Economy of the Philippines
|
|
| Currency | Philippine peso (Filipino: piso; sign: ₱; code: PHP) |
|---|---|
| Calendar year | |
|
Trade organisations
|
APEC, ASEAN, WTO, EAS, AFTA, ADB, and others |
| Statistics | |
| GDP |
(nominal) $329.716 billion (2016 est.) (PPP) $878.980 billion (2016 est.) |
| GDP rank |
 36th nominal (2016) 29th PPP (2016) |
|
GDP growth
|
6.9% (2016)  6.6% (Q4 2016) |
|
GDP per capita
|
(nominal) $3,280 (2016 est.) |
|
GDP by sector
|
agriculture: 9.49% industry: 33.48% services: 57.03% (2015) |
 3.4% (April 2017) |
|
|
Population below poverty line
|
21.6% |
| 43.04 (2012) | |
|
Labour force
|
64.80 million (April 2015) |
|
Labour force by occupation
|
services: 53% agriculture: 32% industry: 15% (2012 est.) |
| Unemployment |
 4.7% (October 2016) |
|
Main industries
|
electronics assembly, aerospace, business process outsourcing, food manufacturing, shipbuilding, chemicals, textiles, garments, metals, petroleum refining, fishing, rice |
|
99th (2017) |
|
| External | |
| Exports | $58.827 billion (2015) |
|
Export goods
|
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
|
Main export partners
|
 Japan 21.3% United States 14.7% China 12.4% Hong Kong 8.0% Singapore 7.3% South Korea 6.0% Germany 4.1% Taiwan 3.5% Thailand 3.4% Indonesia 3.1% (2013 est.) |
| Imports | $71.067 billion (2015) |
|
Import goods
|
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic |
|
Main import partners
|
China 12.9% United States 11.2% Japan 8.4% Taiwan 7.8% South Korea 7.7% Singapore 6.8% Thailand 5.4% Saudi Arabia 4.5% Indonesia 4.5% Germany 3.8(2013 est.) |
|
FDI stock
|
$8 billion (April 2016) |
|
Gross external debt
|
$75.3 billion (2015) |
| Public finances | |
| 35.5% of GDP (Q3 2016) | |
| Revenues | $58.97 billion (2016 est.) |
| Expenses | $65.73 billion (2016 est.) |
| Economic aid | $1.67 billion |
|
|
|
Foreign reserves
|
$85.90 billion (August 2016) |
|
All values, unless otherwise stated, are in US dollars. |
|
(nominal) $329.716 billion (2016 est.)
(nominal) $3,280 (2016 est.)
The Economy of the Philippines is the 35th largest in the world, according to 2017 partial estimate of the International Monetary Fund statistics, and is the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is also one of the emerging markets.
The Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. As of 2017 GDP by Purchasing power parity was estimated to be at $873,966 billion.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the Japan, China, 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 together with Indonesia, and Thailand. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with 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.
The Philippine economy is projected to be the 16th biggest in the world by 2050.
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