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STAT	Glorioso Islands	Philippines	HISTORY
Economy > Economy > Overview	no economic activity	Philippine GDP growth, which cooled from 7.6% in 2010 to 3.9% in 2011, expanded to 6.6% in 2012 - meeting the government's targeted 6%-7% growth range. The 2012 expansion partly reflected a rebound from depressed 2011 export and public sector spending levels. The economy has weathered global economic and financial downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and reduce high debt levels. The Philippines received several credit rating upgrades on its sovereign debt in 2012, and has had little difficulty tapping domestic and international markets to finance its deficits. Achieving a higher growth path nevertheless remains a pressing challenge. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration but poverty worsened during her term. Growth has accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities).
Geography > Area > Comparative	about eight times the size of The Mall in Washington, DC	slightly larger than Arizona
Geography > Area > Comparative to US places	about eight times the size of The Mall in Washington, DC	slightly larger than Arizona
Geography > Area > Land	5 sq km Ranked 12th.	298,170 sq km Ranked 69th. 59634 times more than Glorioso Islands
Geography > Area > Total	5 sq km Ranked 10th.	300,000 sq km Ranked 74th. 60000 times more than Glorioso Islands
Geography > Climate	tropical	tropical marine; northeast monsoon (November to April); southwest monsoon (May to October)
Geography > Coastline	35.2 km Ranked 201st.	36,289 km Ranked 5th. 1031 times more than Glorioso Islands
Geography > Elevation extremes > Highest point	unnamed location 12 m	Mount Apo 2,954 m
Geography > Geographic coordinates	11 30 S, 47 20 E	13 00 N, 122 00 E
Geography > Location	Southern Africa, group of islands in the Indian Ocean, northwest of Madagascar	Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam
Geography > Natural hazards	periodic cyclones	astride typhoon belt, usually affected by 15 and struck by five to six cyclonic storms per year; landslides; active volcanoes; destructive earthquakes; tsunamis
Geography > Natural resources	guano, coconuts	timber, petroleum, nickel, cobalt, silver, gold, salt, copper
Geography > Terrain	low and flat	mostly mountains with narrow to extensive coastal lowlands
Government > Legal system	the laws of France, where applicable, apply	mixed legal system of civil, common, Islamic, and customary law
Transport > Airports	1 Ranked 226th.	247 Ranked 24th. 247 times more than Glorioso Islands
Government > Flag description	the flag of France is used	two equal horizontal bands of blue (top) and red; a white equilateral triangle is based on the hoist side; the center of the triangle displays a yellow sun with eight primary rays; each corner of the triangle contains a small, yellow, five-pointed star; blue stands for peace and justice, red symbolizes courage, the white equal-sided triangle represents equality; the rays recall the first eight provinces that sought independence from Spain, while the stars represent the three major geographical divisions of the country: Luzon, Visayas, and Mindanao; the design of the flag dates to 1897

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