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Economy of the Philippines

December 09, 2023

The economy of the Philippines is an emerging market, a newly industrialized country and one of the most dynamic in the Asia-Pacific region.[34] As a developing economy, the country is working towards achieving greater industrialization and economic growth.[35] In 2023, the Philippine economy is estimated to be at ₱24.27 trillion ($435.67 billion), making it the world's 34th largest by nominal GDP and 14th largest in Asia according to the International Monetary Fund.

Economy of the Philippines
Metro Manila, the economic center of the Philippines
CurrencyPhilippine peso (Filipino: piso; sign: ₱; code: PHP)
Calendar year
Trade organizations
ADB, AIIB, AFTA, APEC, ASEAN, EAS, G-24, RCEP, WTO and others
Country group
Statistics
Population 109,035,343 (13th)[3][4]
GDP
GDP rank
GDP growth
  • 7.6% (2022)[6]
  • 6.4% (2023 Q1)[7]
  • 5.9% (2024 est.)[6]
GDP per capita
  • $3,859 (nominal; 2023 est.)[5]
  • $11,326 (PPP; 2023 est.)[5]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption: 73.1%
  • Government consumption: 15.0%
  • Gross capital formation: 23.1%
  • Exports of goods and services: 28.5%
  • Imports of goods and services: -39.6%
  • Other source: 5.7%
  • (2022)[8]
4.1% (November 2023)[9]
Population below poverty line
  • 18.1% (2021)[10]
  • 18% on less than $3.65/day (2021)[11]
41.2 medium (2021)[12]
Labor force
  • 47.80 million
  • 63.9% participation rate
  • (October 2023 est.)[14]
Labor force by occupation
Unemployment
  • 4.2%
  • 2.09 million unemployed
  • (October 2023 est.)[14]
Average gross salary
₱18,423 / US$338 monthly (2022)[15]
Gross savings ₱4.90 trillion (2022)[16]
Main industries
External
Exports$115.26 billion (2022)[19][8][note 1]
Export goods
Main export partners
Imports$159.29 billion (2022)[19][8][note 1]
Import goods
Main import partners
FDI stock
  • $112.96 billion (Inward; 2022)[22]
  • $67.28 billion (Outward; 2022)[22]
  • -$17.8 billion
  • -4.4% of GDP (2022)[23]
  • $111.3 billion
  • 27.5% of GDP (2022)[24][25]
Public finances
  • ₱13.419 trillion
  • ($246.22 billion)
  • 60.9% of GDP (2022)[8][26]
  • -₱1.614 trillion
  • (-$29.60 billion)
  • −7.33% of GDP (2022)[8]
Revenues
  • ₱3.546 trillion
  • ($65.01 billion)
  • 16.1% of GDP (2022)[8]
Expenses
  • ₱5.160 trillion
  • ($94.61 billion)
  • 23.4% of GDP (2022)[8]
Economic aid$1.67 billion[27]
  • Fitch:[31]
  • BBB (Domestic/Foreign)
  • BBB+ (Country Ceiling)
  • Outlook: Stable
$101.303 billion (November 2023)[32][33]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world.[36] The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization.[37] The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipments, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the 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, alongside Indonesia, Malaysia, Vietnam, and Thailand. However, major problems remain, mainly related to 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.

In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.[38] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[39]

Overview edit

Further information: Economic history of the Philippines
 
Historical growth of the Philippine economy from 1961 to 2015

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. The Philippines posted a high GDP growth rate of 7.6 percent in 2022.[40] However, the country 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.

A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[41][42]

  •   Indicates economic growth
  •   Indicates contraction / recession
  •   Indicates IMF forecast
Year GDP growth[a] GDP, current prices GDP, PPP PHP:USD
exchange rate[b]
(PHP, billions) (USD, billions) Per capita
(USD) 		(USD, billions) Per capita,
(USD)
2023[5] 5.3%  24,276   435.7   3,859   1,278.6   11,326  
2022 7.76%  22,023   404.3   3,623   1,173.1   10,512     54.47
2021 5.60%  19,390   393.7   3,579   994.6   9,043     49.25
2020[c] −9.50%  17,937.6   361.5   3,298   919.2   8,389     49.62
2019 6.00%  19,514.4   376.8   3,485   1,005   9,295     51.79
2018 6.30%  18,262.4   346.8   3,251   930.0   8,720     52.66
2017 6.70%  15,556.4   328.5   3,123   854.0   8,120     50.40
2016 6.90%  15,133.5   318.6   3,073   798.6   7,703     47.50
2015[43] 5.80%  13,307.3   292.4   2,863   741.0   6,547     45.50
2014[43] 6.10%  12,645.3   284.8   2,844   642.8   6,924     44.40
2013[44] 7.20%  11,546.1   272.2   2,792   454.3   4,660     42.45
2012[45] 6.80%  10,564.9   250.2   2,611   419.6   4,380     42.21
2011 3.60%  9,706.3   224.1   2,379   386.1   4,098     43.29
2010 7.63%  9,003.5   199.6   2,155   365.3   3,945     45.09
2009 1.15%  8,026.1   168.5   1,851   335.4   3,685     47.58
2008 4.15%  7,720.9   173.6   1,919   329.0   3,636     44.47
2007 7.12%  6,892.7   149.4   1,684   309.9   3,493     46.07
2006 5.24%  6,271.2   122.2   1,405   283.5   3,255     51.29
2005 4.78%  5,677.8   103.1   1,209   261.0   3,061     55.06
2004 6.70%  5,120.4   91.4   1,093   242.7   2,905     56.09
2003 4.97%  4,548.1   83.9   1,025   222.7   2,720     54.32
2002 3.65%  4,198.3   81.4   1,014   207.8   2,591     51.60
2001 2.89%  3,888.8   76.3   971   197.3   2,511     51.20
2000 4.41%  3,580.7   81.0   1,053   187.5   2,437     46.44
1999 3.08%  3,244.2   83.0   1,110   175.8   2,352     42.85
1998 −0.58%  2,952.8   73.8   1,009   168.1   2,297     40.34
1997 5.19%  2,688.7   92.8   1,297   167.1   2,336     32.59
1996 5.85%  2,406.4   93.5   1,336   156.1   2,232     27.15
1995 4.68%  2,111.7   83.7   1,224   144.8   2,118     24.20
1994 4.39%  1,875.7   71.0   1,052   135.5   2,007     24.84
1993 2.12%  1,633.6   60.2   914   127.1   1,929     28.05
1992 0.34%  1,497.5   58.7   912   121.8   1,891     26.44
1991 −0.49%  1,379.9   50.2   797   118.6   1,882     27.61
1990 3.04%  1,190.5   48.9   796   115.2   1,873     22.90
1989 6.21%  1,025.3   47.3   786   107.6   1,791     23.03
1988 6.75%  885.5   42.0   715   97.6   1,663     23.26
1987 4.31%  756.5   36.8   641   88.4   1,540     19.07
1986 3.42%  674.6   33.1   591   82.4   1,471     18.42
1985 −7.30%  633.6   34.1   623   77.9   1,426     17.40
1984 −7.31%  581.1   34.8   652   81.6   1,530     17.61
1983 1.88%  408.9   36.8   707   84.9   1,630     12.11
1982 3.62%  351.4   41.1   810   80.1   1,578     9.47
1981 3.42%  312.0   39.5   797   72.9   1,471     9.32
1980 5.15%  270.1   35.9   744   64.4   1,334     7.78
1979 5.60% 
1978 5.20% 
1977 5.60% 
1976 8.00% 
1975 6.40% 
1974 5.00% 
1973 9.20% 
1972 4.80% 
1971 4.90% 
1970 4.60% 
  1. ^ GDP growth at constant 1985 prices in Philippine pesos:[41][46][47][48]
  2. ^ Direct quotation: PHP to buy 1 USD.
  3. ^ As a result of shutdown of businesses imposed by the lockdowns to contain the COVID-19 pandemic.

Composition by sector edit

 
Filipino men at work in Brunei

As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, the country's service industry has expanded recently.[49] 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 OFWs—are 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 in investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.[50] From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,[51] this significantly increased to a record US$36.14 billion in 2022.[52][53] In 2021, remittances made up about 9% of the total national GDP.[54]

Agriculture edit

Further information: Agriculture in the Philippines

As of 2022, agriculture employs 24 percent of the Filipino workforce[55] accounting for 8.9 percent of the total GDP.[56] 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 third largest producer of coconuts, and the world's largest exporter of coconut products.[57] Coconut production is generally concentrated in medium-sized farms.[58] The Philippines is also the world's third largest producer of pineapples, producing 2,862,000 metric tons (2,817,000 long tons; 3,155,000 short tons) in 2021.[59]

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 as of 2019, accounting for 2.5 percent of global rice production.[60] Rice is the most important food crop, a staple food in most of the country;[61] it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, SOCCSKSARGEN, and Ilocos Region.[62][63]

The Philippines is one of the largest producers of sugar in the world.[64] At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which the Negros Island Region accounts for half of the country's total production. As of Crop Year 2012–2013, 29 mills are operational divided as follows: 13 mills in Negros, 6 mills in Luzon, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.[65] A range from 360,000 to 390,000 hectares (890,000 to 960,000 acres) are devoted to sugarcane production. The largest sugarcane areas are found in the Negros Island Region, which accounts for 51 percent of sugarcane areas planted. This is followed by Mindanao which accounts for 20 percent; Luzon with 17 percent; Panay with 7 percent and Eastern Visayas with 4 percent.[66]

Automotive and aerospace edit

Main article: Automotive industry in the Philippines

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 352,596 units in 2022 from 268,488 units a year prior.[67] Toyota sells the most vehicles in the country;[67][68] this is followed by Mitsubishi, Ford, Nissan, and Suzuki.[67] Honda and Suzuki produce motorcycles in the country.[69] Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.[70][71]

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; the company produces aircraft actuators in their manufacturing facility.[72] Total export output of aerospace products in the Philippines reached US$780 million in 2019.[73]

Electronics edit

 
A Texas Instruments integrated circuit

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[74][75] 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.[76] Toshiba hard disk drives are manufactured in Santa Rosa, Laguna.[77] Printer manufacturer Lexmark has a factory in Cebu City.[78] 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.[79]

The Philippine Electronics Industry is classified into (73%) Semiconductor Manufacturing Services (SMS) and (27%) Electronics Manufacturing Services (EMS) according to SEIPI, the largest organization of foreign and Filipino electronics companies in the Philippines.[80] Electronic products continued to be the country's top export with total earnings of US$45.66 billion and accounted for 57.8 percent of the total export of goods in 2022.[21]

Mining and extraction edit

 
Geothermal power station in Negros Oriental

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced 1,928 megawatts (2,585,000 hp) of electricity from geothermal sources (7.55% of total electricity production).[81] A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas-powered plants.[82] Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world.[83][84] Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist.

About 60 percent 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 percent.[citation needed] Philippine mineral exports amounted to US$4.22 billion in 2020.[85] Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.[citation needed]

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.[86] In 2019, the country was the 2nd largest world producer of nickel[87] and the 4th largest world producer of cobalt.[88] According to Philippine Statistics Authority, the total monetary value of four key metallic minerals which were appraised to Class A namely: copper, chromite, gold and nickel were valued at US$9.01 billion in 2022.[89] Class A mineral resources are commercially recoverable that could contribute to economy annually.

Offshoring and outsourcing edit

Main articles: Business process outsourcing in the Philippines and Call center industry in the Philippines
 
A business process outsourcing office in Bacolod

Business process outsourcing (BPO) and the call center industry contribute to the Philippines' economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S&P.[50] In 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO).[90][91] The industry generated 100,000 jobs, and total revenues were placed at US$960 million for 2005. In 2011, BPO sector employment ballooned to over 700,000 people[92] and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.[93] BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines—[94] mainly in six "centers of excellence": Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas considered as "next wave cities" for BPO include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna.[95] The majority of the top ten BPO firms of the United States operate in the Philippines.[96]

Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business-to-business support. The Philippines is 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.[97][98]

The growth in the BPO industry is 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.[99]

Renewable energy resources edit

Main article: Renewable energy in the Philippines
 
Solar module installation in Bulacan

The Philippines has significant potential in solar energy; however, as of 2021, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.[100][101] The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.[81]

On November 15, 2022, the renewable energy sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The Department of Energy is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent.[102] Danish firm Copenhagen Infrastructure Partners (CIP) is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of 2,000 megawatts (2,700,000 hp); it will be located in Camarines Norte and Camarines Sur (1000 MW), Northern Samar (650 MW), Pangasinan and La Union (350 MW).[103] In 2022, the share of RE in the energy mix was at 22.8 percent.[104]

Shipbuilding and repair edit

 
Hanjin Subic Shipyard in Subic, Zambales

The Philippines is a major player in the global shipbuilding industry[105] with 118 registered shipyards in 2021[106] distributed in Subic, Cebu,[107] Bataan, Navotas and Batangas.[108][109] It has been the fourth largest shipbuilding nation since 2010.[110] Subic-made cargo vessels are 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.[111] Bulk carriers, container ships and big passenger ferries are built in the country's shipyards. General Santos' shipyard is mainly for ship repair and maintenance.[112]

Surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.[113] Shipbuilding is part of Philippines' maritime heritage;[114] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.[115][116]

Tourism edit

 
Boracay white beach
These paragraphs are an excerpt from Tourism in the Philippines.[edit]

Tourism is an important sector for the Philippine economy. The travel and tourism industry contributed 6.2% to the country's GDP in 2022;[117] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.[118] Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector.[119] Popular destinations among tourists include Boracay, Palawan, Cebu and Siargao. While the Philippines has encountered political and social challenges that have affected its tourism industry, the country has also taken steps to address these issues.[120] Over the past years, there have been efforts to improve political stability, enhance security measures, and promote social inclusivity, all of which contribute to creating a more favorable environment for tourism, such as the Boracay rehabilitation.[121]

As of 2022, 5.23 million Filipinos were employed in the tourism industry and as of September 2023, the Philippines generated ₱316.9 billion ($5.5 billion) in revenue from tourists, coming mostly from South Korea, the United States and Japan.[122] The country attracted a total of 5,360,682 foreign visitors in 2015 through its tourism campaign of It's More Fun in the Philippines![123] In 2019, foreign arrivals peaked at 8,260,913.[124]

The country is also home to one of the New 7 Wonders of Nature, the Puerto Princesa Subterranean River National Park, and one of the New 7 Wonders Cities, the Heritage City of Vigan. It is also home to six UNESCO World Heritage Sites scattered in nine different locations, three UNESCO biosphere reserves, three UNESCO intangible cultural heritage, four UNESCO memory of the world documentary heritage, one UNESCO creative city, two UNESCO World Heritage cities, seven Ramsar wetland sites, and eight ASEAN Heritage Parks.[123]

Regional accounts edit

For the year 2022, all economies of the 17 regions in the Philippines recorded positive growths; Western Visayas had the highest growth (9.3 percent), followed by Cordillera Administrative Region (8.7 percent), and Davao Region (8.15 percent).[125]

According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2019.

Region GRDP

(PHP, thousands)

Agriculture

(PHP, thousands)

Industry

(PHP, thousands)

Services

(PHP, thousands)

GRDP
per capita

(PHP)

# % # % # % # %
Metro Manila 6,309,290,637 32.33 442,597 0.03 1,230,125,141 20.89 5,078,722,899 42.65 462,779
Cordillera 322,093,866 1.65 27,045,337 1.57 77,990,725 1.32 217,057,804 1.82 179,752
Ilocos Region 629,772,047 3.23 104,471,256 6.07 192,218,332 3.26 333,082,459 2.80 120,512
Cagayan Valley 397,625,523 2.04 103,563,850 6.01 115,614,177 1.96 178,447,496 1.50 109,851
Central Luzon 2,177,046,900 11.15 231,995,441 13.47 950,969,430 16.15 994,082,029 8.35 179,840
Calabarzon 2,861,724,791 14.66 154,312,287 8.96 1,445,358,775 24.55 1,262,053,729 10.60 181,781
Mimaropa 377,014,287 1.93 64,116,478 3.72 125,427,469 2.13 187,470,340 1.57 120,240
Bicol Region 560,314,934 2.87 85,820,150 4.98 202,529,524 3.44 271,965,260 2.28 92,288
Western Visayas 916,379,059 4.70 144,256,702 8.38 194,479,931 3.30 577,642,425 4.85 116,946
Central Visayas 1,266,701,029 6.49 79,478,668 4.61 342,195,668 5.81 845,026,693 7.10 161,289
Eastern Visayas 465,694,628 2.39 61,219,158 3.55 181,914,842 3.09 222,560,628 1.87 99,492
Zamboanga Peninsula 397,206,561 2.04 74,695,151 4.34 110,467,600 1.88 212,043,810 1.78 105,798
Northern Mindanao 882,204,432 4.52 182,955,342 10.62 208,580,211 3.54 490,668,878 4.12 177,998
Davao Region 922,094,956 4.72 149,438,384 8.68 233,452,398 3.97 539,204,175 4.53 176,983
Soccsksargen 470,422,524 2.41 130,802,115 7.60 103,321,113 1.75 236,299,297 1.98 108,561
Caraga 306,308,490 1.57 39,908,783 2.32 109,464,024 1.86 156,935,683 1.32 112,489
Bangsamoro 254,523,606 1.30 87,689,432 5.09 63,191,105 1.07 103,643,069 0.87 55,151
Total 19,516,418,271 100.00 1,722,211,131 100.00 5,887,300,465 100.00 11,906,906,674 100.00 181,907
Data as of October 21, 2020[126]

International comparisons edit

Further information: Philippine investment climate and International rankings of the Philippines § Economics
Organization Report As of Change from previous Ranking
Fraser Institute Economic Freedom of the World 2014   5 51 out of 144[127]
International Monetary Fund Gross Domestic Product (PPP) 2016   2 29th[128]
International Monetary Fund Gross domestic product (nominal) 2016   6 33rd[129]
International Monetary Fund GDP per capita (PPP) 2015   1 118th[130]
International Monetary Fund GDP per capita (nominal) 2015   5 123rd[131]
International Monetary Fund Foreign exchange reserves 2016   26th[132]
The Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2016   13 76 out of 178[133]
The World Factbook External debt 2014   3 57th[134]
United Nations Human Development Index 2014   1 117 out of 187[135]
World Economic Forum Global Competitiveness 2018–2019   56 out of 148[136]
World Economic Forum Global Enabling Trade Report 2014   8 64 out of 138[137]
World Economic Forum Financial Development Index 2012   5 49 out of 60[138]
World Bank Ease of doing business index 2014   13 95 out of 183[139]

Statistics edit

See also: Income inequality in the Philippines and Poverty in the Philippines
2022 2021 2020 2019 2018 2017
Social Indicators
Population
(in million)
 111.6 110.2 108.8 107.3 105.8 104.2
Poverty (%) - 18.1 - - 16.6 -
Labor Force
(in million)
 49.0 47.7 43.9 42.4 41.2 40.3
Unemployment (%) 5.4 7.8 10.3 5.1 5.3 5.7
Wage Rates
(Nominal ₱: end-of-period)
 570.00 537.00 537.00 537.00 537.00 512.00
Inflation Rate
(Constant 2018 prices; %)
 5.8 3.9 2.4 2.4 5.2 2.9
External Sectors
Trade Balance
(US$ million)
 -69,393 -52,806 -33,775 -49,312 -50,972 -40,215
Export of Goods
(US$ million)
 57,448 54,228 48,212 53,477 51,977 51,814
Import of Goods
(US$ million)
 126,841 107,034 81,987 102,788 102,949 92,029
Current Account
(US$ million; % of GDP)
 -17,832 (-4.2) -5,943 (-1.5) 11,578 (3.2) -3,047 (0.8) -8,877 (-2.6) -2,143 (-0.7)
External Debt
(US$ million; % of GDP)
 112,268 (26.0) 106,428 (26.1) 98,488 (25.3) 83,618 (20.2) 78,960 (20.6) 73,098 (20.0)
Personal Remittances
(US$ million)
 36,136 34,884 33,194 33,467 32,213 31,288
Foreign Reserves
(US$ million)
 96,130 108,792 110,115 87,840 79,193 81,570
FDI Flows
(Inward; US$ million)
 9,200 10,518 6,822 8,671 9,949 10,236
FDI Stock
(Inward; US$ million)
 112,965 113,711 103,193 94,593 82,997 73,016
Public Finances
Budget Balance
(₱ billion; % of GDP)
 -1,614 (-7.3) -1,670 (-8.6) -1,371 (-7.6) -660 (-3.4) -558 (-3.1) -351 (-2.1)
Revenues
(₱ billion; % of GDP)
 3,546 (16.1) 3,006 (15.5) 2,856 (15.9) 3,137 (16.1) 2,850 (15.6) 2,473 (14.9)
Expenditures
(₱ billion; % of GDP)
 5,160 (23.4) 4,676 (24.1) 4,227 (23.5) 3,798 (19.5) 3,408 (18.7) 2,824 (17.1)
BSP Rates
(Nominal; O-RRP)
 -2.73 -2.50 0.13 1.91 -1.55 0.10
Public Debt
(₱ billion; % of GDP)
 13,419 (60.9) 11,729 (60.4) 9,795 (54.6) 7,731 (39.6) 7,293 (39.9) 6,652 (40.2)
Peso-Dollar Rate
(Average Period)
 54.478 49.225 49.624 51.796 52.661 50.404
Sources: Bangko Sentral ng Pilipinas[8] and UNCTAD[22]

GDP-related data can be found here:

  • Industries: electronics assembly, aerospace, agribusiness, automotive, IT and business process outsourcing, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, financial services, food processing, petrochemical, metalcasting and mining, real estate, textile, tourism[17][18]
  • Electricity – production: 106,115 GWh (2021)[140]
  • Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish[141]
  • Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper,nickel, petroleum products, coconut oil, fruits[141]
  • Imports – commodities/products: electronic products, machinery, telecommunication and transport equipments, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits[141]
  • Manufacturing Growth: 11.1% (February 2023)[142]
  • PMI Manufacturing: 52.5 (March 2023)[143]
  • Yield Curve: 10-Year Bond 6.15% (April 2023)[144]
  • Net International Investment Position: –$28.12 billion (2021 est.)[145]

Government budget edit

Main article: Fiscal policy of the Philippines

The national government budget for 2023 has set the following budget allocations:[146][note 2]

Budget allocation (PHP, billions) (USD, billions) Difference from
F.Y. 2022
Department of Education 852.8 15.6   8.15%
Department of Public Works and Highways 718.4 13.2   9.49%
Department of Health 296.3 5.4   10.39%
Department of the Interior and Local Government 253.1 4.6   0.72%
Department of National Defense 240.7 4.4   8.96%
Department of Social Welfare and Development 197.0 3.6   4.06%
Department of Agriculture 184.1 3.4   39.26%
Department of Transportation 167.1 3.1   120.45%
The Judiciary 52.7 1.0   12.13%
Department of Labor and Employment 41.4 0.8   23.91%

See also edit

References edit

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December 09, 2023
economy, philippines, economy, philippines, emerging, market, newly, industrialized, country, most, dynamic, asia, pacific, region, developing, economy, country, working, towards, achieving, greater, industrialization, economic, growth, 2023, philippine, econo. The economy of the Philippines is an emerging market a newly industrialized country and one of the most dynamic in the Asia Pacific region 34 As a developing economy the country is working towards achieving greater industrialization and economic growth 35 In 2023 the Philippine economy is estimated to be at 24 27 trillion 435 67 billion making it the world s 34th largest by nominal GDP and 14th largest in Asia according to the International Monetary Fund Economy of the PhilippinesMetro Manila the economic center of the PhilippinesCurrencyPhilippine peso Filipino piso sign code PHP Fiscal yearCalendar yearTrade organizationsADB AIIB AFTA APEC ASEAN EAS G 24 RCEP WTO and othersCountry groupDeveloping Emerging 1 Lower middle income economy 2 Newly industrialized countryStatisticsPopulation109 035 343 13th 3 4 GDP 435 67 billion nominal 2023 est 5 1 27 trillion PPP 2023 est 5 GDP rank34th nominal 2023 est 29th PPP 2023 est GDP growth7 6 2022 6 6 4 2023 Q1 7 5 9 2024 est 6 GDP per capita 3 859 nominal 2023 est 5 11 326 PPP 2023 est 5 GDP per capita rank124th nominal 2023 est 118th PPP 2023 est GDP by sectorAgriculture 8 9 Industry 29 7 Services 61 4 2022 8 GDP by componentHousehold consumption 73 1 Government consumption 15 0 Gross capital formation 23 1 Exports of goods and services 28 5 Imports of goods and services 39 6 Other source 5 7 2022 8 Inflation CPI 4 1 November 2023 9 Population below poverty line18 1 2021 10 18 on less than 3 65 day 2021 11 Gini coefficient41 2 medium 2021 12 Human Development Index0 699 medium 2021 13 116th 0 574 medium IHDI 2021 13 Labor force47 80 million 63 9 participation rate October 2023 est 14 Labor force by occupationAgriculture 22 2 Industry 17 8 Services 60 1 October 2023 est 14 Unemployment4 2 2 09 million unemployed October 2023 est 14 Average gross salary 18 423 US 338 monthly 2022 15 Gross savings 4 90 trillion 2022 16 Main industriesElectronics assemblyaerospace partsagribusinessautomotive partsIT and business process outsourcingfood processingfurniturespharmaceuticalspetrochemicalsmetal casting and miningshipbuildingtextiletourism 17 18 ExternalExports 115 26 billion 2022 19 8 note 1 Export goodsElectronic products 57 8 Agricultural products 9 5 Mineral products 4 9 Manufactured goods 4 8 Ignition wirings 3 6 Machinery and Transport equipments 3 6 Other 15 8 2022 20 21 Main export partners ASEAN 17 0 United States 15 8 Japan 14 1 Hong Kong 13 3 China 13 1 European Union 11 7 Other 15 2022 21 Imports 159 29 billion 2022 19 8 note 1 Import goodsElectronic products 23 9 Mineral fuels 17 3 Agricultural products 14 1 Transport equipments 8 0 Industrial machinery 4 3 Iron and steel 4 2 Other 28 2 2022 20 21 Main import partners ASEAN 29 3 China 20 6 Japan 9 0 South Korea 9 0 United States 6 5 European Union 6 3 Other 19 3 2022 21 FDI stock 112 96 billion Inward 2022 22 67 28 billion Outward 2022 22 Current account 17 8 billion 4 4 of GDP 2022 23 Gross external debt 111 3 billion 27 5 of GDP 2022 24 25 Public financesGovernment debt 13 419 trillion 246 22 billion 60 9 of GDP 2022 8 26 Budget balance 1 614 trillion 29 60 billion 7 33 of GDP 2022 8 Revenues 3 546 trillion 65 01 billion 16 1 of GDP 2022 8 Expenses 5 160 trillion 94 61 billion 23 4 of GDP 2022 8 Economic aid 1 67 billion 27 Credit ratingJapan Credit Rating Agency 28 A Domestic Foreign A Bonds Outlook StableStandard amp Poor s 29 BBB Domestic Foreign BBB T amp C Assessment Outlook StableMoody s 30 Baa2 Outlook StableFitch 31 BBB Domestic Foreign BBB Country Ceiling Outlook StableForeign reserves 101 303 billion November 2023 32 33 Main data source CIA World Fact Book All values unless otherwise stated are in US dollars The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing It has experienced significant economic growth and transformation in recent years With an average annual growth rate of around 6 percent since 2010 the country has emerged as one of the fastest growing economies in the world 36 The Philippines is a founding member of the United Nations Association of Southeast Asian Nations Asia Pacific Economic Cooperation East Asia Summit and the World Trade Organization 37 The Asian Development Bank ADB is headquartered in the Ortigas Center located in the city of Mandaluyong Metro Manila The country s primary exports include semiconductors and electronic products transport equipments garments chemical products copper nickel abaca coconut oil and fruits Its major trading partners include Japan China the 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 alongside Indonesia Malaysia Vietnam and Thailand However major problems remain mainly related to 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 In 2017 the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050 38 By 2035 the Filipino economy is predicted to be the 22nd largest in the world 39 Contents 1 Overview 2 Composition by sector 2 1 Agriculture 2 2 Automotive and aerospace 2 3 Electronics 2 4 Mining and extraction 2 5 Offshoring and outsourcing 2 6 Renewable energy resources 2 7 Shipbuilding and repair 2 8 Tourism 3 Regional accounts 4 International comparisons 5 Statistics 6 Government budget 7 See also 8 References 9 Notes 10 Further reading 11 External linksOverview editFurther information Economic history of the Philippines nbsp Historical growth of the Philippine economy from 1961 to 2015The 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 The Philippines posted a high GDP growth rate of 7 6 percent in 2022 40 However the country 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 A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund 41 42 Indicates economic growth Indicates contraction recession Indicates IMF forecast Year GDP growth a GDP current prices GDP PPP PHP USDexchange rate b PHP billions USD billions Per capita USD USD billions Per capita USD 2023 5 5 3 24 276 nbsp 435 7 nbsp 3 859 nbsp 1 278 6 nbsp 11 326 nbsp 2022 7 76 22 023 nbsp 404 3 nbsp 3 623 nbsp 1 173 1 nbsp 10 512 nbsp nbsp 54 472021 5 60 19 390 nbsp 393 7 nbsp 3 579 nbsp 994 6 nbsp 9 043 nbsp nbsp 49 252020 c 9 50 17 937 6 nbsp 361 5 nbsp 3 298 nbsp 919 2 nbsp 8 389 nbsp nbsp 49 622019 6 00 19 514 4 nbsp 376 8 nbsp 3 485 nbsp 1 005 nbsp 9 295 nbsp nbsp 51 792018 6 30 18 262 4 nbsp 346 8 nbsp 3 251 nbsp 930 0 nbsp 8 720 nbsp nbsp 52 662017 6 70 15 556 4 nbsp 328 5 nbsp 3 123 nbsp 854 0 nbsp 8 120 nbsp nbsp 50 402016 6 90 15 133 5 nbsp 318 6 nbsp 3 073 nbsp 798 6 nbsp 7 703 nbsp nbsp 47 502015 43 5 80 13 307 3 nbsp 292 4 nbsp 2 863 nbsp 741 0 nbsp 6 547 nbsp nbsp 45 502014 43 6 10 12 645 3 nbsp 284 8 nbsp 2 844 nbsp 642 8 nbsp 6 924 nbsp nbsp 44 402013 44 7 20 11 546 1 nbsp 272 2 nbsp 2 792 nbsp 454 3 nbsp 4 660 nbsp nbsp 42 452012 45 6 80 10 564 9 nbsp 250 2 nbsp 2 611 nbsp 419 6 nbsp 4 380 nbsp nbsp 42 212011 3 60 9 706 3 nbsp 224 1 nbsp 2 379 nbsp 386 1 nbsp 4 098 nbsp nbsp 43 292010 7 63 9 003 5 nbsp 199 6 nbsp 2 155 nbsp 365 3 nbsp 3 945 nbsp nbsp 45 092009 1 15 8 026 1 nbsp 168 5 nbsp 1 851 nbsp 335 4 nbsp 3 685 nbsp nbsp 47 582008 4 15 7 720 9 nbsp 173 6 nbsp 1 919 nbsp 329 0 nbsp 3 636 nbsp nbsp 44 472007 7 12 6 892 7 nbsp 149 4 nbsp 1 684 nbsp 309 9 nbsp 3 493 nbsp nbsp 46 072006 5 24 6 271 2 nbsp 122 2 nbsp 1 405 nbsp 283 5 nbsp 3 255 nbsp nbsp 51 292005 4 78 5 677 8 nbsp 103 1 nbsp 1 209 nbsp 261 0 nbsp 3 061 nbsp nbsp 55 062004 6 70 5 120 4 nbsp 91 4 nbsp 1 093 nbsp 242 7 nbsp 2 905 nbsp nbsp 56 092003 4 97 4 548 1 nbsp 83 9 nbsp 1 025 nbsp 222 7 nbsp 2 720 nbsp nbsp 54 322002 3 65 4 198 3 nbsp 81 4 nbsp 1 014 nbsp 207 8 nbsp 2 591 nbsp nbsp 51 602001 2 89 3 888 8 nbsp 76 3 nbsp 971 nbsp 197 3 nbsp 2 511 nbsp nbsp 51 202000 4 41 3 580 7 nbsp 81 0 nbsp 1 053 nbsp 187 5 nbsp 2 437 nbsp nbsp 46 441999 3 08 3 244 2 nbsp 83 0 nbsp 1 110 nbsp 175 8 nbsp 2 352 nbsp nbsp 42 851998 0 58 2 952 8 nbsp 73 8 nbsp 1 009 nbsp 168 1 nbsp 2 297 nbsp nbsp 40 341997 5 19 2 688 7 nbsp 92 8 nbsp 1 297 nbsp 167 1 nbsp 2 336 nbsp nbsp 32 591996 5 85 2 406 4 nbsp 93 5 nbsp 1 336 nbsp 156 1 nbsp 2 232 nbsp nbsp 27 151995 4 68 2 111 7 nbsp 83 7 nbsp 1 224 nbsp 144 8 nbsp 2 118 nbsp nbsp 24 201994 4 39 1 875 7 nbsp 71 0 nbsp 1 052 nbsp 135 5 nbsp 2 007 nbsp nbsp 24 841993 2 12 1 633 6 nbsp 60 2 nbsp 914 nbsp 127 1 nbsp 1 929 nbsp nbsp 28 051992 0 34 1 497 5 nbsp 58 7 nbsp 912 nbsp 121 8 nbsp 1 891 nbsp nbsp 26 441991 0 49 1 379 9 nbsp 50 2 nbsp 797 nbsp 118 6 nbsp 1 882 nbsp nbsp 27 611990 3 04 1 190 5 nbsp 48 9 nbsp 796 nbsp 115 2 nbsp 1 873 nbsp nbsp 22 901989 6 21 1 025 3 nbsp 47 3 nbsp 786 nbsp 107 6 nbsp 1 791 nbsp nbsp 23 031988 6 75 885 5 nbsp 42 0 nbsp 715 nbsp 97 6 nbsp 1 663 nbsp nbsp 23 261987 4 31 756 5 nbsp 36 8 nbsp 641 nbsp 88 4 nbsp 1 540 nbsp nbsp 19 071986 3 42 674 6 nbsp 33 1 nbsp 591 nbsp 82 4 nbsp 1 471 nbsp nbsp 18 421985 7 30 633 6 nbsp 34 1 nbsp 623 nbsp 77 9 nbsp 1 426 nbsp nbsp 17 401984 7 31 581 1 nbsp 34 8 nbsp 652 nbsp 81 6 nbsp 1 530 nbsp nbsp 17 611983 1 88 408 9 nbsp 36 8 nbsp 707 nbsp 84 9 nbsp 1 630 nbsp nbsp 12 111982 3 62 351 4 nbsp 41 1 nbsp 810 nbsp 80 1 nbsp 1 578 nbsp nbsp 9 471981 3 42 312 0 nbsp 39 5 nbsp 797 nbsp 72 9 nbsp 1 471 nbsp nbsp 9 321980 5 15 270 1 nbsp 35 9 nbsp 744 nbsp 64 4 nbsp 1 334 nbsp nbsp 7 781979 5 60 1978 5 20 1977 5 60 1976 8 00 1975 6 40 1974 5 00 1973 9 20 1972 4 80 1971 4 90 1970 4 60 GDP growth at constant 1985 prices in Philippine pesos 41 46 47 48 Direct quotation PHP to buy 1 USD As a result of shutdown of businesses imposed by the lockdowns to contain the COVID 19 pandemic Composition by sector edit nbsp Filipino men at work in BruneiAs a newly industrialized country the Philippines is still an economy with a large agricultural sector however the country s service industry has expanded recently 49 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 OFWs are 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 in investment status upgrades from credit ratings agencies such as the Fitch Group and Standard amp Poor s 50 From more than US 2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994 51 this significantly increased to a record US 36 14 billion in 2022 52 53 In 2021 remittances made up about 9 of the total national GDP 54 Agriculture edit Further information Agriculture in the Philippines As of 2022 update agriculture employs 24 percent of the Filipino workforce 55 accounting for 8 9 percent of the total GDP 56 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 third largest producer of coconuts and the world s largest exporter of coconut products 57 Coconut production is generally concentrated in medium sized farms 58 The Philippines is also the world s third largest producer of pineapples producing 2 862 000 metric tons 2 817 000 long tons 3 155 000 short tons in 2021 59 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 as of 2019 update accounting for 2 5 percent of global rice production 60 Rice is the most important food crop a staple food in most of the country 61 it is produced extensively in Central Luzon Western Visayas Cagayan Valley SOCCSKSARGEN and Ilocos Region 62 63 The Philippines is one of the largest producers of sugar in the world 64 At least 17 provinces located in eight regions of the nation have grown sugarcane crops of which the Negros Island Region accounts for half of the country s total production As of Crop Year 2012 2013 29 mills are operational divided as follows 13 mills in Negros 6 mills in Luzon 4 mills in Panay 3 mills in Eastern Visayas and 3 mills in Mindanao 65 A range from 360 000 to 390 000 hectares 890 000 to 960 000 acres are devoted to sugarcane production The largest sugarcane areas are found in the Negros Island Region which accounts for 51 percent of sugarcane areas planted This is followed by Mindanao which accounts for 20 percent Luzon with 17 percent Panay with 7 percent and Eastern Visayas with 4 percent 66 nbsp A coconut grove in Dapitan nbsp A banana plantation in Padada nbsp Vast sugarcane plantations in Bacolod nbsp A rice field in Bulacan nbsp Pineapples in a market in LagunaAutomotive and aerospace edit Main article Automotive industry in the Philippines The ABS used in Mercedes Benz BMW and Volvo cars are made in the Philippines Automotive sales in the Philippines increased to 352 596 units in 2022 from 268 488 units a year prior 67 Toyota sells the most vehicles in the country 67 68 this is followed by Mitsubishi Ford Nissan and Suzuki 67 Honda and Suzuki produce motorcycles in the country 69 Since around the 2010s several Chinese car brands have entered the Philippine market these include Chery and Foton Motor 70 71 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 the company produces aircraft actuators in their manufacturing facility 72 Total export output of aerospace products in the Philippines reached US 780 million in 2019 73 Electronics edit nbsp A Texas Instruments integrated circuitA Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world 74 75 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 76 Toshiba hard disk drives are manufactured in Santa Rosa Laguna 77 Printer manufacturer Lexmark has a factory in Cebu City 78 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 79 The Philippine Electronics Industry is classified into 73 Semiconductor Manufacturing Services SMS and 27 Electronics Manufacturing Services EMS according to SEIPI the largest organization of foreign and Filipino electronics companies in the Philippines 80 Electronic products continued to be the country s top export with total earnings of US 45 66 billion and accounted for 57 8 percent of the total export of goods in 2022 21 Mining and extraction edit nbsp Geothermal power station in Negros OrientalThe Philippines is rich in mineral and geothermal energy resources In 2019 it produced 1 928 megawatts 2 585 000 hp of electricity from geothermal sources 7 55 of total electricity production 81 A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas powered plants 82 Philippine gold nickel copper palladium and chromite deposits are among the largest in the world 83 84 Other important minerals include silver coal gypsum and sulphur Significant deposits of clay limestone marble silica and phosphate exist About 60 percent 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 percent citation needed Philippine mineral exports amounted to US 4 22 billion in 2020 85 Low metal prices high production costs lack of investment in infrastructure and a challenge to the new mining law have contributed to the mining industry s overall decline citation needed 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 86 In 2019 the country was the 2nd largest world producer of nickel 87 and the 4th largest world producer of cobalt 88 According to Philippine Statistics Authority the total monetary value of four key metallic minerals which were appraised to Class A namely copper chromite gold and nickel were valued at US 9 01 billion in 2022 89 Class A mineral resources are commercially recoverable that could contribute to economy annually Offshoring and outsourcing edit Main articles Business process outsourcing in the Philippines and Call center industry in the Philippines nbsp A business process outsourcing office in BacolodBusiness process outsourcing BPO and the call center industry contribute to the Philippines economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S amp P 50 In 2008 the Philippines has surpassed India as the world leader in business process outsourcing BPO 90 91 The industry generated 100 000 jobs and total revenues were placed at US 960 million for 2005 In 2011 BPO sector employment ballooned to over 700 000 people 92 and is contributing to a growing middle class this increased to around 1 3 million employees by 2022 93 BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines 94 mainly in six centers of excellence Metro Manila Metro Cebu Metro Clark Bacolod Davao City and Iloilo City other areas considered as next wave cities for BPO include Baguio Cagayan de Oro Dasmarinas Dumaguete Lipa Naga and Santa Rosa Laguna 95 The majority of the top ten BPO firms of the United States operate in the Philippines 96 Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment Call center services include customer relations ranging from travel services technical support education customer care financial services online business to customer support and online business to business support The Philippines is 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 97 98 The growth in the BPO industry is 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 99 Renewable energy resources edit Main article Renewable energy in the Philippines nbsp Solar module installation in BulacanThe Philippines has significant potential in solar energy however as of 2021 update most of the domestically produced electricity is based on fossil fuel resources particularly coal 100 101 The country produced 7 399 megawatts 9 922 000 hp of renewable energy in 2019 81 On November 15 2022 the renewable energy sector was granted the ability to operate with 100 percent foreign ownership an increase from the previous 40 percent limit This change allows for the infusion of foreign capital into the renewable energy RE industries The Department of Energy is targeting an increase in the share of renewable energy in the country s power generation mix aiming for 35 percent by 2030 and 50 percent by 2040 up from the current 22 percent 102 Danish firm Copenhagen Infrastructure Partners CIP is investing US 5 billion to develop three offshore wind energy projects with a potential capacity of 2 000 megawatts 2 700 000 hp it will be located in Camarines Norte and Camarines Sur 1000 MW Northern Samar 650 MW Pangasinan and La Union 350 MW 103 In 2022 the share of RE in the energy mix was at 22 8 percent 104 Shipbuilding and repair edit nbsp Hanjin Subic Shipyard in Subic ZambalesThe Philippines is a major player in the global shipbuilding industry 105 with 118 registered shipyards in 2021 106 distributed in Subic Cebu 107 Bataan Navotas and Batangas 108 109 It has been the fourth largest shipbuilding nation since 2010 110 Subic made cargo vessels are 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 111 Bulk carriers container ships and big passenger ferries are built in the country s shipyards General Santos shipyard is mainly for ship repair and maintenance 112 Surrounded by waters the country has abundant natural deep sea ports ideal for development as production construction and repair sites In the ship repair sector the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair 113 Shipbuilding is part of Philippines maritime heritage 114 employing over 600 000 people and contributing almost 15 percent of revenues to the ocean based industries 115 116 Tourism edit nbsp Boracay white beachThese paragraphs are an excerpt from Tourism in the Philippines edit Tourism is an important sector for the Philippine economy The travel and tourism industry contributed 6 2 to the country s GDP in 2022 117 this was lower than the 12 7 recorded in 2019 prior to the COVID 19 lockdowns 118 Coastal tourism encompassing beach and diving activities constitutes 25 of the Philippines tourism revenue serving as its primary income source in the sector 119 Popular destinations among tourists include Boracay Palawan Cebu and Siargao While the Philippines has encountered political and social challenges that have affected its tourism industry the country has also taken steps to address these issues 120 Over the past years there have been efforts to improve political stability enhance security measures and promote social inclusivity all of which contribute to creating a more favorable environment for tourism such as the Boracay rehabilitation 121 As of 2022 5 23 million Filipinos were employed in the tourism industry and as of September 2023 the Philippines generated 316 9 billion 5 5 billion in revenue from tourists coming mostly from South Korea the United States and Japan 122 The country attracted a total of 5 360 682 foreign visitors in 2015 through its tourism campaign of It s More Fun in the Philippines 123 In 2019 foreign arrivals peaked at 8 260 913 124 The country is also home to one of the New 7 Wonders of Nature the Puerto Princesa Subterranean River National Park and one of the New 7 Wonders Cities the Heritage City of Vigan It is also home to six UNESCO World Heritage Sites scattered in nine different locations three UNESCO biosphere reserves three UNESCO intangible cultural heritage four UNESCO memory of the world documentary heritage one UNESCO creative city two UNESCO World Heritage cities seven Ramsar wetland sites and eight ASEAN Heritage Parks 123 Regional accounts editFor the year 2022 all economies of the 17 regions in the Philippines recorded positive growths Western Visayas had the highest growth 9 3 percent followed by Cordillera Administrative Region 8 7 percent and Davao Region 8 15 percent 125 According to the Philippine Statistics Authority PSA gross regional domestic product GRDP is GDP measured at regional levels Figures below are for the year 2019 Region GRDP PHP thousands Agriculture PHP thousands Industry PHP thousands Services PHP thousands GRDP per capita PHP Metro Manila 6 309 290 637 32 33 442 597 0 03 1 230 125 141 20 89 5 078 722 899 42 65 462 779Cordillera 322 093 866 1 65 27 045 337 1 57 77 990 725 1 32 217 057 804 1 82 179 752Ilocos Region 629 772 047 3 23 104 471 256 6 07 192 218 332 3 26 333 082 459 2 80 120 512Cagayan Valley 397 625 523 2 04 103 563 850 6 01 115 614 177 1 96 178 447 496 1 50 109 851Central Luzon 2 177 046 900 11 15 231 995 441 13 47 950 969 430 16 15 994 082 029 8 35 179 840Calabarzon 2 861 724 791 14 66 154 312 287 8 96 1 445 358 775 24 55 1 262 053 729 10 60 181 781Mimaropa 377 014 287 1 93 64 116 478 3 72 125 427 469 2 13 187 470 340 1 57 120 240Bicol Region 560 314 934 2 87 85 820 150 4 98 202 529 524 3 44 271 965 260 2 28 92 288Western Visayas 916 379 059 4 70 144 256 702 8 38 194 479 931 3 30 577 642 425 4 85 116 946Central Visayas 1 266 701 029 6 49 79 478 668 4 61 342 195 668 5 81 845 026 693 7 10 161 289Eastern Visayas 465 694 628 2 39 61 219 158 3 55 181 914 842 3 09 222 560 628 1 87 99 492Zamboanga Peninsula 397 206 561 2 04 74 695 151 4 34 110 467 600 1 88 212 043 810 1 78 105 798Northern Mindanao 882 204 432 4 52 182 955 342 10 62 208 580 211 3 54 490 668 878 4 12 177 998Davao Region 922 094 956 4 72 149 438 384 8 68 233 452 398 3 97 539 204 175 4 53 176 983Soccsksargen 470 422 524 2 41 130 802 115 7 60 103 321 113 1 75 236 299 297 1 98 108 561Caraga 306 308 490 1 57 39 908 783 2 32 109 464 024 1 86 156 935 683 1 32 112 489Bangsamoro 254 523 606 1 30 87 689 432 5 09 63 191 105 1 07 103 643 069 0 87 55 151Total 19 516 418 271 100 00 1 722 211 131 100 00 5 887 300 465 100 00 11 906 906 674 100 00 181 907Data as of October 21 2020 126 International comparisons editFurther information Philippine investment climate and International rankings of the Philippines Economics Organization Report As of Change from previous RankingFraser Institute Economic Freedom of the World 2014 nbsp 5 51 out of 144 127 International Monetary Fund Gross Domestic Product PPP 2016 nbsp 2 29th 128 International Monetary Fund Gross domestic product nominal 2016 nbsp 6 33rd 129 International Monetary Fund GDP per capita PPP 2015 nbsp 1 118th 130 International Monetary Fund GDP per capita nominal 2015 nbsp 5 123rd 131 International Monetary Fund Foreign exchange reserves 2016 nbsp 26th 132 The Heritage Foundation The Wall Street Journal Index of Economic Freedom 2016 nbsp 13 76 out of 178 133 The World Factbook External debt 2014 nbsp 3 57th 134 United Nations Human Development Index 2014 nbsp 1 117 out of 187 135 World Economic Forum Global Competitiveness 2018 2019 nbsp 56 out of 148 136 World Economic Forum Global Enabling Trade Report 2014 nbsp 8 64 out of 138 137 World Economic Forum Financial Development Index 2012 nbsp 5 49 out of 60 138 World Bank Ease of doing business index 2014 nbsp 13 95 out of 183 139 Statistics editSee also Income inequality in the Philippines and Poverty in the Philippines 2022 2021 2020 2019 2018 2017Social IndicatorsPopulation in million 111 6 110 2 108 8 107 3 105 8 104 2Poverty 18 1 16 6 Labor Force in million 49 0 47 7 43 9 42 4 41 2 40 3Unemployment 5 4 7 8 10 3 5 1 5 3 5 7Wage Rates Nominal end of period 570 00 537 00 537 00 537 00 537 00 512 00Inflation Rate Constant 2018 prices 5 8 3 9 2 4 2 4 5 2 2 9External SectorsTrade Balance US million 69 393 52 806 33 775 49 312 50 972 40 215Export of Goods US million 57 448 54 228 48 212 53 477 51 977 51 814Import of Goods US million 126 841 107 034 81 987 102 788 102 949 92 029Current Account US million of GDP 17 832 4 2 5 943 1 5 11 578 3 2 3 047 0 8 8 877 2 6 2 143 0 7 External Debt US million of GDP 112 268 26 0 106 428 26 1 98 488 25 3 83 618 20 2 78 960 20 6 73 098 20 0 Personal Remittances US million 36 136 34 884 33 194 33 467 32 213 31 288Foreign Reserves US million 96 130 108 792 110 115 87 840 79 193 81 570FDI Flows Inward US million 9 200 10 518 6 822 8 671 9 949 10 236FDI Stock Inward US million 112 965 113 711 103 193 94 593 82 997 73 016Public FinancesBudget Balance billion of GDP 1 614 7 3 1 670 8 6 1 371 7 6 660 3 4 558 3 1 351 2 1 Revenues billion of GDP 3 546 16 1 3 006 15 5 2 856 15 9 3 137 16 1 2 850 15 6 2 473 14 9 Expenditures billion of GDP 5 160 23 4 4 676 24 1 4 227 23 5 3 798 19 5 3 408 18 7 2 824 17 1 BSP Rates Nominal O RRP 2 73 2 50 0 13 1 91 1 55 0 10Public Debt billion of GDP 13 419 60 9 11 729 60 4 9 795 54 6 7 731 39 6 7 293 39 9 6 652 40 2 Peso Dollar Rate Average Period 54 478 49 225 49 624 51 796 52 661 50 404Sources Bangko Sentral ng Pilipinas 8 and UNCTAD 22 GDP related data can be found here Industries electronics assembly aerospace agribusiness automotive IT and business process outsourcing shipbuilding garments footwear pharmaceuticals chemicals wood products financial services food processing petrochemical metalcasting and mining real estate textile tourism 17 18 Electricity production 106 115 GWh 2021 140 Agriculture products abaca bananas sugarcane coconuts durian rice corn cassavas mangoes pork eggs beef pineapples fish 141 Exports commodities products Semiconductors and electronic products machinery transport equipment aerospace parts automotive parts garments chemicals copper nickel petroleum products coconut oil fruits 141 Imports commodities products electronic products machinery telecommunication and transport equipments automotive chemicals petroleum cereals livestocks cement and steel fruits 141 Manufacturing Growth 11 1 February 2023 142 PMI Manufacturing 52 5 March 2023 143 Yield Curve 10 Year Bond 6 15 April 2023 144 Net International Investment Position 28 12 billion 2021 est 145 Government budget editMain article Fiscal policy of the Philippines The national government budget for 2023 has set the following budget allocations 146 note 2 Budget allocation PHP billions USD billions Difference fromF Y 2022Department of Education 852 8 15 6 nbsp 8 15 Department of Public Works and Highways 718 4 13 2 nbsp 9 49 Department of Health 296 3 5 4 nbsp 10 39 Department of the Interior and Local Government 253 1 4 6 nbsp 0 72 Department of National Defense 240 7 4 4 nbsp 8 96 Department of Social Welfare and Development 197 0 3 6 nbsp 4 06 Department of Agriculture 184 1 3 4 nbsp 39 26 Department of Transportation 167 1 3 1 nbsp 120 45 The Judiciary 52 7 1 0 nbsp 12 13 Department of Labor and Employment 41 4 0 8 nbsp 23 91 See also edit nbsp Economy portal nbsp Philippines portalBamboo network Emerging markets List of companies of the Philippines Newly industrialized country Tiger Cub EconomiesReferences edit World Economic Outlook Database April 2019 International Monetary Fund Retrieved September 29 2019 World Bank Country and Lending Groups World Bank Retrieved September 29 2019 PH 2021 population growth lowest in 7 decades Philippine News Agency Retrieved December 27 2021 Philippine Population Clock Live Commission on Population and Development Archived from the original on May 5 2021 Retrieved February 2 2021 a b c d e World Economic Outlook Database October 2023 International Monetary Fund Report Retrieved October 10 2023 a b WORLD ECONOMIC OUTLOOK Navigating Global Divergences 2023 International Monetary Fund Report p 124 Retrieved October 10 2023 GDP Expands by 6 4 Percent in the First Quarter of 2023 PSA Press release Archived from the original on May 12 2023 Retrieved May 11 2023 a b c d e f g h i PHILIPPINES SELECTED ECONOMIC AND FINANCIAL INDICATORS PDF Bangko Sentral ng Pilipinas Archived PDF from the original on July 11 2023 Retrieved July 7 2023 Summary Inflation Report Consumer Price Index 2018 100 November 2023 Press release PSA Retrieved December 5 2023 Proportion of Poor Filipinos in 2021 PSA Press release Archived from the original on August 15 2022 Retrieved August 15 2022 Poverty headcount ratio at 3 65 a day 2017 PPP of population World Bank Retrieved November 3 2019 Highlights of the Preliminary Results of the 2021 Annual Family Income and Expenditure Survey Press release PSA Archived from the original on August 3 2023 Retrieved August 15 2022 a b Human Development Index HDI Human Development Reports Report United Nations Development Programme Retrieved October 10 2022 a b c Employment Rate in October 2023 was Estimated at 95 8 Percent Press release PSA Retrieved December 7 2023 Highlights of the 2022 Occupational Wages Survey OWS Press release PSA Archived from the original on September 25 2023 Retrieved September 22 2023 The Country s Total Gross Saving in 2022 Expands to PhP 4 90 Trillion PSA Press release Archived from the original on September 5 2023 Retrieved June 29 2023 a b Manufacturing Industry gov ph Department of Trade and Industry Archived from the original on February 25 2023 Retrieved February 25 2023 a b Census of Philippine Business and Industry CPBI PSA a b Philippines PHL Exports Imports and Trade Partners The Observatory of Economic Complexity a b Highlights of the 2022 Foreign Trade Statistics for Agricultural Commodities in the Philippines Final Result PSA Press release Archived from the original on May 3 2023 Retrieved April 24 2023 a b c d e Highlights of the 2022 Annual International Merchandise Trade Statistics of the Philippines PSA Press release Archived from the original on August 3 2023 Retrieved April 1 2023 a b c World Investment Report 2023 Philippines PDF United Nations Conference on Trade and Development Report Archived PDF from the original on July 11 2023 Retrieved July 5 2023 Current account deficit soars to record high 17 8 billion in 2022 The Philippine Star Retrieved March 18 2023 BSP External Debt FAQs PDF Bangko Sentral ng Pilipinas Archived from the original on March 13 2023 Retrieved January 1 2023 Philippines external debt hits record high 111 3 billion in 2022 The Philippine Star Retrieved March 20 2023 Villanueva Joann PH PH debt to GDP ratio still not at alarming level Philippine News Agency Archived from the original on February 3 2023 Retrieved February 3 2023 NEDA Foreign aid releases slightly increased in 2011 Inquirer Business Philippine Daily Inquirer March 5 2012 Retrieved October 12 2012 Philippines Japan Credit Rating Agency Ltd PDF JCR Retrieved March 10 2023 S amp P Global reaffirms PH rating at BBB Department of Finance Report Retrieved November 17 2022 Rating Action Moody s upgrades Philippines to Baa2 outlook stable Moody s Investors Service September 11 2022 Retrieved September 12 2022 Philippines Fitch Ratings Retrieved May 22 2023 Special Data Dissemination Standards Economic and Financial Data for the Philippines Bangko Sentral ng Pilipinas Retrieved July 23 2022 Gross International Reserves Bangko Sentral ng Pilipinas Retrieved January 1 2023 The World Bank in the Philippines World Bank Retrieved March 21 2022 Philippine Development Plan 2023 2028 PDF National Economic and Development Authority Retrieved January 1 2023 High Growth Potential for U S Agricultural Exports to the Philippines USDA Foreign Agricultural Service June 8 2022 Macroeconomic Perspective Archived from the original on June 13 2022 Retrieved August 9 2023 The Philippines September 1999 World Trade Organization September 20 1999 The World in 2050 PwC Retrieved February 1 2017 Philippines poised to be 22nd biggest economy in the world by 2035 CEBR BusinessWorld December 28 2020 Archived from the original on May 20 2022 Retrieved December 29 2020 Esmael Lisbet January 26 2023 Strongest since 1976 PH records 7 6 economic growth in 2022 CNN Philippines Archived from the original on January 26 2023 Retrieved March 18 2023 a b International Monetary Fund April 2012 World Economic Outlook Data By Country Philippines selected annual data for 1980 2017 Retrieved 2012 06 23 from the World Economic Outlook Database World Economic Outlook WEO Database April 2010 Report for Selected Countries and Subjects Philippines and United States International Monetary Fund April 2010 a b National Accounts of the Philippines NAP National Statistical Coordination Board Archived from the original on November 13 2012 Report for Selected Countries and Subjects International Monetary Fund Retrieved March 3 2015 Report for Selected Countries and Subjects International Monetary Fund Imf org April 16 2013 Retrieved April 19 2013 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 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 1980 2015 Retrieved 2011 01 31 from the World Economic Outlook Database The World Economic Outlook 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