Philippines - Economic Indicators

Bumps Ahead on Asia's Wild Ride

Dec 21, 2018

The trade war between the U.S. and China escalated over 2018; while there's a temporary truce, the likelihood of Beijing addressing all the Trump administration qualms is remote. Emerging markets will remain in the spotlight as developed economies continue normalising policy. Monetary policy in Asia will tighten in most economies; India has recently emerged as an exception. There’s an unusually high number of elections in Southeast Asia in...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q3 3,105,668 3,162,645 Mil. PHP, NSA Quarterly
Real Private Consumption 2018 Q3 1,479,834 1,556,964 Mil. 2000 PHP, NSA Quarterly
Government Consumption 2018 Q3 516,893 594,350 Mil. PHP, NSA Quarterly
Nominal Gross Domestic Product 2018 Q3 4,222,175 4,335,520 Mil. PHP, NSA Quarterly
Investment 2018 Q3 1,189,896 1,204,544 Mil. PHP, NSA Quarterly
Real Government Consumption 2018 Q3 250,174 308,024 Mil. 2000 PHP, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q3 1,193,179 1,220,120 Mil. PHP, NSA Quarterly
Real Gross Domestic Product 2018 Q3 2,221,342 2,356,653 Mil. 2000 PHP, NSA Quarterly
Real Investment 2018 Q3 704,050 695,427 Mil. 2000 PHP, NSA Quarterly
Real Fixed Investment (gross fixed capital formation) 2017 2,486,529,761,500 2,254,360,765,800 NCU Annual
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Dec 2018 118.9 119.6 Index 2012=100, NSA Monthly
Producer Price Index (PPI) Nov 2018 132.58 133.51 2000=100, NSA Monthly
Wholesale Price Index Oct 2018 259.7 259.1 Index, 1998=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Total Employment 2018 Q4 41,328 40,659 # Ths., NSA Quarterly
Labor Force Employment 2018 Q4 41,328 40,659 # Ths., NSA Quarterly
Unemployment 2018 Q4 2,202 2,323 # Ths., NSA Quarterly
Unemployment Rate 2018 Q4 5.06 5.4 %, NSA Quarterly
Real Wages & Salaries 2018 Q3 2,673,482 2,796,504 2000 price Mil. PHP, NSA Quarterly
Agriculture Employment 2017 11,589,853 11,807,387 # Annual
Trade Reference Last Previous Units Frequency
Exports of Goods and Services 2018 Q3 1,448,740 1,309,840 Mil. PHP, NSA Quarterly
Net Exports 2018 Q3 -587,056 -586,615 Mil. PHP, NSA Quarterly
Real Imports of Goods and Services 2018 Q3 1,783,426 1,605,482 Mil. 2000 PHP, NSA Quarterly
Real Net Exports 2018 Q3 -201,621 -183,800 Mil. 2000 PHP, NSA Quarterly
Imports of Goods and Services 2018 Q3 2,035,797 1,896,456 Mil. PHP, NSA Quarterly
Real Exports of Goods and Services 2018 Q3 1,581,805 1,421,681 Mil. 2000 PHP, NSA Quarterly
Exports of Goods Sep 2018 4,490 4,659 Mil. USD, NSA Monthly
Imports of Goods Sep 2018 9,137 9,089 Mil. USD, NSA Monthly
Current Account Balance Sep 2018 -1,254 -1,035 Mil. USD, NSA Monthly
Balance of Goods Sep 2018 -4,646 -4,429 Mil. USD, NSA Monthly
Government Reference Last Previous Units Frequency
Outstanding Public Debt - Foreign Nov 2018 10,348 10,942 Mil. Pesos, NSA Monthly
Outstanding Public Debt - Domestic Nov 2018 60,644 56,504 Mil. Pesos, NSA Monthly
Government Expenditures Nov 2018 298,820 306,627 Mil. Pesos, NSA Monthly
Government Budget Balance Nov 2018 -39,118 -59,865 Mil. Pesos, NSA Monthly
Government Revenues Nov 2018 259,702 246,762 Mil. Pesos, NSA Monthly
Gross External Debt 2018 Q3 76,415 72,199 Mil. USD, NSA Quarterly
Outstanding Public Debt 2018 Q1 1,697,874,109,900 1,549,498,656,300 NCU, NSA Quarterly
Markets Reference Last Previous Units Frequency
Stock Market Index 17 Jan 2019 7,927 7,864 Index, NSA Business Daily
Lending Rate 31 Dec 2018 4.75 4.75 % p.a., NSA Daily
Average Long-term Government Bond Dec 2018 5.29 4.81 % p.a., NSA Monthly
Treasury Bills (over 31 days) Dec 2018 6.06 6.14 % p.a., NSA Monthly
Money Market Rate Aug 2018 3.99 3.64 % p.a., NSA Monthly
Real Estate Reference Last Previous Units Frequency
Building Permits 2018 Q3 42,111 40,182 #, NSA Quarterly
Non-residential Building Permits 2018 Q3 5,983 5,644 #, NSA Quarterly
Residential Building Permits 2018 Q3 30,638 29,060 #, NSA Quarterly
Consumer Reference Last Previous Units Frequency
Consumer Confidence 2018 Q4 -22.5 -7.1 Index, NSA Quarterly
Retail Sales 2015 Q2 3,716,516 5,008,719 Tons, NSA Quarterly
Business Reference Last Previous Units Frequency
Business Confidence 2018 Q4 27.2 30.1 Index Number, NSA Quarterly
Industrial Production Nov 2018 150.37 150.67 Vol. Index 2000=100, NSA Monthly
Real Change in Inventories 2018 Q3 -1,813 -2,949 Mil. 2000 PHP, NSA Quarterly
Change in Inventories 2018 Q3 -3,282 -15,575 Mil. PHP, NSA Quarterly
Capacity Utilization 2015 81.8 % Annual
Demographics Reference Last Previous Units Frequency
Population 2045 142,095,100 # Annual
Birth Rate 2016 23.21 23.45 # per Ths. pop. Annual
Death Rate 2016 6.52 6.5 # per Ths. pop. Annual
Deaths 2016 582,183 560,605 # Annual
Births 2016 1,731,289 1,744,767 # Annual
Net Migration 2012 -650,000 # Annual

Factbook

Background

Central Intelligence Agency

Geography

Location:
Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam
Geographic coordinates:
13 00 N, 122 00 E
Map references:
Southeast Asia
Area:
total: 300,000 sq km
land: 298,170 sq km
water: 1,830 sq km
country comparison to the world: 74
Area - comparative:
slightly less than twice the size of Georgia; slightly larger than Arizona
Area comparison map:
Land boundaries:
0 km
Coastline:
36,289 km
Maritime claims:
territorial sea: irregular polygon extending up to 100 nm from coastline as defined by 1898 treaty; since late 1970s has also claimed polygonal-shaped area in South China Sea as wide as 285 nm
exclusive economic zone: 200 nm
continental shelf: to the depth of exploitation
Climate:
tropical marine; northeast monsoon (November to April); southwest monsoon (May to October)
Terrain:
mostly mountains with narrow to extensive coastal lowlands
Elevation:
mean elevation: 442 m
elevation extremes: lowest point: Philippine Sea 0 m
highest point: Mount Apo 2,954 m
Natural resources:
timber, petroleum, nickel, cobalt, silver, gold, salt, copper
Land use:
agricultural land: 41%
arable land 18.2%; permanent crops 17.8%; permanent pasture 5%
forest: 25.9%
other: 33.1% (2011 est.)
Irrigated land:
16,270 sq km (2012)
Population - distribution:
population concentrated where good farmlands lie; highest concentrations are northwest and south-central Luzon, the southeastern extension of Luzon, and the islands of the Visayan Sea, particularly Cebu and Negros; Manila is home to one-eighth of the entire national population
Natural hazards:
astride typhoon belt, usually affected by 15 and struck by five to six cyclonic storms each year; landslides; active volcanoes; destructive earthquakes; tsunamis
volcanism: significant volcanic activity; Taal (311 m), which has shown recent unrest and may erupt in the near future, has been deemed a Decade Volcano by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to its explosive history and close proximity to human populations; Mayon (2,462 m), the country's most active volcano, erupted in 2009 forcing over 33,000 to be evacuated; other historically active volcanoes include Biliran, Babuyan Claro, Bulusan, Camiguin, Camiguin de Babuyanes, Didicas, Iraya, Jolo, Kanlaon, Makaturing, Musuan, Parker, Pinatubo, and Ragang
Environment - current issues:
uncontrolled deforestation especially in watershed areas; soil erosion; air and water pollution in major urban centers; coral reef degradation; increasing pollution of coastal mangrove swamps that are important fish breeding grounds
Environment - international agreements:
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: Air Pollution-Persistent Organic Pollutants
Geography - note:
note 1: favorably located in relation to many of Southeast Asia's main water bodies: the South China Sea, Philippine Sea, Sulu Sea, Celebes Sea, and Luzon Strait
note 2: for decades, the Philippine archipelago was reported as having 7,107 islands; in 2016, the national mapping authority reported that hundreds of new islands had been discovered and increased the number of islands to 7,641 - though not all of the new islands have been verified

People & Society

Population:
104,256,076 (July 2017 est.)
country comparison to the world: 13
Nationality:
noun: Filipino(s)
adjective: Philippine
Ethnic groups:
Tagalog 28.1%, Cebuano 13.1%, Ilocano 9%, Bisaya/Binisaya 7.6%, Hiligaynon Ilonggo 7.5%, Bikol 6%, Waray 3.4%, other 25.3% (2000 census)
Languages:
Filipino (official; based on Tagalog) and English (official); eight major dialects - Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan
Religions:
Catholic 82.9% (Roman Catholic 80.9%, Aglipayan 2%), Muslim 5%, Evangelical 2.8%, Iglesia ni Kristo 2.3%, other Christian 4.5%, other 1.8%, unspecified 0.6%, none 0.1% (2000 census)
Age structure:
0-14 years: 33.39% (male 17,764,826/female 17,050,168)
15-24 years: 19.16% (male 10,199,389/female 9,780,025)
25-54 years: 36.99% (male 19,597,675/female 18,964,900)
55-64 years: 5.97% (male 2,844,739/female 3,375,139)
65 years and over: 4.49% (male 1,930,273/female 2,748,942) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 58.2
youth dependency ratio: 51
elderly dependency ratio: 7.2
potential support ratio: 13.8 (2015 est.)
Median age:
total: 23.5 years
male: 23.1 years
female: 24 years (2017 est.)
country comparison to the world: 169
Population growth rate:
1.57% (2017 est.)
country comparison to the world: 70
Birth rate:
23.7 births/1,000 population (2017 est.)
country comparison to the world: 61
Death rate:
6.1 deaths/1,000 population (2017 est.)
country comparison to the world: 156
Net migration rate:
-2 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 162
Population distribution:
population concentrated where good farmlands lie; highest concentrations are northwest and south-central Luzon, the southeastern extension of Luzon, and the islands of the Visayan Sea, particularly Cebu and Negros; Manila is home to one-eighth of the entire national population
Urbanization:
urban population: 44.2% of total population (2017)
rate of urbanization: 1.57% annual rate of change (2015-20 est.)
Major urban areas - population:
MANILA (capital) 12.946 million; Davao 1.63 million; Cebu City 951,000; Zamboanga 936,000 (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.04 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 1.03 male(s)/female
55-64 years: 0.84 male(s)/female
65 years and over: 0.72 male(s)/female
total population: 1.01 male(s)/female (2017 est.)
Mother's mean age at first birth:
23 years
note: median age at first birth among women 25-29 (2013 est.)
Maternal mortality ratio:
114 deaths/100,000 live births (2015 est.)
country comparison to the world: 71
Infant mortality rate:
total: 21.4 deaths/1,000 live births
male: 24.3 deaths/1,000 live births
female: 18.3 deaths/1,000 live births (2017 est.)
country comparison to the world: 77
Life expectancy at birth:
total population: 69.4 years
male: 65.9 years
female: 73.1 years (2017 est.)
country comparison to the world: 162
Total fertility rate:
3.02 children born/woman (2017 est.)
country comparison to the world: 55
Contraceptive prevalence rate:
55.1% (2013)
Health expenditures:
4.7% of GDP (2014)
country comparison to the world: 152
Hospital bed density:
1 beds/1,000 population (2011)
Drinking water source:
improved:
urban: 93.7% of population
rural: 90.3% of population
total: 91.8% of population
unimproved:
urban: 6.3% of population
rural: 9.7% of population
total: 8.2% of population (2015 est.)
Sanitation facility access:
improved:
urban: 77.9% of population
rural: 70.8% of population
total: 73.9% of population
unimproved:
urban: 22.1% of population
rural: 29.2% of population
total: 26.1% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.1% (2016 est.)
country comparison to the world: 108
HIV/AIDS - people living with HIV/AIDS:
56,000 (2016 est.)
country comparison to the world: 54
HIV/AIDS - deaths:
<1000 (2016 est.)
Major infectious diseases:
degree of risk: high
food or waterborne diseases: bacterial diarrhea, hepatitis A, and typhoid fever
vectorborne diseases: dengue fever and malaria
water contact disease: leptospirosis (2016)
Obesity - adult prevalence rate:
6.4% (2016)
country comparison to the world: 168
Children under the age of 5 years underweight:
19.9% (2013)
country comparison to the world: 29
Education expenditures:
2.7% of GDP (2009)
country comparison to the world: 149
Literacy:
definition: age 15 and over can read and write
total population: 96.3%
male: 95.8%
female: 96.8% (2015 est.)
School life expectancy (primary to tertiary education):
total: 13 years
male: 12 years
female: 13 years (2013)
Unemployment, youth ages 15-24:
total: 15%
male: 14.3%
female: 16% (2015 est.)
country comparison to the world: 89

Government

Country name:
conventional long form: Republic of the Philippines
conventional short form: Philippines
local long form: Republika ng Pilipinas
local short form: Pilipinas
etymology: named in honor of King PHILLIP II of Spain by Spanish explorer Ruy LOPEZ de VILLALOBOS, who visited some of the islands in 1543
Government type:
presidential republic
Capital:
name: Manila
geographic coordinates: 14 36 N, 120 58 E
time difference: UTC+8 (13 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
80 provinces and 39 chartered cities
provinces: Abra, Agusan del Norte, Agusan del Sur, Aklan, Albay, Antique, Apayao, Aurora, Basilan, Bataan, Batanes, Batangas, Biliran, Benguet, Bohol, Bukidnon, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Camiguin, Capiz, Catanduanes, Cavite, Cebu, Compostela, Cotabato, Davao del Norte, Davao del Sur, Davao Oriental, Dinagat Islands, Eastern Samar, Guimaras, Ifugao, Ilocos Norte, Ilocos Sur, Iloilo, Isabela, Kalinga, Laguna, Lanao del Norte, Lanao del Sur, La Union, Leyte, Maguindanao, Marinduque, Masbate, Mindoro Occidental, Mindoro Oriental, Misamis Occidental, Misamis Oriental, Mountain, Negros Occidental, Negros Oriental, Northern Samar, Nueva Ecija, Nueva Vizcaya, Palawan, Pampanga, Pangasinan, Quezon, Quirino, Rizal, Romblon, Samar, Sarangani, Siquijor, Sorsogon, South Cotabato, Southern Leyte, Sultan Kudarat, Sulu, Surigao del Norte, Surigao del Sur, Tarlac, Tawi-Tawi, Zambales, Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay
chartered cities: Angeles, Antipolo, Bacolod, Baguio, Butuan, Cagayan de Oro, Caloocan, Cebu, Cotabato, Dagupan, Davao, General Santos, Iligan, Iloilo, Lapu-Lapu, Las Pinas, Lucena, Makati, Malabon, Mandaluyong, Mandaue, Manila, Marikina, Muntinlupa, Naga, Navotas, Olongapo, Ormoc, Paranaque, Pasay, Pasig, Puerto Princesa, Quezon, San Juan, Santiago, Tacloban, Taguig, Valenzuela, Zamboanga (2012)
Independence:
4 July 1946 (from the US)
National holiday:
Independence Day, 12 June (1898); note - 12 June 1898 was date of declaration of independence from Spain; 4 July 1946 was date of independence from the US
Constitution:
history: several previous; latest ratified 2 February 1987, effective 11 February 1987
amendments: proposed by Congress if supported by three-fourths of the membership, by a constitution convention called by Congress, or by public petition; passage by either of the 3 proposal methods requires a majority vote in a national referendum; note - the constitution has not been amended since its enactment in 1987 (2017)
Legal system:
mixed legal system of civil, common, Islamic, and customary law
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of the Philippines
dual citizenship recognized: no
residency requirement for naturalization: 10 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Rodrigo DUTERTE (since 30 June 2016); Vice President Leni ROBREDO (since 30 June 2016); note - the president is both chief of state and head of government
head of government: President Rodrigo DUTERTE (since 30 June 2016); Vice President Leni ROBREDO (since 30 June 2016)
cabinet: Cabinet appointed by the president with the consent of the Commission of Appointments, an independent body of 25 Congressional members including the Senate president (ex officio chairman), appointed by the president
elections/appointments: president and vice president directly elected on separate ballots by simple majority popular vote for a single 6-year term; election last held on 9 May 2016 (next to be held in May 2022)
election results: Rodrigo DUTERTE elected president; percent of vote - Rodrigo DUTERTE (PDP-Laban) 39%, Manuel "Mar" ROXAS (LP) 23.5%, Grace POE (independent) 21.4%, Jejomar BINAY (UNA) 12.7%, Miriam Defensor SANTIAGO (PRP) 3.4%; Leni ROBREDO elected vice president; percent of vote Leni ROBREDO (LP) 35.1%, Bongbong MARCOS (independent) 34.5%, Alan CAYETANO 14.4%, Francis ESCUDERO (independent) 12%, Antonio TRILLANES (independent) 2.1%, Gregorio HONASAN (UNA) 1.9%
Legislative branch:
description: bicameral Congress or Kongreso consists of the Senate or Senado (24 seats; members directly elected in multi-seat constituencies by majority vote; members serve 6-year terms with one-half of the membership renewed every 3 years) and the House of Representatives or Kapulungan Ng Mga Kinatawan (297 seats; 238 members directly elected in single-seat constituencies by simple majority vote and 59 representing minorities directly elected by party-list proportional representation vote; members serve 3-year terms)
elections: Senate - elections last held on 9 May 2016 (next to be held in May 2019); House of Representatives - elections last held on 9 May 2016 (next to be held in May 2019)
election results: Senate - percent of vote by party - LP 31.3%, NPC 10.1%, UNA 7.6%, Akbayan 5.0%, other 30.9%, independent 15.1%; seats by party - LP 6, NPC 3, UNA 4, Akbayan 1, other 10; House of Representatives - percent of vote by party - LP 41.7%, NPC 17.0%, UNA 6.6%, NUP 9.7%, NP 9.4%, independent 6.0%, others 10.1%; seats by party - LP 115, NPC 42, NUP 23, NP 24, UNA 11, other 19, independent 4, party-list 59
Judicial branch:
highest court(s): Supreme Court (consists of a chief justice and 14 associate justices)
judge selection and term of office: justices are appointed by the president on the recommendation of the Judicial and Bar Council, a constitutionally created, 6-member body that recommends Supreme Court nominees; justices serve until age 70
subordinate courts: Court of Appeals; Sandiganbayan (special court for corruption cases of government officials); Court of Tax Appeals; regional, metropolitan, and municipal trial courts; sharia courts
Political parties and leaders:
Akbayon [Machris CABREROS]
Laban ng Demokratikong Pilipino (Struggle of Filipino Democrats) or LDP [Edgardo ANGARA]
Lakas ng EDSA-Christian Muslim Democrats or Lakas-CMD [Ferdinand Martin ROMUALDEZ]
Liberal Party or LP [Francis PANGILINAN]
Nacionalista Party or NP [Manuel "Manny" VILLAR]
Nationalist People's Coalition or NPC [Eduardo COJUNGCO, Jr.]
National Unity Party or NUP [Albert GARCIA]
PDP-Laban [Aquilino PIMENTEL III]
People's Reform Party or PRP [Narcisco SANTIAGO]
Puwersa ng Masang Pilipino (Force of the Philippine Masses) or PMP [Joseph ESTRADA]
United Nationalist Alliance or UNA
Political pressure groups and leaders:
Black and White Movement or BWM [Vicente ROMANO]
People Action (Kilosbayan)
International organization participation:
ADB, APEC, ARF, ASEAN, BIS, CD, CICA (observer), CP, EAS, FAO, G-24, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSTAH, NAM, OAS (observer), OPCW, PCA, PIF (partner), UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNMIL, UNMOGIP, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Jose Manuel del Gallego ROMUALDEZ (since 29 November 2017)
chancery: 1600 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 467-9300
FAX: [1] (202) 328-7614
consulate(s) general: Chicago, Honolulu, Los Angeles, New York, Saipan (Northern Mariana Islands), San Francisco, Tamuning (Guam)
Diplomatic representation from the US:
chief of mission: Ambassador Sung KIM (since 6 December 2016)
embassy: 1201 Roxas Boulevard, Manila 1000
mailing address: PSC 500, FPO AP 96515-1000
telephone: [63] (2) 301-2000
FAX: [63] (2) 301-2017
Flag description:
two equal horizontal bands of blue (top) and red; a white equilateral triangle is based on the hoist side; the center of the triangle displays a yellow sun with eight primary rays; each corner of the triangle contains a small, yellow, five-pointed star; blue stands for peace and justice, red symbolizes courage, the white equal-sided triangle represents equality; the rays recall the first eight provinces that sought independence from Spain, while the stars represent the three major geographical divisions of the country: Luzon, Visayas, and Mindanao; the design of the flag dates to 1897
note: in wartime the flag is flown upside down with the red band at the top
National symbol(s):
three stars and sun, Philippine eagle; national colors: red, white, blue, yellow
National anthem:
name: "Lupang Hinirang" (Chosen Land)
lyrics/music: Jose PALMA (revised by Felipe PADILLA de Leon)/Julian FELIPE
note: music adopted 1898, original Spanish lyrics adopted 1899, Filipino (Tagalog) lyrics adopted 1956; although the original lyrics were written in Spanish, later English and Filipino versions were created; today, only the Filipino version is used

Economy

Economy - overview:
The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spending program announced this year. However, international reserves remain at comfortable levels and the banking system is stable.
Efforts to improve tax administration and expenditures management have helped ease the Philippines' debt burden and tight fiscal situation. The Philippines received investment-grade credit ratings on its sovereign debt under the former AQUINO administration and has had little difficulty financing its budget deficits. However, weak absorptive capacity and implementation bottlenecks have prevented the government from maximizing its expenditure plans. Although it has improved, the low tax-to-GDP ratio remains a constraint to supporting increasingly higher spending levels and sustaining high and inclusive growth over the longer term.
Economic growth has accelerated, averaging over 6% per year from 2011 to 2017, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. Although 2017 saw a new record year for net foreign direct investment inflows, FDI to the Philippines has continued to lag regional peers, in part because the Philippine constitution and other laws limit foreign investment and restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.
Although the economy grew at a rapid pace under the AQUINO government, challenges to achieving more inclusive growth remain. Wealth is concentrated in the hands of the rich. The unemployment rate declined from 7.3% to 5.7% between 2010 and 2017; while there has been some improvement, underemployment remains high at around 17% to 18% of the employed population. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the total population but is as high as 75% in some areas of the southern Philippines. More than 60% of the poor reside in rural areas, where the incidence of poverty (about 30%) is more severe - a challenge to raising rural farm and non-farm incomes. Continued efforts are needed to improve governance, the judicial system, the regulatory environment, the infrastructure, and the overall ease of doing business.
2016 saw the election of President Rodrigo DUTERTE, who has pledged to make inclusive growth and poverty reduction his top priority. DUTERTE believes that illegal drug use, crime and corruption are key barriers to economic development. The administration wants to reduce the poverty rate to 17% and graduate the economy to upper-middle income status by the end of President DUTERTE’s term in 2022. Key themes under the government’s Ten-Point Socioeconomic Agenda include continuity of macroeconomic policy, tax reform, higher investments in infrastructure and human capital development, and improving competitiveness and the overall ease of doing business. The administration sees infrastructure shortcomings as a key barrier to sustained economic growth and has pledged to spend $165 billion on infrastructure by 2022. Although the final outcome has yet to be seen, the current administration is shepherding legislation for a comprehensive tax reform program to raise revenues for its ambitious infrastructure spending plan and to promote a more equitable and efficient tax system. However, the need to finance rehabilitation and reconstruction efforts in the southern region of Mindanao following the 2017 Marawi City siege may compete with other spending on infrastructure.
GDP (purchasing power parity):
$874.5 billion (2017 est.)
$820.4 billion (2016 est.)
$767.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 30
GDP (official exchange rate):
$321.2 billion (2017 est.)
GDP - real growth rate:
6.6% (2017 est.)
6.9% (2016 est.)
6.1% (2015 est.)
country comparison to the world: 16
GDP - per capita (PPP):
$8,200 (2017 est.)
$7,900 (2016 est.)
$7,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 152
Gross national saving:
25.8% of GDP (2017 est.)
24.5% of GDP (2016 est.)
23.7% of GDP (2015 est.)
country comparison to the world: 47
GDP - composition, by end use:
household consumption: 72.7%
government consumption: 10.9%
investment in fixed capital: 25.2%
investment in inventories: -0.2%
exports of goods and services: 32.1%
imports of goods and services: -40.7% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 9.4%
industry: 30.8%
services: 59.8% (2017 est.)
Agriculture - products:
rice, fish, livestock, poultry, bananas, coconut/copra, corn, sugarcane, mangoes, pineapple, cassava
Industries:
semiconductors and electronics assembly, business process outsourcing, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equipment and apparatus, petroleum and fuel, textile and garments, non-metallic minerals, basic metal industries, transport equipment
Industrial production growth rate:
6.5% (2017 est.)
country comparison to the world: 29
Labor force:
44.46 million (2017 est.)
country comparison to the world: 16
Labor force - by occupation:
agriculture: 26.9%
industry: 17.5%
services: 55.6% (2016 est.)
Unemployment rate:
6% (2017 est.)
5.5% (2016 est.)
country comparison to the world: 86
Population below poverty line:
21.6% (2017 est.)
Household income or consumption by percentage share:
lowest 10%: 3.2%
highest 10%: 29.5% (2015 est.)
Distribution of family income - Gini index:
44.4 (2015 est.)
46 (2012 est.)
country comparison to the world: 46
Budget:
revenues: $44.74 billion
expenditures: $53.55 billion (2017 est.)
Taxes and other revenues:
13.9% of GDP (2017 est.)
country comparison to the world: 198
Budget surplus (+) or deficit (-):
-2.7% of GDP (2017 est.)
country comparison to the world: 103
Public debt:
41.9% of GDP (2017 est.)
42.1% of GDP (2016 est.)
country comparison to the world: 131
Fiscal year:
calendar year
Inflation rate (consumer prices):
3.1% (2017 est.)
1.8% (2016 est.)
country comparison to the world: 130
Central bank discount rate:
3.56% (31 December 2016 est.)
6.19% (31 December 2015 est.)
country comparison to the world: 101
Commercial bank prime lending rate:
6% (31 December 2017 est.)
5.64% (31 December 2016 est.)
country comparison to the world: 127
Stock of narrow money:
$68.16 billion (31 December 2017 est.)
$61.62 billion (31 December 2016 est.)
country comparison to the world: 48
Stock of broad money:
$199 billion (31 December 2017 est.)
$183.5 billion (31 December 2016 est.)
country comparison to the world: 41
Stock of domestic credit:
$207.4 billion (31 December 2017 est.)
$184.6 billion (31 December 2016 est.)
country comparison to the world: 46
Market value of publicly traded shares:
$290.4 billion (31 December 2016 est.)
$286.1 billion (31 December 2015 est.)
$318 billion (31 December 2014 est.)
country comparison to the world: 29
Current account balance:
$-315 million (2017 est.)
$601 million (2016 est.)
country comparison to the world: 97
Exports:
$53.22 billion (2017 est.)
$43.44 billion (2016 est.)
country comparison to the world: 51
Exports - commodities:
semiconductors and electronic products, machinery and transport equipment, wood manufactures, chemicals, processed food and beverages, garments, coconut oil, copper concentrates, seafood, bananas/fruits
Exports - partners:
Japan 16.2%, US 14.8%, Hong Kong 13.7%, China 11.1%, Singapore 6.1%, Thailand 4.2%, Germany 4.1%, South Korea 4% (2017)
Imports:
$90.42 billion (2017 est.)
$77.52 billion (2016 est.)
country comparison to the world: 37
Imports - commodities:
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Imports - partners:
China 18.1%, Japan 11.4%, South Korea 8.7%, US 8%, Thailand 7.1%, Indonesia 6.8%, Singapore 5.9%, Taiwan 5.3% (2016)
Reserves of foreign exchange and gold:
$81.53 billion (31 December 2017 est.)
$80.69 billion (31 December 2016 est.)
country comparison to the world: 30
Debt - external:
$80.88 billion (31 December 2017 est.)
$75.01 billion (31 December 2016 est.)
country comparison to the world: 56
Stock of direct foreign investment - at home:
$67.25 billion (31 December 2017 est.)
$64.25 billion (31 December 2016 est.)
country comparison to the world: 54
Stock of direct foreign investment - abroad:
$47.58 billion (31 December 2017 est.)
$45.38 billion (31 December 2016 est.)
country comparison to the world: 44
Exchange rates:
Philippine pesos (PHP) per US dollar -
50.21 (2017 est.)
47.49 (2016 est.)
47.49 (2015 est.)
45.5 (2014 est.)
44.4 (2013 est.)

Energy

Electricity access:
population without electricity: 20,600,000
electrification - total population: 88%
electrification - urban areas: 94%
electrification - rural areas: 82% (2013)
Electricity - production:
90.8 billion kWh (2016 est.)
country comparison to the world: 37
Electricity - consumption:
74.15 billion kWh (2016 est.)
country comparison to the world: 38
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 188
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 192
Electricity - installed generating capacity:
21.21 million kW (2015 est.)
country comparison to the world: 42
Electricity - from fossil fuels:
67.5% of total installed capacity (2016 est.)
country comparison to the world: 108
Electricity - from nuclear fuels:
0% of total installed capacity (2017 est.)
country comparison to the world: 172
Electricity - from hydroelectric plants:
16.9% of total installed capacity (2016 est.)
country comparison to the world: 97
Electricity - from other renewable sources:
15.6% of total installed capacity (2016 est.)
country comparison to the world: 46
Crude oil - production:
20,000 bbl/day (2016 est.)
country comparison to the world: 69
Crude oil - exports:
4,942 bbl/day (2016 est.)
country comparison to the world: 63
Crude oil - imports:
215,800 bbl/day (2016 est.)
country comparison to the world: 29
Crude oil - proved reserves:
138.5 million bbl (1 January 2017 est.)
country comparison to the world: 68
Refined petroleum products - production:
169,000 bbl/day (2014 est.)
country comparison to the world: 56
Refined petroleum products - consumption:
390,000 bbl/day (2015 est.)
country comparison to the world: 38
Refined petroleum products - exports:
13,140 bbl/day (2014 est.)
country comparison to the world: 78
Refined petroleum products - imports:
186,100 bbl/day (2014 est.)
country comparison to the world: 33
Natural gas - production:
2.6 billion cu m (2015 est.)
country comparison to the world: 57
Natural gas - consumption:
3.196 billion cu m (2015 est.)
country comparison to the world: 77
Natural gas - exports:
0 cu m (2016 est.)
country comparison to the world: 171
Natural gas - imports:
0 cu m (2016 est.)
country comparison to the world: 179
Natural gas - proved reserves:
98.54 billion cu m (1 January 2017 est.)
country comparison to the world: 53
Carbon dioxide emissions from consumption of energy:
88 million Mt (2014 est.)
country comparison to the world: 44

Communications

Telephones - fixed lines:
total subscriptions: 3,835,910.54
subscriptions per 100 inhabitants: 4 (July 2016 est.)
country comparison to the world: 40
Telephones - mobile cellular:
total: 113 million
subscriptions per 100 inhabitants: 108 (July 2016 est.)
country comparison to the world: 14
Telephone system:
general assessment: good international radiotelephone and submarine cable services; domestic and interisland service adequate
domestic: telecommunications infrastructure includes the following platforms: fixed line, mobile cellular, cable TV, over-the-air TV, radio and Very Small Aperture Terminal (VSAT), fiber-optic cable, and satellite for redundant international connectivity
international: country code - 63; a series of submarine cables together provide connectivity to the US, and to countries like Hong Kong, Guam, Singapore, Taiwan, Japan, Brunei, and Malaysia, among others; multiple international gateways (2016)
Broadcast media:
multiple national private TV and radio networks; multi-channel satellite and cable TV systems available; more than 400 TV stations; about 1,500 cable TV providers with more than 2 million subscribers, and some 1,400 radio stations; the Philippines adopted Japan’s Integrated Service Digital Broadcast – Terrestrial standard for digital terrestrial television in November 2013 and is scheduled to complete the switch from analog to digital broadcasting by the end of 2023 (2016)
Internet country code:
.ph
Internet users:
total: 56,956,436
percent of population: 55.5% (July 2016 est.)
country comparison to the world: 13

Transportation

National air transport system:
number of registered air carriers: 11
inventory of registered aircraft operated by air carriers: 158
annual passenger traffic on registered air carriers: 32,230,986
annual freight traffic on registered air carriers: 484,190,968 mt-km (2015)
Civil aircraft registration country code prefix:
RP (2016)
Airports:
247 (2013)
country comparison to the world: 24
Airports - with paved runways:
total: 89
over 3,047 m: 4
2,438 to 3,047 m: 8
1,524 to 2,437 m: 33
914 to 1,523 m: 34
under 914 m: 10 (2017)
Airports - with unpaved runways:
total: 158
1,524 to 2,437 m: 3
914 to 1,523 m: 56
under 914 m: 99 (2013)
Heliports:
2 (2013)
Pipelines:
gas 530 km; oil 138 km (non-operational); refined products 185 km (2017)
Railways:
total: 77 km
narrow gauge: 28 km 1.067-m gauge
standard guage: 49 km 1.435-m guage (2017)
country comparison to the world: 89
Roadways:
total: 216,387 km
paved: 61,093 km
unpaved: 155,294 km (2014)
country comparison to the world: 24
Waterways:
3,219 km (limited to vessels with draft less than 1.5 m) (2011)
country comparison to the world: 30
Merchant marine:
total: 1,508
by type: bulk carrier 64, container ship 33, general cargo 627, oil tanker 184, other 600 (2017)
country comparison to the world: 18
Ports and terminals:
major seaport(s): Batangas, Cagayan de Oro, Cebu, Davao, Liman, Manila
container port(s) (TEUs): Manila (3,976,000) (2015)

Military & Security

Military expenditures:
1.28% of GDP (2016)
1.14% of GDP (2015)
1.09% of GDP (2014)
1.24% of GDP (2013)
1.16% of GDP (2012)
country comparison to the world: 90
Military branches:
Armed Forces of the Philippines (AFP): Army, Navy (includes Marine Corps), Air Force (2013)
Military service age and obligation:
17-23 years of age (officers 20-24) for voluntary military service; no conscription; applicants must be single male or female Philippine citizens with either 72 college credit hours (enlisted) or a baccalaureate degree (officers) (2013)
Maritime threats:
the International Maritime Bureau reports the territorial and offshore waters in the South China Sea as high risk for piracy and armed robbery against ships; during 2016, 10 attacks were reported in and around the Philippines including six ships that were boarded, one hijacked, one fired upon, and 18 crew were kidnapped for ransom; an emerging threat area lies in the Celebes and Sulu Seas between the Philippines and Malaysia where 12 crew were kidnapped in three incidents during the last quarter of 2016; it is believed the pirates involved are associated with the Abu Sayyaf Group (ASG) terrorist organization; during the first six months of 2017, 13 attacks were reported including 10 ships that were boarded, one was fired upon, 10 crew were kidnapped for ransom and two killed; numerous commercial vessels have been attacked and hijacked both at anchor and while underway; hijacked vessels are often disguised and cargo diverted to ports in East Asia; crews have been murdered or cast adrift

Transnational Issues

Disputes - international:
Philippines claims sovereignty over Scarborough Reef (also claimed by China together with Taiwan) and over certain of the Spratly Islands, known locally as the Kalayaan (Freedom) Islands, also claimed by China, Malaysia, Taiwan, and Vietnam; the 2002 "Declaration on the Conduct of Parties in the South China Sea," has eased tensions in the Spratly Islands but falls short of a legally binding "code of conduct" desired by several of the disputants; in March 2005, the national oil companies of China, the Philippines, and Vietnam signed a joint accord to conduct marine seismic activities in the Spratly Islands; Philippines retains a dormant claim to Malaysia's Sabah State in northern Borneo based on the Sultanate of Sulu's granting the Philippines Government power of attorney to pursue a sovereignty claim on his behalf; maritime delimitation negotiations continue with Palau
Refugees and internally displaced persons:
IDPs: 445,000 (government troops fighting the Moro Islamic Liberation Front, the Abu Sayyaf Group, and the New People's Army; clan feuds; natural disasters) (2017)
stateless persons: 4,636 (2016); note - stateless persons are descendants of Indonesian migrants
Illicit drugs:
domestic methamphetamine production has been a growing problem in recent years despite government crackdowns; major consumer of amphetamines; longstanding marijuana producer mainly in rural areas where Manila's control is limited

Economic Indicators for Philippines including actual values, historical data, and latest data updates for the Philippines economy.



Latest Analysis
Key Indicators for Philippines
  •    GDP
  • Latest: 6.1% for Jul. 2018
  • Previous: 6.0% for Apr. 2018
  • Next Release: Jan 23, 2019
  •    Industrial Production
  • Latest: -9.7% for Dec. 2017
  • Previous: -8.1% for Nov. 2017
  • Next Release: Dec 31, 9999
Latest Data Updates