![]() 3 major business districts of the Philippines
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Currency | Philippine peso (Filipino: piso; sign: ₱; code: PHP) |
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Calendar year | |
Trade organizations
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APEC, ASEAN, WTO, EAS, AFTA, ADB, and others |
Statistics | |
GDP |
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GDP rank |
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GDP growth
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GDP per capita
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(nominal) $3,429 (2018 est.) |
GDP by sector
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agriculture: 9.49% industry: 33.48% services: 57.03% (2015) |
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Population below poverty line
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19% |
40.1 (2015) | |
Labor force
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42.7 million (April 2017) |
Labor force by occupation
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services: 57.1% agriculture: 25.5% industry: 17.4% (2017 est.) |
Unemployment |
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Main industries
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electronics assembly, aerospace, business process outsourcing, food manufacturing, shipbuilding, chemicals, textiles, garments, metals, petroleum refining, fishing, rice |
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External | |
Exports | $57.406 billion (2016) |
Export goods
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semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
Main export partners
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![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() (2013 est.) |
Imports | $84.108 billion (2016) |
Import goods
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electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic |
Main import partners
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![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() (2013 est.) |
FDI stock
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$8 billion (April 2016) |
Gross external debt
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Public finances | |
41.7% of GDP (Q3 2017) | |
Revenues | $58.97 billion (2016 est.) |
Expenses | $75.57 billion (2018) |
Economic aid | $1.67 billion |
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Foreign reserves
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All values, unless otherwise stated, are in US dollars. |
(nominal) $372 billion (2018 est.)
(nominal) $3,429 (2018 est.)
The Economy of the Philippines is the world's 34th largest economy by nominal GDP according to the 2017 estimate of the International Monetary Fund's statistics, it is the 13th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the emerging markets and is the sixth richest in Southeast Asia by GDP per capita values, after the regional countries of Singapore, Brunei, Malaysia, Thailand and Indonesia.
The Philippines is primarily 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 $878.980 billion.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. 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 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.