Economy of the Philippines

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Economy of Philippines
Makati, financial center of the Philippines				ENJOY GOOD LIFE + INVESTMENT, CLICK HERE
Currency	Philippine peso (PHP) = 100 centavos (English) piso = 100 sentimo (Filipino)
Fiscal year	Calendar year
Trade organizations	APEC, ASEAN, WTO, EAS, Asian Development Bank, ASEAN Plus Three, and others
Statistics
GDP	$224.8 billion nominal(2011)[1] $411.9 billion PPP (2011)[2]
GDP growth	6.4% (Q1 2012)
GDP per capita	$2,223 (2011)[3] (nominal 126th) $4,073 (2011)[3] (PPP 126th)
GDP by sector	agriculture (12.3%), industry (33.3%), services (54.4%) (2011 est.)[4]
Inflation (CPI)	2.8% (June 2012)[5]
Population below poverty line	national – 32.9% (2006 est.)[4] international – 22.6% (2006)[6] regional – 27% (2006)[7]
Gini coefficient	45.8 (2006)[4]
Labor force	39.81 million (2011 est.)[4]
Labor force by occupation	services (52%) agriculture (33%), industry (15%) (2010 est.)[4]
Unemployment	6.9% (April 2012)[8]
Main industries	electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing[4]
Ease of Doing Business Rank	136th[9]
External
Exports	$48.0 billion (2011)[10]
Export goods	semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[4]
Main export partners	Japan 18.5%, United States 14.8%, China 12.7%, Singapore 8.9%, Hong Kong 7.7%, South Korea 4.6%, Taiwan 4.2%, Thailand 4.0%, Netherlands 3.6%, Germany 3.5% (2011)[11]
Imports	$60.1 billion (2011)[10]
Import goods	electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[4]
Main import partners	Japan 10.8%, United States 10.8%, China 10.1%, Singapore 8.1%, South Korea 7.3%, Taiwan 6.9%, Thailand 5.8%, Saudi Arabia 5.4%, Malaysia 4.4%, Indonesia 3.9% (2011)[12]
Gross external debt	$62.431 billion (September 2011)[13]
Public finances
Public debt	$114.41 billion (50.9% of GDP) (2011)[14]
Revenues	$31.38 billion (2011)
Expenses	$35.95 billion (2011)[15]
Economic aid	$1.67 billion[16]
Credit rating	Standard & Poor's:[17] BB+ (Domestic) BB+ (Foreign) BB+ (T&C Assessment) Outlook: Stable[18] Moody's:[19] Ba2 Outlook: Positive[20] Fitch:[21] BB+ Outlook: Stable
Foreign reserves	$76.29 billion (June 2012)[22]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars

The Economy of the Philippines is the 46^th largest in the world, according to 2010 World Bank statistics. According to the CIA Factbook, the estimated 2011 gross domestic product (purchasing power parity) was $389.8 billion (2011 est.)^[4] The Goldman Sachs estimates that by the year 2050, it will land on the 14^th place and one in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.^[23]
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. The Philippines is one of the Tiger Cub Economies in Southeast Asia together with Indonesia, Malaysia and Thailand.

Macroeconomic trend

A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.^[24][25]

Year	GDP growth in percent (constant prices, base year = 2000)	GDP in PHP Million (current prices)	GDP in USD Million (current prices)	GDP per capita in USD (current prices)	GDP in USD Million (PPP)	GDP per capita in USD (PPP)	Peso vs Dollar Exchange Rate
1980	5.15	270.1	35.9	744	64.4	1334	7.51
1981	3.42	312.0	39.5	797	72.9	1471	7.90
1982	3.62	351.4	41.1	810	80.1	1578	8.54
1983	1.88	408.9	36.8	707	84.9	1630	11.11
1984	-7.32	581.1	34.8	652	81.6	1530	16.70
1985	-7.31	633.6	34.1	623	77.9	1426	18.61
1986	3.42	674.6	33.1	591	82.4	1471	20.39
1987	4.31	756.5	36.8	641	88.4	1540	20.57
1988	6.75	885.5	42.0	715	97.6	1663	21.09
1989	6.21	1025.3	47.3	786	107.6	1791	21.70
1990	3.04	1190.5	48.9	796	115.2	1873	24.33
1991	-0.58	1379.9	50.2	797	118.6	1882	27.48
1992	0.34	1497.5	58.7	912	121.8	1891	25.51
1993	2.12	1633.6	60.2	914	127.1	1929	27.12
1994	4.39	1875.7	71.0	1052	135.5	2007	26.42
1995	4.68	2111.7	83.7	1224	144.8	2118	25.24
1996	5.85	2406.4	93.5	1336	156.1	2232	24.74
1997	5.19	2688.7	92.8	1297	167.1	2336	28.98
1998	-0.58	2952.8	73.8	1009	168.1	2297	40.02
1999	3.08	3244.2	83.0	1110	175.8	2352	39.09
2000	4.41	3580.7	81.0	1053	187.5	2437	44.19
2001	2.89	3888.8	76.3	971	197.3	2511	50.99
2002	3.65	4198.3	81.4	1014	207.8	2591	51.60
2003	4.97	4548.1	83.9	1025	222.7	2720	54.20
2004	6.70	5120.4	91.4	1093	242.7	2905	56.04
2005	4.78	5677.8	103.1	1209	261.0	3061	55.09
2006	5.24	6271.2	122.2	1405	283.5	3260	51.31
2007	6.62	6892.7	149.4	1684	311.1	3507	46.15
2008	4.15	7720.9	173.6	1919	331.2	3661	44.47
2009	1.15	8026.1	168.5	1827	338.5	3670	47.64
2010	7.63	9003.5	199.6	2123	368.5	3920	45.11
2011	3.72	9734.8	224.75	2223	390.4	4073	43.31

GDP growth at constant 1985 prices in Philippine pesos:^[3][24][26]

Year	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979
GDP growth %	4.6	4.9	4.8	9.2	5	6.4	8	5.6	5.2	5.6

Year	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989
GDP growth %	5.149	3.423	3.619	1.875	-7.324	-7.307	3.417	4.312	6.753	6.205

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

Year	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
GDP growth %	4.411	2.894	3.646	4.970	6.698	4.778	5.243	7.117	4.153	1.148	7.632	3.718