opened the Philippines to this trade. Previously, the Philippines was seen as a trading of 19th century Manila.
post for international trade but in the nineteenth century it was developed both as a source of raw materials and as a market for
manufactured goods. The economy of the Philippines rose rapidly and its local industries developed to satisfy the rising demands of an
industrializing Europe. A small flow of European immigrants came with the opening of the Suez Canal, which cut the travel time between Europe and the Philippines by half.
New ideas about government and society, which the friars and colonial authorities found dangerous, quickly found their way into the Philippines, notably through the
Freemasons, who along with others, spread the ideals of the American, French and other revolutions, including Spanish liberalism.

In 1834 the Royal Company of the Philippines was abolished, and free trade was formally recognized. With its excellent harbor, Manila became an open port for Asian,
European, and North American traders. European merchants alongside the Chinese immigrants opened stores selling goods from all parts of the world. The El Banco Espaol
Filipino de Isabel II (now the Bank of the Philippine Islands) was the first bank opened in the Philippines in 1851.

In 1873 additional ports were opened to foreign commerce, and by the late nineteenth century three cropstobacco, abaca, and sugardominated Philippine exports.

First Philippine Republic (18991901)

The economy of the Philippines during the insurgency of the First Philippine Republic remained the same throughout its early years but was halted due to the break out of the
PhilippineAmerican War. Nevertheless, during the era of the First Republic, the estimated GDP per capita for the Philippines in 1900 was of $1,033.00. That made it the
second richest place in all of Asia, just a little behind Japan ($1,135.00), and far ahead of China ($652.00) or India ($625.00).[39]

American Era (190135)

When the Americans defeated the first Philippine Republic and made the Philippines a showcase territory of the United States, the
country saw a redevelopment under the American system. Economy as well was re-developed. The Philippines saw the growth of the
economy once again after the war as the Americans built new public schools, transportation, reform system, boutiques, offices and civic
buildings.

When the Great Depression happened in the United States, the Philippines on the other hand wasn't affected. Instead, the US relied on the
Philippine economy throughout the depression era.

Commonwealth Era (193545) Manila in the 1900s

When the United States granted the Philippines commonwealth status, the country enjoyed a rapid growth of prosperity. Tourism,
industry, and agriculture were among the largest contributors to the economy. Products included abaca (a species of banana), coconuts
and coconut oil, sugar, and timber. Numerous other crops and livestock were grown for local consumption by the Filipino people.
Manila became one of the most visited cities in Asia alongside Hong Kong. Manila is considered the most beautiful city in Asia. This
draws tourists from around the world, helping to boost the Philippine economy.

The performance of the economy was good despite challenges from various agrarian uprisings. Taxes collected from a robust coconut
industry helped boost the economy by funding infrastructure and other development projects. The people enjoyed a first world
economy until the time when the Philippines was dragged into World War II. That resulted to a recession in the economy. 1930s Manila overlooking the Pasig
River and Manila Central Post Office
World War II (194145)

Due to the Japanese invasion establishing the unofficial Second Philippine Republic, the economic growth receded and food shortages occurred. Prioritizing the shortages of
food, Jose Laurel, the appointed President, organized an agency to distribute rice, even though most of the rice was confiscated by Japanese soldiers. Manila was one of the
many places in the country that suffered from severe shortages, due mainly to a typhoon that struck the country in November 1943. The people were forced to cultivate private
plots which produced root crops like kangkong. The Japanese, in order to raise rice production in the country, brought a quick-maturing horai rice, which was first used in
Taiwan. Horai rice was expected to make the Philippines self-sufficient in rice by 1943, but rains during 1942 prevented this.

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 4 of 15

Also during World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations; this is
known as the Japanese government-issued Philippine fiat peso.

The first issue in 1942 consisted of denominations of 1, 5, 10 and 50 centavos and 1, 5, and 10 Pesos. The next year brought
"replacement notes" of the 1, 5 and 10 Pesos while 1944 ushered in a 100 Peso note and soon after an inflationary 500 Pesos note. In
1945, the Japanese issued a 1,000 Pesos note. This set of new money, which was printed even before the war, became known in the
Philippines as Mickey Mouse money due to its very low value caused by severe inflation. Anti-Japanese newspapers portrayed stories
of going to the market laden with suitcases or "bayong" (native bags made of woven coconut or buri leaf strips) overflowing with the
Japanese-issued bills.[40] In 1944, a box of matches cost more than 100 Mickey Mouse pesos.[41] In 1945, a kilogram of camote cost
around 1000 Mickey Mouse pesos.[42] Inflation plagued the country with the devaluation of the Japanese money, evidenced by a 60%
inflation experienced in January 1944.[43]
Japanese Invasion Money
Philippines 500 Pesos
Third Philippine Republic (194665)

After the re-establishment of the Commonwealth in 1945, the country was left with a devastated city, food crisis and financial crisis. A year later in 1946, the Philippines got
its independence in America, creating the Third Philippine Republic.

In an effort to solve the massive socio-economic problems of the period, newly elected President Manuel Roxas reorganized the government, and proposed a wide-sweeping
legislative program. Among the undertakings of the Third Republic's initial year were: The establishment of the Rehabilitation Finance Corporation (which would be
reorganized in 1958 as the Development Bank of the Philippines);[44] the creation of the Department of Foreign Affair and the organization of the foreign service through
Executive Order No. 18; the GI Bill of Rights for Filipino veterans; and the revision of taxation laws to increase government revenues.[45]

President Roxas moved to strengthen sovereignty by proposing a Central Bank for the Philippines to administer the Philippine banking system[46] which was established by
Republic Act No. 265.

In leading a "cash-starved[47] government" that needed to attend a battered nation, President Roxas campaigned for the parity amendment to the 1935 Constitution. This
amendment, demanded by the Philippine Trade Relations Act or the Bell Trade Act,[48] would give American citizens and industries the right to utilize the countrys natural
resources in return for rehabilitation support from the United States. The President, with the approval of Congress, proposed this move to the nation through a plebiscite.

The Roxas administration also pioneered the foreign policy of the Republic. Vice President Elpidio Quirino was appointed Secretary of Foreign Affairs. General Carlos P.
Romulo, as permanent representative[49] of the Philippines to the United Nations, helped shape the countrys international identity in the newly established stage for
international diplomacy and relations. During the Roxas administration, the Philippines established diplomatic ties with foreign countries and gained membership to
international entities, such as the United Nations General Assembly, the United Nations Educational, Scientific and Cultural Organization (UNESCO), the World Health
Organization (WHO), the International Labor Organization (ILO), etc.

When President Carlos P. Garcia won the elections, his administration promoted the "Filipino First" policy, whose focal point was to regain economic independence; a
national effort by Filipinos to "obtain major and dominant participation in their economy."[50] The administration campaigned for the citizens' support in patronizing Filipino
products and services, and implemented import and currency controls favorable for Filipino industries.[51] In connection with the government's goal of self-sufficiency was the
"Austerity Program," which President Garcia described in his first State of the NatIon Address as "more work, more thrift, more productive investment, and more efficiency"
that aimed to mobilize national savings.[52] The Anti Graft and Corrupt Practices Act, through Republic Act No. 301, aimed to prevent corruption, and promote honesty and
public trust. Another achievement of the Garcia administration was the BohlenSerrano Agreement of 1959, which shortened the term of lease of the US military bases in the
country from the previous 99 to 25 years.[53]

President Diosdado Macapagal, during his inaugural address on December 30, 1961, emphasized the responsibilities and goals to be attained in the "new era" that was the
Macapagal administration. He reiterated his resolve to eradicate corruption, and assured the public that honesty would prevail in his presidency. President Macapagal, too,
aimed at self-sufficiency and the promotion of every citizen's welfare, through the partnership of the government and private sector, and to alleviate poverty by providing
solutions for unemployment.

Among the laws passed during the Macapagal administration were: Republic Act No. 3844 or the Agricultural Land Reform Code (an act that established the Land Bank of
the Philippines);[54] Republic Act No. 3466, which established the Emergency Employment Administration; Republic Act No. 3518, which established the Philippine Veterans
Bank; Republic Act No. 3470, which established the National Cottage Industries Development Authority (NACIDA) to organize, revive, and promote the establishment of
local cottage industries; and Republic Act No. 4156, which established the Philippine National Railways (PNR) to operate the national railroad and tramways. The
administration lifted foreign exchange controls as part of the decontrol program in an attempt to promote national economic stability and growth.

Marcos Era (196586)

President Ferdinand E. Marcos declared martial law in the midst of rising student movements and an increasing number communist and socialist groups lobbying for reforms
in their respective sectors. Leftists held rallies to express their frustrations to the government, this restiveness culminating in the First Quarter Storm, where activists stormed
Malacaang Palace only to be turned back by the Philippine Constabulary. This event in particular left four people dead and many injured after heavy exchanges of gunfire.
There was further unrest, and in the middle of the disorder on 21 September 1972, Marcos issued Proclamation No. 1081, effectively installing martial law in the Philippines,
a declaration that suspended civil rights and imposed military rule in the country.

The GDP of the Philippines rose during the martial law, rising from P55 million to P193 million in about 8 years. This growth was spurred by massive lending from
commercial banks, accounting for about 62% percent of external debt.[55] As a developing country, the Philippines during the martial law was one of the heaviest borrowers.
These aggressive moves were seen by critics as a means of legitimizing martial law by purportedly enhancing the chances of the country in the global market. Much of the
money was spent on pump-priming to improve infrastructure and promote tourism. However, despite the aggressive borrowing and spending policies, the Philippines lagged
behind its Southeast Asia counterparts in GDP growth rate per capita. The country, in 19701980, only registered an average 3.4 percent growth, while its counterparts like
Thailand, Malaysia, Singapore, and Indonesia garnered a mean growth of 5.4 percent.[55] This lag, which became very apparent at the end of the Marcos Regime, can be
attributed to the failures of economic management that was brought upon by State-run monopolies, mismanaged exchange rates, imprudent monetary policy and debt
management, all underpinned by rampant corruption and cronyism. As said by Emannuel de Dios []main characteristics distinguishing the Marcos years from other
periods of our history has been the trend towards the concentration of power in the hands of the government, and the use of governmental functions to dispense economic
privileges to some small factions in the private sector.[55]

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 5 of 15

There are few more palpable and glaring examples of the economic mismanagement of the time than the Bataan Nuclear Power Plant (BNPP) located in Morong, Bataan.
Started in the 1970s, the BNPP was supposed to boost the countrys competitiveness by providing affordable electricity to fuel industrialization and job creation in the
country. Far from this, the US$2.3 billion nuclear plant suffered from cost over-runs and engineering and structural issues which eventually led to its mothballingwithout
generating a single watt of electricity.

Income inequality grew during the era of martial law, as the poorest 60 percent of the nation were able to contribute only 22.5 percent of the income at 1980, down from 25.0
percent in 1970. The richest 10 percent, meanwhile, took a larger share of the income at 41.7 percent at 1980, up from 37.1 percent at 1970.[55] These trends coincided with
accusations of cronyism in the Marcos administration, as the administration faced questions of favoring certain companies that were close to the ruling family.

According to the FIES (Family Income and Expenditure Survey) conducted from 1965 to 1985, poverty incidence in the Philippines rose from 41 percent in 1965 to 58.9
percent in 1985. This can be attributed to lower real agricultural wages and lesser real wages for unskilled and skilled laborers. Real agricultural wages fell about 25 percent
from their 1962 level, while real wages for unskilled and skilled laborers decreased by about one-third of their 1962 level. It was observed that higher labor force participation
and higher incomes of the rich helped cushion the blow of the mentioned problems.

Aquino Administration (198692)

The Aquino administration took over an economy that had gone through socio-political disasters during the People Power revolution, where there was financial and
commodity collapse caused by an overall consumer cynicism, a result of the propaganda against cronies, social economic unrest resulting from numerous global shortages,
massive protests, lack of government transparency, the opposition's speculations, and various assassination attempts and failed coups. At that point in time, the country's
incurred debt from the Marcos Era's debt-driven development began crippling the country, which slowly made the Philippines the "Latin-American in East Asia" as it started
to experience the worst recession since the post-war era.

Most of the immediate efforts of the Aquino administration was directed in reforming the image of the country and paying off all debts, including those that some
governments were ready to write-off, as possible. This resulted in budget cuts and further aggravated the plight of the lower class because the jobs offered to them by the
government was now gone. Infrastructure projects, including repairs, were halted in secluded provinces turning concrete roads into asphalt. Privatization of many government
corporations, most catering utilities, was the priority of the Aquino administration which led to massive lay-offs and inflation. The Aquino administration was persistent in its
belief that the problems that arose from the removal of the previous administration can be solved by the decentralization of power.

Growth gradually began in the next few years of the administration. Somehow, there was still a short-lived, patchy, and erratic recovery from 1987 to 1991 as the political
situation stabilized a bit. With this, the peso became more competitive, confidence of investors was gradually regained, positive movements in terms of trade were realized,
and regional growth gradually strengthened.

Ramos Administration (199298)

The Ramos administration basically served its role as the carrier of the momentum of reform and as an important vehicle in "hastening the pace of liberalization and openness
in the country".[56] The administration was a proponent of capital account liberalization, which made the country more open to foreign trade, investments, and relations. It was
during this administration when the Bangko Sentral ng Pilipinas was established, and this administration was also when the Philippines joined the World Trade Organization
and other free trade associations such as the APEC. During the administration, debt reduction was also put into consideration and as such, the issuance of certain government
bonds called Brady Bonds also came to fruition in 1992. Key negotiations with conflicting forces in Mindanao actually became more successful during the administration,
which also highlighted the great role and contributions of Jose Almonte as the key adviser of this liberal administration.

By the time Ramos succeeded Corazon Aquino in 1992, the Philippine economy was already burdened with a heavy budget deficit. This was largely the result of austerity
measures imposed by a standard credit arrangement with the International Monetary Fund and the destruction caused by natural disasters such as the eruption of Mt. Pinatubo.
Hence, according to Canlas, pump priming through government spending was immediately ruled out due to the deficit. Ramos therefore resorted to institutional changes
through structural policy reforms, of which included privatization and deregulation. He sanctioned the formation of the Legislative-Executive Development Advisory Council
(LEDAC), which served as a forum for consensus building, on the part of the Executive and the Legislative branches, on important bills on economic policy reform measures
(4).

The daily brownouts that plagued the economy were also addressed through the enactment of policies that placed guaranteed rates. The economy during the first year of
Ramos administration suffered from severe power shortage, with frequent brownouts, each lasting from 8 to 12 hours. To resolve this problem, the Electric Power Crisis Act
was made into law together with the Build-Operate-Transfer Law. Twenty power plants were built because of these, and in effect, the administration was able to eliminate the
power shortage problems in December 1993 and sustained economic growth for some time.[57]

The economy seemed to be all set for long-run growth, as shown by sustainable and promising growth rates from 1994 to 1997. However, the Asian Crisis contagion which
started from Thailand and Korea started affecting the Philippines. This prompted the Philippine economy to plunge into continuous devaluation and very risky ventures,
resulting in property busts and a negative growth rate. The remarkable feat of the administration, however, was that it was able to withstand the contagion effect of the Asian
Crisis better than anybody else in the neighboring countries. Most important in the administration was that it made clear the important tenets of reform, which included
economic liberalization, stronger institutional foundations for development, redistribution, and political reform.[58]

Perhaps some of the most important policies and breakthroughs of the administration are the Capital Account Liberalization and the subsequent commitments to free trade
associations such as APEC, AFTA, GATT, and WTO. The liberalization and opening of the capital opening culminated in full-peso convertibility in 1992.[59] And then
another breakthrough is again, the establishment of the Bangko Sentral ng Pilipinas, which also involved the reduction of debts in that the debts of the old central bank were
taken off its books.

Estrada Administration (19982001)

Although Estrada's administration had to endure the continued shocks of the Asian Crisis contagion, the administration was also characterized by the administration's
economic mismanagement and "midnight cabinets." As if the pro-poor rhetoric, promises and drama were not really appalling enough, the administration also had "midnight
cabinets composed of 'drinking buddies' influencing the decisions of the "daytime cabinet'"[60]). Cronyism and other big issues caused the country's image of economic
stability to change towards the worse. And instead of adjustments happening, people saw further deterioration and hopelessness that better things can happen. Targeted
revenues were not reached, implementation of policies became very slow, and fiscal adjustments were not efficiently conceptualized and implemented. All those disasters
caused by numerous mistakes were made worse by the sudden entrance of the Jueteng controversy, which gave rise to the succeeding EDSA Revolutions.

Despite all these controversies, the administration still had some meaningful and profound policies to applaud. The administration presents a reprise of the population policy,
which involved the assisting of married couples to achieve their fertility goals, reduce unwanted fertility and match their unmet need for contraception. The administration
also pushed for budget appropriations for family planning and contraceptives, an effort that was eventually stopped due to the fact that the church condemned it.[61] The
administration was also able to implement a piece of its overall Poverty Alleviation Plan, which involved the delivery of social services, basic needs, and assistance to the

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 6 of 15

poor families. The Estrada administration also had limited contributions to Agrarian Reform, perhaps spurred by the acknowledgement that indeed, Agrarian Reform can also
address poverty and inequitable control over resources. In that regard, the administration establishes the program "Sustainable Agrarian Reform Communities-Technical
Support to Agrarian and Rural Development".[62] As for regional development, however, the administration had no notable contributions or breakthroughs.

Macapagal-Arroyo's Administration (200110)

The Arroyo administration, economically speaking, was a period of good growth rates simultaneous with the USA, due perhaps to the emergence of the Overseas Filipino
workers (OFW) and the Business Process Outsourcing (BPO). The emergence of the OFW and the BPO improved the contributions of OFW remittances and investments to
growth. In 2004, however, fiscal deficits grew and grew as tax collections fell, perhaps due to rampant and wide scale tax avoidance and tax evasion incidences. Fearing that a
doomsday prophecy featuring the [Argentina default] in 2002 might come to fruition, perhaps due to the same sort of fiscal crisis, the administration pushed for the enactment
of the 12% VAT and the E-VAT to increase tax revenue and address the large fiscal deficits. This boosted fiscal policy confidence and brought the economy back on track
once again.

Soon afterwards, political instability afflicted the country and the economy anew with Abu Sayyaf terrors intensifying. The administration's Legitimacy Crisis also became a
hot issue and threat to the authority of the Arroyo administration. Moreover, the Arroyo administration went through many raps and charges because of some controversial
deals such as the NBN-ZTE Broadband Deal. Due however to the support of local leaders and the majority of the House of Representatives, political stability was restored
and threats to the administration were quelled and subdued. Towards the end of the administration, high inflation rates for rice and oil in 2008 started to plague the country
anew, and this led to another fiscal crisis, which actually came along with the major recession that the United States and the rest of the world were actually experiencing.

The important policies of the Arroyo administration highlighted the importance of regional development, tourism, and foreign investments into the country. Therefore, apart
from the enactment and establishment of the E-VAT policy to address the worsening fiscal deficits, the administration also pushed for regional development studies in order
to address certain regional issues such as disparities in regional per capita income and the effects of commercial communities on rural growth.[63] The administration also
advocated for investments to improve tourism, especially in other unexplored regions that actually need development touches as well. To further improve tourism, the
administration launched the policy touching on Holiday Economics, which involves the changing of days in which we would celebrate certain holidays. Indeed, through the
Holiday Economics approach, investments and tourism really improved. As for investment, the Arroyo administration would normally go through lots of trips to other
countries in order to encourage foreign investments for the betterment of the Philippine economy and its development.

Benigno Aquino III's Administration (201016)

The Philippines consistently coined as one of the Newly Industrialized Countries has had a fair gain during the latter years under the Arroyo Presidency to the current
administration. The government managed foreign debts falling from 58% in 2008 to 47% of total government borrowings. According to the 2012 World Wealth Report, the
Philippines was the fastest growing economy in the world in 2010 with a GDP growth of 7.3% driven by the growing business process outsourcing and overseas remittances.
[64]

The country markedly slipped to 3.6% in 2011 after the government placed less emphasis on exports, as well as spending less on infrastructure. In addition, the disruption of
the flow of imports for raw materials as a result from floods in Thailand and the tsunami in Japan have affected the manufacturing sector in the same year. "The Philippines
contributed more than $125 million as of end-2011 to the pool of money disbursed by the International Monetary Fund to help address the financial crisis confronting
economies in Europe.This was according to the Bangko Sentral ng Pilipinas, which reported Tuesday that the Philippines, which enjoys growing foreign exchange reserves,
has made available about $251.5 million to the IMF to finance the assistance programthe Financial Transactions Plan (FTP)for crisis-stricken countries."[65]

Remarkably the economy grew by 6.59% in 2012 the same year the Supreme Court Chief Justice Renato Corona was impeached for a failed disclosure of statements of assets,
liabilities and network or SALN coherent to the anti-corruption campaign of the administration.[66] The Philippine Stock Exchange index ended in the year with 5,812.73
points a 32.95% growth from the 4,371.96-finish in 2011.[67]

BBB- investment grade by Fitch Ratings on the first quarter of 2013 for the country was made because of a resilient economy by remittances, growth despite the global
economic crisis in the last five years reforms by the VAT reform law of 2005, BSP inflation management, good governance reforms under the Aquino administration.[68]

Macroeconomic trends
The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2014 reported it
as the 39th 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 grouped in a second tier for emerging
markets or newly industrialized countries. Depending on 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 7.2% in 2013,
[69][70][71]
the highest GDP growth rates in Asia for the first two quarters of 2013, followed by China and Indonesia.[72]

A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the Historical growth of the Philippine economy from
International Monetary Fund.[73][74] 1961-2015

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 7 of 15

GDP growth GDP GDP GDP per GDP

GDP Peso vs
in percent in PHP in USD capita per
in USD Dollar
Year (constant Billion Billion in USD capita
Billion Exchange
prices, base (current (current (current in USD
(PPP) Rate
year = 2000) prices) prices) prices) (PPP)
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 26.22
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 3255 51.31
2007 6.62 6892.7 149.4 1684 309.9 3493 46.15
2008 4.15 7720.9 173.6 1919 329.0 3636 44.47
2009 1.15 8026.1 168.5 1851 335.4 3685 47.64
2010 7.63 9003.5 199.6 2155 365.3 3945 45.11
2011 3.64 9706.3 224.1 2379 386.1 4098 43.31
2012
[75] 6.82 10564.9 250.2 2611 419.6 4380 42.23

2013
[76] 7.16 11546.1 272.2 2792 454.3 4660 42.45

2014
[77] 6.10 12645.3 284.8 2844 642.8 6924 44.40

2015
[77] 5.8 13307.3 292.4 2863 741.0 6547 45.50

2016
[77]

GDP growth at constant 1985 prices in Philippine pesos:[73][78][79]

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
5.149 3.423 3.619 1.875 -7.324 -7.307 3.417 4.312 6.753 6.205
growth %

Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
GDP
3.037 -0.578 0.338 2.116 4.388 4.679 5.846 5.185 -0.577 3.082
growth %

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 8 of 15

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
GDP 6.1
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 7.2 [77] 5.8 6.8
growth %

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 abroad to work-known as Overseas Filipino Workers or OFWsare 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.[80] In 1994, more than $2 billion USD worth of remittance from Overseas Filipinos were sent to the Philippines.[81] In
2012, Filipino Americans sent 43% of all remittances sent to the Philippines, totaling to $10.6 billion USD.[82]

Agriculture

Agriculture employs 30% of the Filipino workforce as of 2014.[83] Agriculture accounts for 11% of Philippines GDP as of 2014.[84]
The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

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.[85] The Philippines is also the world's largest producer of pineapples, producing
2,458,420 million metric tons in 2013.[86]

Rice production in the Philippines is important to the food supply in the country and economy. The Philippines is the 8th largest rice
producer in the world, accounting for 2.8% of global rice production.[87] The Philippines was also the world's largest rice importer in
A rice field in Bulacan.
2010.[88] 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.[89] At least 17 provinces located in 8 regions of the country have
grown sugarcane crops, of which Negros island accounts for half of the countrys 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.[90] 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%.[91]

Shipbuilding and repair Pineapples in a market in Laguna.

The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas.
[92][93]
It became the fourth largest shipbuilding nation in 2010.[94][95] 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.[96] The countrys shipyards are now building ships like
bulk carriers, container ships and big passenger ferries. General Santos' shipyard is mainly for ship repair and maintenance.[97]

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.

In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.[98]

Automotive

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford,[99] Toyota,[100] 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.[101] 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.[102] Automotive sales in the Philippines moved up from 165,056 units in 2011 to over 180,000 in 2012. Japans automotive
manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines.[103]

Aerospace

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.[104]

Electronics

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[105] 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.[106] 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. Electronics and other
light industries are concentrated in Laguna, Cavite, Batangas and other CALABARZON provinces with sizable numbers found in Southern Philippines that account for most
of the country's export.

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 9 of 15

Mining and extraction

The country is rich in 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,[107] 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 Geothermal power station in Negros
infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.
Oriental.
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 & outsourcing

In 2008, the Philippines has surpassed India as the world leader in business process outsourcing.[108][109] The majority of the top ten
BPO firms of the United States operate in the Philippines.[110] The industry generated 100,000 jobs, 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, Dumaguete, Lipa, Iloilo City, and Naga City, Camarines Sur 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, A business process outsourcing office
financial services, online business to customer support, and online business-to-business support. Business process outsourcing (BPO) in Bacolod
is regarded as one of the fastest growing industries in the world. The Philippines is also considered as a location of choice due to its
many outsourcing benefits such as less expensive operational and labor costs, the high proficiency in spoken English of a significant number of its people, and a highly
educated labor pool. In 2011, the business process outsourcing industry in the Philippines generated 700 thousand jobs[111] and some US$11 billion in revenue,[112] 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.[113]

BPOs and the call center industry in general are also credited for the Philippines' recent economic growth resulting in investment status upgrades from credit ratings agencies
such as Fitch and S&P.[80]

With the Philippines being the 33rd largest economy in the world, the country continues to be a promising prospect for the BPO Industry. Just in August 2014, the Philippines
hit an all-time high for employment in the BPO industry. From 101,000 workers in 2004, the labor force in the industry has grown to over 930,000 in just the first quarter of
2014.[114]

Growth in the BPO industry continues to show significant improvements with an average annual expansion rate of 20%. Figures have shown that from $1.3 Billion in 2004,
export revenues from the BPO sector has increased to over $13.1 Billion in 2013. The IT and Business Process Association of the Philippines (IBPAP) also projects that the
sector will have an expected total revenue of $25 Billion in 2016.[114]

This growth in the industry is further promoted by the Philippine government. The industry is highlighted by the Philippines Development Plan as among the 10 high potential
and priority development areas. To further entice investors, government programs include different incentives such as tax holidays, tax exemptions, and simplified export and
import procedures. Additionally, training is also available for BPO applicants.[114]

Tourism

Tourism is an important sector for the Philippine economy, contributing 7.8% to the Philippine gross domestic product (GDP) in 2014.
[115]

The tourism industry employed 3.8 million Filipinos, or 10.2 per cent of national employment in 2011, according to data gathered by
the National Statistical Coordination Board. In a greater thrust by the Aquino administration to pump billion to employ 7.4 million
people by 2016, or about 18.8 per cent of the total workforce, contributing 8 per cent to 9 per cent to the nation's GDP.[116]

In 2014, the tourism sector contributed 1.4 trillion pesos to the country's economy.[117]

Regional Accounts Boracay, one of the country's top

tourist destinations.

Gross Regional Domestic Product (GRDP) is GDP measured at regional levels. Figures below are for the year 2015:

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 10 of 15

GRDP (in % of Agriculture (in % of Industry (in % of Services (in % of per capita
Region
B) GDP B) GRDP B) GRDP B) GRDP GRDP
Metro Manila 5,047.838 37.9 11.168 0.2 884.571 17.5 4,152.099 82.3 398,985
Cordillera 233.834 1.8 22.992 9.8 113.478 48.5 97.365 41.6 131,110
Ilocos 407.189 3.1 91.167 22.4 107.566 26.4 208.456 51.2 79,281
Cagayan Valley 235.728 1.8 87.988 37.3 34.250 14.5 113.491 48.1 67,391
Central Luzon 1,183.518 8.9 189.153 16.0 500.266 42.3 494.098 41.7 106,634
CALABARZON 2,060.578 15.5 118.176 5.7 1,216.491 59.0 725.911 35.2 145,859
MIMAROPA 204.303 1.5 54.904 26.9 59.918 29.3 89.481 43.8 66,132
Bicol 281.283 2.1 64.742 23.0 65.070 23.1 151.471 53.9 46,631
Western Visayas 546.888 4.1 123.272 22.5 122.535 22.4 301.081 55.1 70,984
Central Visayas 866.935 6.5 58.437 6.7 295.822 34.1 512.677 59.1 116,417
Eastern Visayas 269.760 2.0 51.881 19.2 105.776 39.2 112.103 41.6 59,455
Zamboanga
275.835 2.1 60.744 22.0 95.155 34.5 119.936 43.5 73,269
Peninsula
Northern Mindanao 516.255 3.9 126.546 24.5 165.295 32.0 224.413 43.5 109,685
Davao Region 563.793 4.2 107.215 19.0 167.960 29.8 288.618 51.2 113,597
SOCCSKSARGEN 355.963 2.7 104.409 29.3 109.475 30.8 142.079 39.9 77,397
Caraga 158.380 1.2 32.935 20.8 46.296 29.2 79.149 50.0 58,299
Muslim Mindanao 99.186 0.7 60.335 60.8 4.946 5.0 33.905 34.2 26,757
Total 13,307.265 100 1,366.063 10.3 4,094.870 30.8 7,846.332 59.0 131,026

Note: Green-colored cells indicate higher value or best performance in index, while yellow-colored cells indicate the opposite.

Economic indicators and international rankings

Organization Title As of Change from previous Ranking
International Monetary Fund Gross Domestic Product (PPP) 2016 ( 2) 29th[118]
International Monetary Fund Gross Domestic Product (nominal) 2016 ( 6) 33rd[119]
International Monetary Fund GDP per Capita (PPP) 2015 ( 1) 118th[120]
International Monetary Fund GDP per Capita (nominal) 2015 ( 5) 123rd[121]
International Monetary Fund Foreign Reserves 2016 ( ) 26th[122]
United Nations Population 2015 ( ) 12th[123]
United Nations Land Area 2015 ( ) 73rd[124]
Population Commission Population Density 2014 40th out of 242th[125]
World Health Organization Life Expectancy 2014 112th out of 193st[126]
Central Intelligence Agency Literacy Rate 2014 108th out of 194nd[127]
The World Factbook External Debt 2014 ( 3) 57th[128]
United Nations Human Development Index 2014 ( 1) 117 out of 187[129]
World Economic Forum Global Competitiveness 2016-2017 ( 5) 57 out of 148[130]
Fraser Institute Economic Freedom of the World 2014 ( 5) 51 out of 144[131]
World Economic Forum Global Gender Gap Report 2014 ( 4) 9 out of 142[132]
World Economic Forum Travel and Tourism Competitiveness 2015 ( 8) 74 out of 140[133]
World Economic Forum Global Enabling Trade Report 2014 ( 8) 64 out of 138[134]
World Bank Ease of Doing Business 2014 ( 13) 95 out of 183[135]
Transparency International Corruption Perceptions Index 2014 ( 9) 85 out of 177[136]
The Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2014 ( 8) 89 out of 178[137]
The Economist Intelligence Unit Global Peace Index 2013 ( 5) 134 out of 158[138]
Reporters Without Borders Press Freedom Index 2015 ( 6) 141 out of 178[139]
World Economic Forum Financial Development Index 2012 ( 5) 49 out of 60[140]

Statistics
Most of the following statistics are sourced from the International Monetary Fund Philippines (http://www.imf.org/external/pubs/ft/weo/2012/02/weodata/weorept.aspx?
sy=2008&ey=2012&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CLP&grp=0&a=&pr.x=35&pr.y=15#Econ)
(as of 2012; figures are in US dollars unless otherwise indicated).

GDP purchasing power parity: $751.770 billion (2015)

GDP real growth rate: 5.6% (Q2 2015)

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 11 of 15

GDP per capita purchasing power parity: $6,985.680 (2014)

Economic growth[141][142][143]
GDP nominal: $330.259 billion (2015)
GDP per capita: $2,913.344 (2014)[144] Year % GDP % GNI
GDP composition by sector: 1999 3.1 2.7
2000 4.4 7.7
agriculture: 10.3%
2001 2.9 3.6
industry: 30.9%
2002 3.6 4.1
services: 58.8% (2015 est.)[13]
2003 5.0 8.5
Population below poverty line: less than $1.25 / 10.41% (2009) 2004 6.7 7.1
less than $2 / 25.2% (2012),[145] 26.3% (2009),[145] 32.9% (2006 est.)[13] 2005 4.8 7.0
Household income or consumption by percentage share:
2006 5.2 5.0
lowest 10%: 2.9% 2007 7.1 6.2
highest 10%: 30.5% (2012 est.)[13] 2008 4.2 5.0
2009 1.1 6.1
Inflation rate (consumer prices): 1.4% (2015 est.), 4.1% (2014 est.), 5.3% (2011 est.), [13]
2010 7.6 8.2
3.5% (September 2010)[146]
2011 3.7 2.6
Labor force: 41.37 million (2015 est.)[13]
Labor force by occupation: 2012[77] 6.8 6.5
2013[77] 7.2 7.5
agriculture 29% Percentage of population in 2007 living
industry 16% 2014[77] 6.1 5.8 below poverty line, by province. Provinces
services 55% (2015 est.)[13] 2015 [77]
5.8 5.4 with darker shades have more people
2016 living below the poverty line.
Unemployment rate: 6.3% (2015 est.), 6.8% (2014 est.)[13] 7.5% (April 2013),[147] 6.9%
* Computed at Constant 2000 Prices
(April 2012),[147] 7.2% (April 2011)[148]
** Source: NEDA and NSCB
Budget:

revenues: $34.58 billion (2013),[149] $46.64 billion (2015 est.)[13]

expenditures: $44.29 billion (2013),[149] $47.76 billion (2015 est.)[13]

Foreign Reserves: US$85.761 billion (January 2013)[150]

Industries: electronics assembly, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, food
processing, petroleum refining, fishing
Industrial production growth rate: 6% (2015 est.)[13]
Filipino exports in 2006
Electricity production: 75.27 billion kWh (2013 est.)[13]
Electricity consumption: 75.27 billion kWh (2013 est.)[13]
Electricity exports: 0 kWh (2013)[13]
Electricity imports: 0 kWh (2013)[13]
Agriculture products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef;
fish[13]
Exports: $58.65 billion (Jan-Sept 2015 est.) $62.1 billion (2014) $53.98 billion (2013)[151]$54.17 billion (2011 est.);
$69.46 billion (2010 est.)[13][152]
Exports commodities: semiconductors and electronic products, transport equipment, garments, copper products,
petroleum products, coconut oil, fruits[13]
Exports partners: Japan 21%, United States 15%, China 11%, Hong Kong 10.6%, Singapore 6.2%, Germany 4.5%,
South Korea 4.3% (2015)[13]
Imports: $66.69 billion (2015), $65.4 billion (2014), $61.831 billion (2013),[151] $68.84 billion (2011 est.)[13]
Graphical depiction of Philippines' product
Imports commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile
exports in 28 color-coded categories.
fabrics, grains, chemicals, plastic[13]
Imports partners: China 16.2%, United States 10.8%, Japan 9.6%, Singapore 7%, South Korea 6.5%, Thailand
6.4%, Malaysia 4.7, Indonesia 4.4% (2015)[13]
Debt external: $75.61 billion (30 September 2015 est.)[13]
Currency: 1 Philippine peso () = 100 centavos
Exchange rates: Philippine pesos (PHP) per US dollar 45.50 (2015) 44.39 (2014 average),[153] 42.43 (2012 average),[153] 43.44 (2011), 45.11 (2010), 47.68 (2009),
44.439 (2008), 46.148 (2007), 51.246 (2006),[13] 55.086 (2005)

Government budget
The national government budget for 2016 has set the following budget allocations:[154]

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia
Billions of Pesos Billions of US Dollars
Budget Allocation
(PHP) (USD)
Department of Education 435.9 9.54
Department of Public Works and Highways 394.5 8.64
Department of National Defense 172.7 3.78
Department of Interior and Local Government 154.5 3.38
Department of Health 128.4 2.81
Department of Social Welfare and Development 104.2 2.28
Department of Agriculture 93.4 2.05
Department of Finance 55.3 1.21
Department of Transportation and Communications 49.3 1.08
Department of Environment and Natural Resources 25.8 0.56
Department of Science and Technology 18.6 0.41
See also
List of companies of the Philippines
Next Eleven
Tiger Cub Economies
Newly Industrialized countries
Economy of Asia
Emerging markets
Bamboo network
References
1. "Philippines" (http://www.imf.org/external/pubs/ft/weo/2017/01/weodata/weorept.aspx?
pr.x=59&pr.y=10&sy=2017&ey=2017&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a=).
International Monetary Fund. October 2016.
2. http://www.philstar.com/business/2017/05/18/1701194/philippine-economy-
grows-6.4-q1-2017
3. "Summary Tables" (http://www.nscb.gov.ph/sna/2015/4th2015/tables/1Q4-
Rev1_Summary_93SNA.pdf) (PDF). Retrieved 8 March 2009.
4. http://www.bsp.gov.ph/statistics/spei_new/tab34_inf.htm
5. Torres, Ted (October 28, 2016). Philippine Star
http://www.philstar.com/headlines/2016/10/28/1638032/poverty-incidence-drops-21.6.
Retrieved October 28, 2016. Missing or empty |title= (help)
6. http://data.worldbank.org/indicator/SI.POV.GINI?
end=2012&locations=PH&start=2012&view=bar
7. http://business.inquirer.net/193337/unemployment-eased-to-6-4-in-april. Retrieved
10 June 2015. Missing or empty |title= (help)
8. "The World Factbook" (https://www.cia.gov/library/publications/the-world-
factbook/geos/rp.html#Econ). Retrieved 3 March 2015.
9. "THRIVING ECONOMY CONTINUES TO BOOST LABOR MARKET"
(http://www.neda.gov.ph/2016/12/13/thriving-economy-continues-to-boost-labor-
market/). Philippines. 13 December 2016. Retrieved 13 December 2016.
10. "Manufacturing"
(http://www.nscb.gov.ph/sna/2015/4th2015/tables/10MFG_93SNA_Q4.pdf) (PDF).
Retrieved 8 April 2016.
11. "Doing Business in the Philippines" (http://www.rappler.com/business/economy-
watch/150324-philippines-2017-world-bank-doing-business). Rappler. Retrieved
October 26, 2016.
12. "Final Foreign Trade Statistics January to December 2015"
(http://psa.gov.ph/content/foreign-trade-statistics-philippines-first-semester-2015).
13. CIA World Factbook, Philippines (https://www.cia.gov/library/publications/the-world-
factbook/geos/rp.html#Econ), Retrieved May 15, 2009.
14. https://psa.gov.ph/content/foreign-trade-statistics-philippines-2013
15. "Final Foreign Trade Statistics January to December 2015"
(http://psa.gov.ph/content/foreign-trade-statistics-philippines-first-semester-2015).
16. http://www.philstar.com/business/2016/08/01/1608614/philippines-emerging-winner-fdi
17. http://www.bsp.gov.ph/publications/media.asp?id=3761
18. . 2016-04-08= http://business.inquirer.net/209294/aquino-to-leave-behind-crisis-proof-
economy-says-capital-economics. Retrieved 2016-04-08. Check date values in: |date=
(help); Missing or empty |title= (help)
19. "NEDA: Foreign aid releases slightly increased in 2011 | Inquirer Business"
(http://business.inquirer.net/47637/neda-foreign-aid-releases-slightly-increased-in-
2011). Business.inquirer.net. 2012-03-05. Retrieved 2012-10-12.
20. "Sovereigns rating list" (http://www.standardandpoors.com/ratings/sovereigns/ratings-
list/en/us/;jsessionid=8mvCP9QJRpZy1TydR4GnWF3L8TSH78jsdN0Rf11qw24CBsJjnS5t!
1005972207?subSectorCode=39&start=50&range=50). Standard & Poor's. Retrieved
8 May 2014.
21. "Philippines secures 2nd investment grade rating from S&P"
(http://www.philstar.com/business/2013/05/02/937476/philippines-secures-2nd-
investment-grade-rating-sp). Philippine Star Business. 2013-10-09.
22. "Rating Action: Moody's upgrades Philippines to Baa2, outlook stable"
(https://www.moodys.com/research/Moodys-upgrades-Philippines-to-Baa2-outlook-
stable--PR_314504). Moody's Investors Service. 2014-12-11. Retrieved 2014-12-12.
23. "Fitch Revises the Philippines' Outlook to Positive; Affirms at 'BBB-' "
(https://www.reuters.com/article/2015/09/24/idUSFit93497020150924). Reuters.
Reuters. 25 March 2015. Retrieved 27 March 2013.
https://en.wikipedia.org/wiki/Economy_of_the_Philippines
Page 12 of 15
%
14.52
13.14
5.75
5.14
4.28
3.47
3.11
1.84
1.64
0.85
0
24. http://www.bsp.gov.ph/publications/media.asp?id=4163
25. "World Economic Outlook Database"
(http://www.imf.org/external/pubs/ft/weo/2016/01/weodata/index.aspx). Retrieved
13 April 2016.
26. [1] (http://www.imf.org/external/pubs/ft/weo/2016/01/weodata/weorept.aspx?
pr.x=23&pr.y=10&sy=2016&ey=2016&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=PPPGDP&grp
27. http://www.bworldonline.com/content.php?section=Economy&title=phl-economy-
projected-as-16th-biggest-by-2050----hsbc&id=119247. |first1= missing |last1= in
Authors list (help); Missing or empty |title= (help)
28. Sabillon, Carlos (2005). World Economic Historical Statistics
(https://books.google.com/books?id=FWAiCwAAQBAJ). Algora Publishing. pp. 7
(https://books.google.com.ph/books?
id=FWAiCwAAQBAJ&pg=PA7e&dq=%22growth%20rates%20presented%22), 111
(https://books.google.com.ph/books?
id=FWAiCwAAQBAJ&pg=PA7e&dq=calculated+official), 158
(https://books.google.com.ph/books?id=FWAiCwAAQBAJ&pg=PA158). ISBN 978-0-
87586-353-5.
29. Sabillon 2005, p. 111 (https://books.google.com.ph/books?
id=FWAiCwAAQBAJ&pg=PA111e&dq=%22real+wealth%22)
30. From the mountains to the seas
(http://www.manilatimes.net/national/2009/jan/18/yehey/weekend/20090118week1.html).
Mallari, Perry Gil S. The Manila Times. January 18, 2009.
31. Ancient Philippine Civilization
(https://web.archive.org/web/20071201054321/http://www.geocities.com/Tokyo/Temple/9845/tech.htm).
Accessed January 7, 2013.(archived from the original
(http://www.geocities.com/Tokyo/Temple/9845/tech.htm) on 2007-12-01)
32. Felix Regalado and Quentin B. Franco, History of Panay (Iloilo City, Central
Philippines University: 1973) ed., Eliza B. Grimo, p. 78.
33. The Cultural Influences of India, China, Arabia, and Japan Philippine Almanac
(http://www.philippinealmanac.com/2010/07/528/the-cultural-influences-of-india-china-
arabia-and-japan.html) Archived
(https://web.archive.org/web/20120701000000/http://www.philippinealmanac.com/2010/07/528/the-
cultural-influences-of-india-china-arabia-and-japan.html) July 1, 2012, at the Wayback
Machine.
34. Cebu, a Port City in Prehistoric and in Present Times (http://cebu-
online.com/swum/html/exhibits.html). Accessed September 05, 2008.
35. "Forced Migration in the Spanish Pacific World" By Eva Maria Mehl, page 235.
36. Letter from Fajardo to Felipe III From Manila, August 15 1620.(From the Spanish
Archives of the Indies) (http://www.gutenberg.org/files/16086/16086-h/16086-h.htm)
("The infantry does not amount to two hundred men, in three companies. If these men
were that number, and Spaniards, it would not be so bad; but, although I have not seen
them, because they have not yet arrived here, I am told that they are, as at other times,
for the most part boys, mestizos, and mulattoes, with some Indians (Native
Americans). There is no little cause for regret in the great sums that renforcements of
such men waste for, and cost, your Majesty. I cannot see what betterment there will be
until your Majesty shall provide it, since I do not think, that more can be done in Nueva
Spaa, although the viceroy must be endeavoring to do so, as he is ordered.")
37. 1996. Silk for Silver: Manila-Macao Trade in the 17th Century. Philippine Studies 44,
1:52-68.
38. Chuan, Hang-sheng. 2001. The Chinese Silk Trade with Spanish-America from the
Late Ming Period to the Mid-Ching Period. In Studia Asiatica Essays in Asian Studies
in Felicitation to the Seventy-fifth Anniversary of Professor Chen Shouyi, ed. Laurence
G. Thompson, 99-117. San Francisco: Chinese Materials Center.
12/07/2017
Economy of the Philippines - Wikipedia
39. NationMaster (2010). "GDP per capita in 1900 by country. Definition, graph and map."
(http://www.nationmaster.com/graph/eco_gdp_per_cap_in_190-economy-gdp-per-
capita-1900). Retrieved 2010-12-12.
40. Kasaysayan: History of the Filipino People, Volume 7. Reader's Digest. 1990.
41. Agoncillo, Teodoro A. & Guerrero, Milagros C., History of the Filipino People, 1986,
R.P. Garcia Publishing Company, Quezon City, Philippines
42. Ocampo, Ambeth (2010). Looking Back 3: Death by Garrote. Anvil Publishing, Inc.
pp. 2225.
43. Hartendorp, A. (1958) History of Industry and Trade of the Philippines, Manila:
American Chamber of Commerce on the Philippines, Inc.
44. History of the Development Bank of the Philippines, About DBP accessed on July 2,
2015
45. Blue Book of the First Year of the Republic, Manila: Bureau of Printing, 1947, p. 27
46. "Creating a Central Bank for the Philippines", Bangko Sentral ng Pilipinas website,
accessed on July 2, 2015
47. Gleeck, Lewis, The Third Republic, New Day Publishers, Quezon City,1993, p.47
48. Leclerc, Grgoire and Hall, Charles A. S., Making World Development Work: Scientific
Alternatives to Neoclassical Economic Theory, (New Mexico: University of New
Mexico Press, 2007)
49. Castro, Pacifico A., Diplomatic Agenda of the Philippine Presidents, Foreign Service
Institute, Manila, 1985, p. 1.
50. Carlos P. Garcia, "Third State of the Nation Address," January 25, 1960, Official
Gazette, January 25, 1960, accessed on July 2, 2015,
51. Abinales, Patricio N., Amoroso, Donna J., State and Society in the Philippines.
Maryland: Rowman & Little Publishers, Inc., 2005. p. 182,
52. McFerson, Hazel M. Mixed Blessing: The Impact of the American Colonial Experience
on Politics and Society in the Philippines. Connecticut: Greenwood Press, 2002., p. 227, 85. Hayami, Yjir; Quisumbing, Maria Agnes R.; Adriano, Lourdes S. (1990). Toward an
53. Cooley, Alexander, Base Politics: Dramatic Change and the U.S. Military Overseas,
NY: Cornell University Press, 2008, p. 68,
54. "History: Milestones in Corporate Existence", Landbank web site, accessed on July 2,
2015,
55. De Dios, Emmanuel (1984). An Analysis of the Philippine Economic Crisis. Diliman,
Q.C.: University of the Philippines Press.
56. Balisacan and Hill, The Philippine Economy, p. 106
57. Canlas, p. 45
58. Balisacan and Hill, The Philippine Economy, p. 5759
59. Balisacan and Hill, 'The Philippine Economy, p. 21
60. Balisacan and Hill, The Philippine Economy, p. 19
61. Balisacan and Hill, The Philippine Economy, p. 299
62. Villegas, p. 646647
63. Balisacan and Hill, The Dynamics, p. 378
64. "Philippines, 6th fastest growing in the world: wealth report"
(http://www.rappler.com/business/10928-ph-to-post-high-growth-until-2050). Rappler.
Aug 21, 2012. Retrieved Aug 21, 2012.
65. "Philippines contributed $125M to IMF as of end-11"
(http://business.inquirer.net/45725/philippines-contributed-125m-to-imf-as-of-
end-%E2%80%9911). Philippine Daily Inquirer. Feb 22, 2012. Retrieved Feb 22, 2012.
66. "Senate votes 203 to convict Corona" (http://newsinfo.inquirer.net/202929/senate-
convicts-corona). Philippine Daily Inquirer. May 29, 2012. Retrieved May 30, 2012.
67. "PSEi ends 2012 in the green, up 33% from last year" (http://www.abs-
cbnnews.com/business/12/28/12/psei-ends-2012-green-33-last-year). ABS-CBN News.
Dec 28, 2012. Retrieved Dec 28, 2012.
68. "A first: Investment grade rating for PH" (http://www.rappler.com/business/economy-
watch/24936-a-first-investment-grade-rating-for-ph). Rappler. March 27, 2013.
Retrieved March 27, 2013.
69. "Philippine Economy Grew by 7.2 percent in 2013"
(http://www.nscb.gov.ph/sna/2013/4th2013/2013qpr4.asp). National Statistical
Coordination Board. Retrieved March 12, 2014.
70. "Philippine economy grows a stunning 7.8%" (http://ph.news.yahoo.com/philippine-
economy-grows-stunning-7-8-
035003196.html;_ylt=And_vSsTuTZKHC1wcZVMrbHhV8d_;_ylu=X3oDMTJwdWRrbjhxBG1pdANJQiBtb2R1bGUEcGtnAzhiNDM4YWQyLTNmZTctM2NhMS1iYjE0LWJmMmU4Njg3MTMzMgRwb
Asia News Network. Retrieved June 6, 2013.
71. "2012 PH GDP growth revised to 6.8 pct" (http://www.abs-
cbnnews.com/business/05/29/13/2012-ph-gdp-growth-revised-68-pct). ABS-CBN
News. Retrieved June 10, 2013.
72. "Philippines is fastest growing Asian country for first quarter of 2013"
(http://newsinfo.inquirer.net/417531/philippines-is-fastest-growing-asian-country-for-
first-quarter-of-2013). Inquirer News. Retrieved June 10, 2013.
73. International Monetary Fund. (April 2012). World Economic Outlook Data, By Country
Philippines: [selected annual data for 19802017]
(http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weorept.aspx?
sy=1980&ey=2017&ssm=1&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=40&pr1.y=11&c=566&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC
Retrieved 2012-06-23 from the World Economic Outlook Database.
74. 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&=566%2C111&=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPP
75. "Report for Selected Countries and Subjects"
(http://www.imf.org/external/pubs/ft/weo/2013/01/weodata/weorept.aspx?
sy=2011&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a=&pr.x=80&pr.y=15).
Imf.org. 2013-04-16. Retrieved 2013-04-19.
76. "Report for Selected Countries and Subjects"
(http://www.imf.org/external/pubs/ft/weo/2013/02/weodata/weorept.aspx?
pr.x=50&pr.y=4&sy=2006&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPPPSH&g
Retrieved 3 March 2015.
77. Philippine Statistics Authority National Statistical Coordination Board
(http://www.nscb.gov.ph/sna/default.asp), Retrieved April 23, 2014.
https://en.wikipedia.org/wiki/Economy_of_the_Philippines
Page 13 of 15
78. 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
19802015] (http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/weorept.aspx?
pr.x=38&pr.y=9&sy=1980&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDP_R%2C
Retrieved 2011-01-31 from the World Economic Outlook Database.
79. 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).
80. King del Rosario. "MBA Buzz: More Funds in the Philippines"
(http://e.globis.jp/article/000253.html). Retrieved 2013-06-11.
81. Kevin Starr (22 June 2011). Coast of Dreams (https://books.google.com/books?
id=fw5N5qg5BHQC&pg=PA159). Knopf Doubleday Publishing Group. p. 159.
ISBN 978-0-307-79526-7.
82. Drew Desilver (13 November 2013). "More than 3.4M Americans trace their ancestry to
the Philippines" (http://www.pewresearch.org/fact-tank/2013/11/13/more-than-3-4m-
americans-trace-ancestry-to-philippines/). Fact Tank. Pew Research Center. Retrieved
19 December 2014.
83. "Employment in agriculture (% of total employment)"
(http://data.worldbank.org/indicator/SL.AGR.EMPL.ZS). Retrieved 3 March 2015.
84. "Agriculture, value added (% of GDP)"
(http://data.worldbank.org/indicator/NV.AGR.TOTL.ZS/countries). Retrieved 3 March
2015.
alternative land reform paradigm: a Philippine perspective
(https://books.google.com/books?id=6qGEpP8nI4MC&pg=PA108). Ateneo de Manila
University Press. p. 108. ISBN 978-971-11-3096-1. Retrieved 15 November 2011.
86. FAO. "Food and Agricultural commodities production / Commodities by country"
(http://faostat3.fao.org/browse/rankings/commodities_by_country/E). Retrieved 26 May
2016.
87. Faostat (http://faostat3.fao.org/browse/rankings/countries_by_commodity/E)
88. "Factbox - Top 10 rice exporting, importing countries"
(http://uk.reuters.com/article/2011/01/28/uk-rice-exporters-
idUKTRE70R1LY20110128?pageNumber=1). Reuters. 28 January 2011. Retrieved
30 March 2011.
89. "ESS Website ESS : Statistics home" (http://www.fao.org/es/ess/top/commodity.html?
lang=en&item=156&year=2005). Retrieved 3 March 2015.
90. "Historical Statistics" (http://www.sra.gov.ph/historical-statistics/). Retrieved 3 March
2015.
91. Master Plan For the Philippine Sugar Industry. Sugar Master Plan Foundation, Inc.
2010. p. 7.
92. "Philippines Shipbuilding Hub In Asia-Pacific" (http://ph.news.yahoo.com/philippines-
shipbuilding-hub-asia-pacific-085144615.html). Yahoo News Philippines. 4 December
2012. Retrieved 3 March 2015.
93. "Business - Cebu shipbuilder to deliver PHs largest vessel - INQUIRER.net"
(http://business.inquirer.net/money/topstories/view/20101108-302166/Cebu-shipbuilder-
to-deliver-PHs-largest-vessel). Retrieved 3 March 2015.
94. http://www.crossworldmarine.com/index.php?
option=com_content&view=article&id=85:philippines-one-of-the-worlds-leaders-in-
shipbuilding&catid=6:press-releases&Itemid=26
95. John Pike. "Philippine Shipbuilding Industry"
(http://www.globalsecurity.org/military/world/philippines/industry-shipbuilding.htm).
Retrieved 3 March 2015.
96. "New era as shipbuilding production begins in the Philippines"
(http://www.shippingtimes.co.uk/item534_hanjin_philippines.htm). Retrieved 3 March
2015.
97. William Poole. "Big ambitions for Philippines shipbuilding"
(http://bairdmaritime.com/index.php?
option=com_content&view=article&id=10917:big-ambitions-for-philippines-
shipbuilding&catid=113:ports-and-shipping&Itemid=208). Retrieved 3 March 2015.
98. http://www.businessmirror.com.ph/index.php/news/top-news/3760-filipino-firm-invests-
p259m-for-shipyard-in-navotas
99. "Ford Philippines - The Ford Philippines Assembly Plant"
(http://www.ford.com.ph/servlet/ContentServer?
cid=1137383217885&pagename=Page&c=DFYPage&site=FPH). Retrieved 3 March
2015.
100. Toyota defends assembly of small cars in the Philippines | Manila Bulletin
(http://www.mb.com.ph/articles/301368/toyota-defends-assembly-small-cars-
philippines#.UKIcCmd9uSo)
101. Oslowski, Justin. (March 25, 2003). "Automotive Production in the Philippines"
(https://web.archive.org/web/20071208161345/http://strategis.ic.gc.ca/epic/site/imr-
ri.nsf/en/gr115011e.html). Industry Canada. Archived from the original
(http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html) on 2007-12-08.
Retrieved 2007-12-11.
102. http://newsinfo.inquirer.net/10788/laguna-car-plant-seen-to-boost-chery%E2%80%99s-
sales Laguna car plant seen to boost Cherys sales
103. "Mitsubishi expands in the Philippines" (http://investvine.com/mitsubishi-expands-in-
the-philippines/). Investvine.com. 2013-02-21. Retrieved 2013-02-21.
104. http://ph.news.yahoo.com/relocating-firms-double-exports-aerospace-components-6b-
093830140--finance.html Relocating Firms To Double Exports Of Aerospace
Components To $6B
105. "The positive outlook to the Philippines" (http://www.philnews.com/2005/ma.html).
philnews.com. Retrieved 2007-12-11
106. "Texas Instruments in Baguio retrenches 392 employees - Equipment\cn-c114 C114
- China Communication Network" (http://www.cn-c114.net/577/a376549.html). Cn-
c114.net. Retrieved 2012-10-12.
12/07/2017
Economy of the Philippines - Wikipedia Page 14 of 15

107. 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"
(https://web.archive.org/web/20050309061903/http://reslab.com.au/resfiles/geo/text.html).
Philosophical Transactions of the Royal Society A. ResLab, Australia. 365 (1853): 1057
94. PMID 17272236 (https://www.ncbi.nlm.nih.gov/pubmed/17272236).
doi:10.1098/rsta.2006.1964 (https://doi.org/10.1098%2Frsta.2006.1964). Archived from
the original (http://reslab.com.au/resfiles/geo/text.html) on 2005-03-09. Retrieved
2007-12-11 (from internet archive)
108. IBM Global Business Services. (October 2008). Global Location Trends 2008 Annual
Report
(ftp://public.dhe.ibm.com/common/ssi/ecm/en/gbl03012usen/GBL03012USEN.PDF).
109. Balana, Cynthia D. and Lawrence de Guzman. (December 5, 2008). It's official:
Philippines bests India as No. 1 in BPO
(http://www.inquirer.net/specialfeatures/thegoodnews/view.php?
db=1&article=20101204-306912) Archived
(https://web.archive.org/web/20120926163734/http://www.inquirer.net/specialfeatures/thegoodnews/view.php?
db=1&article=20101204-306912) September 26, 2012, at the Wayback Machine.. The
Philippine Daily Inquirer.
110. "foreign companies eye local BPO sector" (http://business.inquirer.net/212892/100-
foreign-companies-eye-local-bpo-sector). inquirer.net. Retrieved 5 August 2015.
111. http://www.abs-cbnnews.com/business/03/21/12/bpo-industry-generate-100000-jobs-
year-wb BPO industry to generate 100,000 jobs
112. "IT-BPO revenue reached $11B in 2011" (http://business.inquirer.net/53163/it-bpo-
revenue-reached-11b-in-2011). Retrieved 3 March 2015.
113. IT-BPO Sector Sees $27.4-B Revenues by 2016 | PINOY OFW (http://www.pinoy-
ofw.com/news/21364-itbpo-sector-sees-274b-revenues-2016.html)
114. "The Philippines Poised for Growth Through BPO"
(http://trendline.dcrworkforce.com/the-philippines-poised-for-growth-through-
bpo.html). trendline.dcrworkforce.com. Retrieved 2015-11-10.
115. "Tourism Contributes 7.8 gdp"
(http://www.philstar.com/business/2015/07/21/1479399/tourism-contributes-7.8-gdp-
2014). National Statistical Coordination Board. Retrieved 2013-09-27.
116. Calderon, Justin (5 March 2013). "Philippine tourism to create 3.6m jobs"
(http://investvine.com/philippine-tourism-aims-to-create-3-6m-jobs//). Inside Investor.
Retrieved 23 May 2013.
117. "WTTC: Tourism contributed P1.4T to economy"
(http://business.inquirer.net/189287/wttc-tourism-contributed-p1-4t-to-economy).
118. List of countries by GDP (PPP)
119. List of countries by GDP (nominal)
120. List of countries by GDP (PPP) per capita
121. List of countries by GDP (nominal) per capita
122. List of countries by foreign-exchange reserves
123. List of countries by population
124. Area List of countries and outlying territories by total area
125. Population Density List of sovereign states and dependent territories by population
density
126. "Global Health Observatory Data Repository"
(http://apps.who.int/gho/data/node.main.688?lang=en). Retrieved 3 March 2015.
127. Literacy Rate List of countries by literacy rate
128. External Debt List of countries by external debt
129. Human Development Index 2014 List of countries by Human Development Index
130. "The Global Competitiveness Report 2014 - 2015"
(http://www.weforum.org/reports/global-competitiveness-report-2014-2015). The
Global Competitiveness Report 2014 - 2015 - World Economic Forum. Retrieved
3 March 2015.
131. "Phl now 56th in world economic freedom rankings"
(http://thechroniclevarsitarian.wordpress.com/2013/09/21/phl-now-56th-in-world-
economic-freedom-rankings/). Thechroniclevarsitarian.wordpress.com. Retrieved 2013-
09-22.
132. "The Global Gender Gap Report 2014"
(http://www3.weforum.org/docs/GGGR14/GGGR_CompleteReport_2014.pdf) (PDF).
World Economic Forum. Retrieved 24 May 2015.
133. "The Travel & Tourism Competitiveness Index 2013 and 2011 comparison"
(http://www3.weforum.org/docs/TTCR/2013/TTCR_OverallRankings_2013.pdf) (PDF).
weforum.org. Retrieved 2013-10-04.
134. "Phl moves up in WEF Enabling Trade Index"
(http://www.philstar.com/business/2014/04/03/1308090/phl-moves-wef-enabling-trade-
index). philstar.com. Retrieved 3 March 2015.
135. "Ease of Doing Business Report"
(http://www.doingbusiness.org/data/exploreeconomies/philippines/). Doingbusiness.org.
Retrieved 2013. Check date values in: |access-date= (help)
136. "Corruption Perceptions Index" (http://manilatimes.net/ph-improves-ranking-in-
corruption-perception-index/57635/). ManilaTimes. Retrieved 2013-12-03.
137. http://www.abs-cbnnews.com/business/05/07/14/ph-improves-economic-freedom-
ranking
138. Global Peace Index
139. "World Press Freedom Index 2013"
(https://web.archive.org/web/20130215183842/http://en.rsf.org/press-freedom-index-
2013,1054.html). Reporters Without Borders. Archived from the original
(http://en.rsf.org/press-freedom-index-2013,1054.html) on 2013-02-15. Retrieved
2013-10-04.
140. "The Financial Development Index 2012 rankings: Comparison with 2011"
(http://www3.weforum.org/docs/FDR/2012/WEF_FDR_Rankings_2012.pdf) (PDF).
World Economic Forum. Retrieved 2014-09-15.
141. 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
(http://www.nscb.gov.ph/sna/2010/4th2010/2010qpr4.asp)
142. 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. Check date
values in: |access-date= (help)
143. Agcaoili, Lawrence. (November 26, 2010). GDP growth slows to 6.5% in 3rd quarter
(http://www.philstar.com/Article.aspx?
articleId=633351&publicationSubCategoryId=66). The Philippine Star.
144. [2] (http://www.imf.org/external/pubs/ft/weo/2012/02/weodata/weorept.aspx?
sy=1980&ey=2012&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=52&pr1.y=11&c=566&s=NGDPDPC
International Monetary Fund.
145. Philippine Statistics Authority National Statistical Coordination Board
(http://www.nscb.gov.ph/stats/statwatch.asp), Retrieved April 23, 2014.
146. 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.
147. Philippine Statistics Authority National Statistical Coordination Board
(http://www.nscb.gov.ph/secstat/d_labor.asp), Retrieved April 23, 2014.
148. "April 2011 Labor Force Survey (LFS)"
(https://web.archive.org/web/20110624052857/http://www.census.gov.ph/data/pressrelease/2011/lf1102tx.htm
Census.gov.ph. Archived from the original
(http://census.gov.ph/data/pressrelease/2011/lf1102tx.html) on 2011-06-24. Retrieved
2011-09-04.
149. Philippine Statistics Authority National Statistical Coordination Board
(http://www.nscb.gov.ph/secstat/d_finance.asp), Retrieved April 23, 2014.
150. "End-September forex reserves climb to $81.9-B"
(http://www.interaksyon.com/business/44827/end-september-forex-reserves-climb-to-
81-9-b). InterAksyon.com. 2012-10-05. Retrieved 2012-10-12.
151. Philippine Statistics Authority National Statistical Coordination Board
(http://www.nscb.gov.ph/secstat/d_trade.asp), Retrieved April 23, 2014.
152. Ho, Abigail. (December 28, 2010). DTI says export earnings to hit $100B by '16
(http://business.inquirer.net/money/topstories/view/20101227-311229/DTI-says-export-
earnings-to-hit-100B-by-16). The Philippine Daily Inquirer. Retrieved December 28,
2010.
153. Philippine Statistics Authority National Statistical Coordination Board
(http://www.nscb.gov.ph/stats/pesodollar.asp), Retrieved April 23, 2014.
154. "P3-T continuity 2016 budget submitted to House"
(https://web.archive.org/web/20150729125136/http://www.philstar.com:80/headlines/2015/07/29/1482126/p3
t-continuity-2016-budget-submitted-house). Archived from the original
(http://www.philstar.com/headlines/2015/07/29/1482126/p3-t-continuity-2016-budget-
submitted-house) on 2015-07-29. Retrieved 2015-08-04..

Further reading
Balisacan, Arsenio; Hal Hill (2003). The Philippine Economy: Development, Policies, and Challenges
(http://www.oup.com/us/catalog/general/subject/Economics/Developmental/Regional/?view=usa&ci=9780195158984). New York: Oxford University Press. p. 496.
ISBN 978-0-19-515898-4
Balisacan, Arsenio; Hal Hill (2007). "The Dynamics of Regional Development: The Philippines in East Asia"
(http://www.adbi.org/files/2007.01.30.book.dynamic.regional.development.charts.pdf) (PDF). Cheltenham, UK: Edward Elgar
Bhagwati, Jagdish and Anne Krueger. (1974). Foreign Trade Regimes and Economic Development. National Bureau of Economic Research.
Kang, David C. (2002). Crony Capitalism Corruption and Development in South Korea and the Philippines (https://books.google.com/books?
id=im465FAopWMC&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false). Cambridge University Press. ISBN 978-0-521-00408-4.
Villegas, Bernardo. (2010). The Philippine Advantage (3rd ed.). Manila: University of Asia and the Pacific.
State of the Philippine Islands (http://210.213.119.26/readbook_content.jsp?filename=BOOK00000031&page=1&epage=30) A book written by a Spaniard during the
early 19th century that studies the economic conditions of the Philippines which was then, a colony of Spain. An online book published by Filipiniana.net
(https://web.archive.org/web/20081217085143/http://filipiniana.net:80/).
Philippines - Asia's new tiger economy (http://www.asiancenturyinstitute.com/development/149-philippines-asia-s-new-tiger-economy/)
Philippines' opportunity point (http://www.asiancenturyinstitute.com/development/203-philippines-opportunity-point/)

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017
Economy of the Philippines - Wikipedia Page 15 of 15

External links
Bangko Sentral ng Pilipinas (Central Bank of the Philippines) (http://www.bsp.gov.ph/) Wikimedia Commons has
National Statistical Coordination Board (https://web.archive.org/web/20081003100406/http://www.nscb.gov.ph/) media related to Economy
Department of Trade and Industry (http://www.dti.gov.ph/) of the Philippines.
Department of Finance (http://www.dof.gov.ph/)
Philippine Stock Exchange (http://www.pse.com.ph/)
National Federation of Sugarcane Planters (http://www.nfsp-philippines.org)
Department of Tourism (https://web.archive.org/web/20060613011440/http://www.tourism.gov.ph:80/)
Philippines Business Brokers (http://www.aaacbc.com)
Philippine Economic Zone Authority (http://www.peza.gov.ph/)
Philippines 10th Regular Foreign Investment Negative List (http://www.dayananconsulting.com/10th-regular-foreign-investment-negative-list-a-b/)

Trade

World Bank Summary Trade Statistics Philippines 2012 (http://wits.worldbank.org/CountryProfile/Country/PHL/Year/2012/Summary)

Tariffs applied by the Philippines as provided by ITC's Market Access Map (http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?
subsite=open_access&country=608&source=1%7CITC), an online database of customs tariffs and market requirements

Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_the_Philippines&oldid=789267050"

Categories: Economy of the Philippines World Trade Organization member economies

This page was last edited on 6 July 2017, at 11:16.

Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and
Privacy Policy. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

https://en.wikipedia.org/wiki/Economy_of_the_Philippines 12/07/2017