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Philippines

Philippines Economy Stats

Overview:

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.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $36.35 billion 2013 59th out of 223
Exports $46.28 billion 2012 58th out of 189
Fiscal year calendar year 2013
GDP $250.18 billion 2012 39th out of 177
GDP > Composition by sector > Industry 31.3% 2012 69th out of 217
GDP > Per capita $3,756.92 per capita 2010 73th out of 118
GDP > Per capita > PPP $4,400.00 2012 130th out of 188
GDP > Purchasing power parity $419.60 billion 2012 31st out of 190
GDP > Real growth rate 6.8% 2012 32nd out of 191
GDP per capita $2,587.02 2012 120th out of 177
Gross National Income $80.84 billion 2001 36th out of 158
Inflation rate > Consumer prices 3.2% 2012 114th out of 199
Population below poverty line 26.5% 2009 18th out of 36
Public debt 51.5% of GDP 2012 62nd out of 149
Unemployment rate 7% 2012 62nd out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Philippines Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Philippines/Economy

NationMaster

Philippines Economy Profiles (Subcategories)

Adjusted savings 3 Interest payments 3
Aid 5 International tourism 14
Balance of payments 34 Labor force 3
Bank and trade-related lending 4 Long-term debt 4
Budget 15 Market capitalization of listed companies 4
Changes in net 4 Merchandise 4
Commercial service 4 Merchandise imports 4
Commercial service imports 4 Micro 4
Companies 37 National accounts 105
Consumption 4 Natural gas 8
Currency 14 Net capital account 4
Current account balance 5 Net current transfers 4
Current transfers 4 Net current transfers from abroad 6
Debt 74 Net errors and omissions 4
Economic aid 3 Net financial flows 28
Electricity 8 Net income 4
Entrepreneurship 12 Net income from abroad 6
Exports 3 Net incurrence of liabilities 3
External balance on goods and services 7 Net trade in goods 4
External debt 215 Net trade in goods and services 4
Final 20 Official development assistance and official aid 4
Financial sector 37 Oil 10
Foreign aid 43 Portfolio investment 12
Foreign direct investment 10 Poverty 20
GDP 42 Poverty and inequality 18
GDP growth 3 Private investment 3
GDP per capita 4 Private nonguaranteed debt 4
GNI 12 Public and publicly guaranteed debt service 6
Goods 4 Public and publicly guaranteed (PPG) debt 3
Goods imports 4 Purchasing power parity 11
Government 10 Reserves 6
Government debt 8 Royalty and license fees 8
Government spending 5 Savings 44
Gross capital formation 10 Service 4
Gross domestic savings 6 Service imports 4
Gross fixed capital formation 10 Services 10
Gross national expenditure 9 Spending 73
Gross savings 6 Stock of direct foreign investment 6
Gross value added at factor cost 6 Stocks traded 5
High-technology 4 Tax 64
Household final 23 Total 9
IBRD loans and IDA credits 4 Total debt service 6
Income 24 Tourism 21
Income distribution 4 Tourism expenditures 5
Income payments 4 Tourism receipts 5
Income receipts 4 Tourist arrivals by region of origin 8
Inequality 8 Trade 1593
Inflation 9 Trademark applications 3
Innovation 34 Use of IMF credit 4
Philippines ranked second for GDP > real growth rate amongst Emerging markets in 2012.
Philippines ranked first for industrial > production growth rate amongst Catholic countries in 2010.
Philippines ranked #15 for GDP amongst Hot countries in 2012.
Philippines ranked 4th last for GDP per capita amongst Former Spanish colonies in 2012.
Philippines ranked 9th last for GDP > per capita > PPP amongst East Asia and Pacific in 2012.

0

rhys Bongalos(According to NSO)
If your total family income in 1 month is less than P15,000($300)
you are poor

ACCORDING to POPULATION PERCENTAGE DISTRIBUTION

35% Below poverty line : annual income per person is :$700- $1500

20% Poverty line : annual income is :$2,000 - $4,000

20% Middle Lower level: annual income per person is :$5,000-$10,000

10% Middle Upper level: annual income per person is :$10,000-$20,000

5% Upper class : annual income per person is :$20,000+

10% Rich : annual income $40,000++

I would say i have to be at least at the Poverty line
Just enough to have internet access at irregular periods
since Internet access in Philippines of 100kbps can only cost
$0.50 / hr to $1/hr in Manila

The Below Poverty line earns $2-$3/day
The Poverty line level earns around $5+(2)/day
Then Middle Lower around $10+(5)/day
Middle Upper $20+(5)/day

Date Range : years 2009-2011

Posted on 03 Nov 2011

nico1011

nico1011

0

May I know the steps taken by the govement in Philippine in order to building and sustaining solid financial markets.

Posted on 31 Jul 2009

Nishika

Nishika

  • The World Economic Forum (WEF) on East Asia was held in the Philippines from May 21-23 after 20 years. The meeting was a chance for business and government leaders to mingle one year before the integration of ASEAN member-countries. Forum representatives were led by the heads of states of the Philippines, Vietnam and Indonesia, as well as the Vice President of Myanmar. There were 70 public figures from 20 countries and 460 business leaders who participated to share insights and strategies on inclusive growth. The theme this year was "Leveraging Growth for Equitable Progress." Economic integration is one of the goals of the 10 members of the Association of Southeast Asian Nations.

    WEF Southeast Asia head Sushant Palakurthi Rao endorsed the economic credentials of the Philippines during the meet. He mentioned policies that promoted good governance as one of the reasons for the country’s remarkable economic growth. After many years of falling behind, this nation gained investment-grade ratings and reached stock market highs as its economy expanded in the region. Even then, economists believe the Philippines' growth model still has many faults especially at this time when the selected few obtain much of the country's new wealth. On the other hand more than 20 million Filipinos continue to wallow in destitution.

    National development has been temporarily stalled because of natural catastrophes like Typhoon Haiyan (Yolanda) which ravaged provinces in the Central Philippines last year. The tropical storm caused approximately $8 billion in damages and lost revenues. Despite the increase in foreign direct investments, the nation is still far behind Indonesia, Malaysia, Singapore, Thailand, and Vietnam. Weak infrastructure also prevents foreign ownership in premier industries.

    jaacosta47 25 May 2014

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