Philippines/

Philippine GDP grew nearly 7% in 2010. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to securities issued by troubled global financial institutions; lower dependence on exports; relatively resilient domestic consumption, supported by large remittances from four-to five-million overseas Filipino workers; and a growing business process outsourcing industry. Economic growth in the Philippines has averaged 4.5% per year since 2001, when former President MACAPAGAL-ARROYO took office. Despite this growth, poverty worsened during the term of MACAPAGAL-ARROYO, because of a high population growth rate and inequitable distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures to address the government’s yawning budget deficit and to reduce high debt and debt service ratios. But the government abandoned its 2008 balanced-budget goal in order to help the economy weather the global financial and economic storm. The economy under AQUINO faces budget shortfalls in the near term, but has had little difficulty issuing debt both locally and internationally to finance the deficits. AQUINO’s first budget emphasizes education and other social spending programs, relying on the private sector to finance important infrastructure projects. Weak tax collection in recent years limits the government’s ability to address major challenges.

$351.2 billion (2010 est.)

$329.2 billion (2009 est.)

$325.6 billion (2008 est.)

$189.1 billion (2010 est.)

6.7% (2010 est.)

1.1% (2009 est.)

3.7% (2008 est.)

$3,500 (2010 est.)

$3,400 (2009 est.)

$3,400 (2008 est.)

38.91 million (2010 est.)

7.5% (2010 est.)

7.5% (2009 est.)

32.9% (2006 est.)

45.8 (2006)

46.6 (2003)

14.7% of GDP (2010 est.)

55.2% of GDP (2010 est.)

57.3% of GDP (2009 est.)

4.2% (2010 est.)

3.2% (2009 est.)

3.5% (31 December 2009)

6% (31 December 2008)

8.57% (31 December 2009 est.)

8.75% (31 December 2008 est.)

$30.09 billion (31 December 2010 est)

$24.06 billion (31 December 2009 est)

$91.5 billion (31 December 2010 est.)

$78.16 billion (31 December 2009 est.)

$95.54 billion (31 December 2010 est.)

$83.12 billion (31 December 2009 est.)

$80.13 billion (31 December 2009)

$85.63 billion (31 December 2008)

$172.5 billion (31 December 2007)

sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish

electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing

11.5% (2010 est.)

56.57 billion kWh (2007 est.)

48.96 billion kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

25,290 bbl/day (2009 est.)

313,000 bbl/day (2009 est.)

36,720 bbl/day (2007 est.)

342,200 bbl/day (2007 est.)

138.5 million bbl (1 January 2010 est.)

2.94 billion cu m (2008 est.)

2.94 billion cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

98.54 billion cu m (1 January 2010 est.)

$8.575 billion (2010 est.)

$8.552 billion (2009 est.)

$45.89 billion (2010 est.)

$37.51 billion (2009 est.)

semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

US 17.6%, Japan 16.2%, Netherlands 9.8%, Hong Kong 8.6%, China 7.7%, Germany 6.5%, Singapore 6.2% (2009)

$57.24 billion (2010 est.)

$46.39 billion (2009 est.)

electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic

Japan 12.5%, US 12%, China 8.8%, Singapore 8.7%, South Korea 7.9% (2009)

$49.74 billion (31 December 2010 est.)

$44.24 billion (31 December 2009 est.)

$61.85 billion (31 December 2010 est.)

$62.97 billion (31 December 2009 est.)

$24.94 billion (31 December 2010 est.)

$22.44 billion (31 December 2009 est.)

$6.591 billion (31 December 2010 est.)

$6.191 billion (31 December 2009 est.)

Philippine pesos (PHP) per US dollar - 45.459 (2010), 47.68 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006)