Economy of the Philippines
Encyclopedia
The Economy
of the Philippines
is the 43rd largest in the world, according to the World Bank
with an estimated 2010 gross domestic product (nominal) of $200 billion, it is estimated that by 2015, the ranking of the Philippines would go up to the 18th and by the year 2050 it will land on the 14th. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States
, Japan
, China
, Singapore
, South Korea
, the Netherlands
, Hong Kong
, Germany
, Taiwan
, and Thailand
. A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. The Goldman Sachs
includes the country in its list of the Next Eleven
economies.
GDP growth at constant 1985 prices in Philippine pesos:
used in Mercedes-Benz
, BMW
, and Volvo
cars are made in the Philippines. Ford, Toyota, Mitsubishi
, Nissan and Honda
are the most prominent automaker
s manufacturing cars in the country. Kia
and Suzuki
produce small cars in the country. Isuzu
also produces SUVs in the country. Honda
and Suzuki
produce motorcycles in the country. A 2003 Canadian market research report predicted that further investments in this sector were expected to grow in the following years. Toyota sells the most vehicles in the country. By 2011, China's Chery Automobile company is going to build their assembly plant in Laguna, that will serve and export cars to other countries in the region if monthly sales would reach 1,000 units.
for 28 years as a major producer of products including the Pentium 4
processor. A Texas Instruments
plant in Baguio has been operating for 20 years and is the largest producer of DSP chips
in the world. Texas Instruments' Baguio plant produces all the chips used in Nokia
cell phones
and 80% of chips used in Ericsson
cell phones in the world. Until 2005, Toshiba
laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of hard disk drives. Printer manufacturer Lexmark
has a factory in Mactan in the Cebu region.
The country is rich with mineral and geothermal energy resources. In 2003, it produced 1931 MW of electricity from geothermal sources (27% of total electricity production), second only to the United States, and a recent discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan
is already being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulfur. Significant deposits of clay, limestone, marble, silica, and phosphate exist. About 60% of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declined 16% to $793 million. Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining
industry's overall decline.
The industry rebounded starting in late 2004 when the Supreme Court
upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies. However, the DENR has yet to approve the revised Department Administrative Order (DAO) that will provide the Implementing Rules and Regulations of the Financial and Technical Assistance Agreement (FTAA), the specific part of the 1994 Mining Act that allows 100% foreign ownership of Philippines mines.
According to an IBM
Global Location Trends Annual Report, the Philippines has overtaken India as the world leader in business support functions such as shares services and business process outsourcing. The majority of the top ten BPO
firms of the United States
operate in the Philippines. Total jobs in the industry grew to 100,000 and total revenues are placed at $960 million for 2005. BPO facilities are mainly in Metro Manila
and Cebu City
although other regional areas such as Baguio, Bacolod
, Cagayan de Oro,Clark Freeport Zone
, Dagupan
, Davao City
, Dumaguete, Lipa, Iloilo City
and CamSur
are now being promoted and developed for BPO operations.
Most of the following statistics are sourced from the CIA World Factbook - Philippines page retrieved on May 15, 2010 (currency is US dollars except where otherwise indicated).
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
of the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
is the 43rd largest in the world, according to the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
with an estimated 2010 gross domestic product (nominal) of $200 billion, it is estimated that by 2015, the ranking of the Philippines would go up to the 18th and by the year 2050 it will land on the 14th. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
, and Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
. A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. The Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
includes the country in its list of the Next Eleven
Next Eleven
The Next Eleven are eleven countries—Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam — identified by Goldman Sachs investment bank and Jim O'Neill as having a high potential of becoming, along with the BRICS, the world's largest...
economies.
Macro-economic trend
A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.| Year | GDP in millions of PHP (current prices) |
PHP:US$ | Implied PPP PHP:US$ (current) |
GDP per capita as % of US (current prices) |
GDP per capita as % of US (PPP) |
|---|---|---|---|---|---|
| 1980 | 243,749 | 7.51 | 4.044 | 5.48 | 10.18 |
| 1985 | 571,883 | 18.60 | 7.902 | 3.18 | 7.54 |
| 1990 | 1,074,510 | 24.32 | 9.975 | 3.1 | 7.55 |
| 1995 | 1,905,951 | 25.23 | 14.076 | 3.97 | 7.11 |
| 2000 | 3,580,714 | 44.19 | 18.789 | 2.8 | 6.58 |
| 2005 | 5,677,750 | 55.09 | 21.755 | 2.72 | 6.88 |
| 2006 | 6,271,157 | 51.31 | 22.158 | 3.01 | - |
| 2007 | 6,892,721 | 46.01 | 22.172 | 3.48 | - |
| 2008 | 7,720,903 | 44.32 | 23.346 | 3.91 | - |
| 2009 | 8,026,143 | 47.64 | 23.620 | 3.76 | - |
| 2010 | 8,513,037 | 45.11 | 24.23 | 4.24 | 7.90 |
| Year | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 |
|---|---|---|---|---|---|---|---|---|---|---|
| GDP growth % | 4.6 | 4.9 | 4.8 | 9.2 | 5 | 6.4 | 8 | 5.6 | 5.2 | 5.6 |
| Year | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 |
|---|---|---|---|---|---|---|---|---|---|---|
| GDP growth % | 5.149 | 3.423 | 3.619 | 1.875 | -7.324 | -7.307 | 3.417 | 4.312 | 6.753 | 6.205 |
| Year | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 |
|---|---|---|---|---|---|---|---|---|---|---|
| GDP growth % | 3.037 | -0.578 | 0.338 | 2.116 | 4.388 | 4.679 | 5.846 | 5.185 | -0.577 | 3.082 |
| Year | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GDP growth % | 4.411 | 2.894 | 3.646 | 4.970 | 6.698 | 4.778 | 5.243 | 7.117 | 4.153 | 1.148 | 7.632 |
Government budget
The proposed national government budget for 2011 has set the following budget allocations:| Budget Allocation | Millions of Pesos (PHP) | Millions of US Dollars (USD) | % |
|---|---|---|---|
| ₱207,300 | $4,573 | 30.86 | |
| 110,600 | 2,439.8 | 16.46 | |
| 104,700 | 2,309.7 | 15.58 | |
| 88,200 | 1,945.7 | 13.13 | |
| 37,700 | 831.7 | 5.61 | |
| 34,300 | 756.7 | 5.11 | |
| 33,300 | 734.6 | 4.96 | |
| 32,300 | 712.5 | 4.81 | |
| 23,400 | 516.2 | 3.48 |
Private sector
As a newly industrialized nation, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy. Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.Automotive
The ABSAnti-lock braking system
An anti-lock braking system is a safety system that allows the wheels on a motor vehicle to continue interacting tractively with the road surface as directed by driver steering inputs while braking, preventing the wheels from locking up and therefore avoiding skidding.An ABS generally offers...
used in Mercedes-Benz
Mercedes-Benz
Mercedes-Benz is a German manufacturer of automobiles, buses, coaches, and trucks. Mercedes-Benz is a division of its parent company, Daimler AG...
, BMW
BMW
Bayerische Motoren Werke AG is a German automobile, motorcycle and engine manufacturing company founded in 1916. It also owns and produces the Mini marque, and is the parent company of Rolls-Royce Motor Cars. BMW produces motorcycles under BMW Motorrad and Husqvarna brands...
, and Volvo
Volvo
AB Volvo is a Swedish builder of commercial vehicles, including trucks, buses and construction equipment. Volvo also supplies marine and industrial drive systems, aerospace components and financial services...
cars are made in the Philippines. Ford, Toyota, Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
, Nissan and Honda
Honda
is a Japanese public multinational corporation primarily known as a manufacturer of automobiles and motorcycles.Honda has been the world's largest motorcycle manufacturer since 1959, as well as the world's largest manufacturer of internal combustion engines measured by volume, producing more than...
are the most prominent automaker
Automaker
The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, and is one of the world's most important economic sectors by revenue....
s manufacturing cars in the country. Kia
KIA
-People:* Kia Abdullah , British-Asian author and journalist* Kia Asamiya , Japanese manga artist* Kia Byers , Canadian canoeist* Kia Corthron , American playwright, activist, and television writer...
and Suzuki
Suzuki
is a Japanese multinational corporation headquartered in Hamamatsu, Japan that specializes in manufacturing compact automobiles and 4x4 vehicles, a full range of motorcycles, all-terrain vehicles , outboard marine engines, wheelchairs and a variety of other small internal combustion engines...
produce small cars in the country. Isuzu
Isuzu
, is a Japanese car, commercial vehicle and heavy truck manufacturing company, headquartered in Tokyo. In 2005, Isuzu became the world's largest manufacturer of medium to heavy duty trucks. It has assembly and manufacturing plants in the Japanese city of Fujisawa, as well as in the prefectures...
also produces SUVs in the country. Honda
Honda
is a Japanese public multinational corporation primarily known as a manufacturer of automobiles and motorcycles.Honda has been the world's largest motorcycle manufacturer since 1959, as well as the world's largest manufacturer of internal combustion engines measured by volume, producing more than...
and Suzuki
Suzuki
is a Japanese multinational corporation headquartered in Hamamatsu, Japan that specializes in manufacturing compact automobiles and 4x4 vehicles, a full range of motorcycles, all-terrain vehicles , outboard marine engines, wheelchairs and a variety of other small internal combustion engines...
produce motorcycles in the country. A 2003 Canadian market research report predicted that further investments in this sector were expected to grow in the following years. Toyota sells the most vehicles in the country. By 2011, China's Chery Automobile company is going to build their assembly plant in Laguna, that will serve and export cars to other countries in the region if monthly sales would reach 1,000 units.
Electronics
Intel has been in the PhilippinesPhilippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
for 28 years as a major producer of products including the Pentium 4
Pentium 4
Pentium 4 was a line of single-core desktop and laptop central processing units , introduced by Intel on November 20, 2000 and shipped through August 8, 2008. They had a 7th-generation x86 microarchitecture, called NetBurst, which was the company's first all-new design since the introduction of the...
processor. A Texas Instruments
Texas Instruments
Texas Instruments Inc. , widely known as TI, is an American company based in Dallas, Texas, United States, which develops and commercializes semiconductor and computer technology...
plant in Baguio has been operating for 20 years and is the largest producer of DSP chips
Digital signal processor
A digital signal processor is a specialized microprocessor with an architecture optimized for the fast operational needs of digital signal processing.-Typical characteristics:...
in the world. Texas Instruments' Baguio plant produces all the chips used in Nokia
Nokia
Nokia Corporation is a Finnish multinational communications corporation that is headquartered in Keilaniemi, Espoo, a city neighbouring Finland's capital Helsinki...
cell phones
Mobile phone
A mobile phone is a device which can make and receive telephone calls over a radio link whilst moving around a wide geographic area. It does so by connecting to a cellular network provided by a mobile network operator...
and 80% of chips used in Ericsson
Ericsson
Ericsson , one of Sweden's largest companies, is a provider of telecommunication and data communication systems, and related services, covering a range of technologies, including especially mobile networks...
cell phones in the world. Until 2005, Toshiba
Toshiba
is a multinational electronics and electrical equipment corporation headquartered in Tokyo, Japan. It is a diversified manufacturer and marketer of electrical products, spanning information & communications equipment and systems, Internet-based solutions and services, electronic components and...
laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of hard disk drives. Printer manufacturer Lexmark
Lexmark
Lexmark International, Inc. is an American corporation which develops and manufactures printing and imaging products, including laser and inkjet printers, multifunction products, printing supplies, and services for business and individual consumers...
has a factory in Mactan in the Cebu region.
Mining and natural resources
Palawan
Palawan is an island province of the Philippines located in the MIMAROPA region or Region 4. Its capital is Puerto Princesa City, and it is the largest province in the country in terms of total area of jurisdiction. The islands of Palawan stretch from Mindoro in the northeast to Borneo in the...
is already being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulfur. Significant deposits of clay, limestone, marble, silica, and phosphate exist. About 60% of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declined 16% to $793 million. Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining
industry's overall decline.
The industry rebounded starting in late 2004 when the Supreme Court
Supreme Court of the Philippines
The Supreme Court of the Philippines is the Philippines' highest judicial court, as well as the court of last resort. The court consists of 14 Associate Justices and 1 Chief Justice...
upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies. However, the DENR has yet to approve the revised Department Administrative Order (DAO) that will provide the Implementing Rules and Regulations of the Financial and Technical Assistance Agreement (FTAA), the specific part of the 1994 Mining Act that allows 100% foreign ownership of Philippines mines.
Outsourcing
According to an IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
Global Location Trends Annual Report, the Philippines has overtaken India as the world leader in business support functions such as shares services and business process outsourcing. The majority of the top ten BPO
Business process outsourcing
Business process outsourcing is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments...
firms of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
operate in the Philippines. Total jobs in the industry grew to 100,000 and total revenues are placed at $960 million for 2005. BPO facilities are mainly in Metro Manila
Metro Manila
Metropolitan Manila , the National Capital Region , or simply Metro Manila, is the metropolitan region encompassing the City of Manila and its surrounding areas in the Philippines...
and Cebu City
Cebu City
The City of Cebu is the capital city of Cebu and is the second largest city in the Philippines, the second most significant metropolitan centre in the Philippines and known as the oldest settlement established by the Spaniards in the country.The city is located on the eastern shore of Cebu and was...
although other regional areas such as Baguio, Bacolod
Bacolod
Bacolod may refer to the following:*Bacolod City, the capital city of Negros Occidental, Philippines*Metro Bacolod*Bacolod, Lanao del Norte, a municipality in Lanao del Norte, Philippines*BRP Bacolod City , a transport ship of the Philippine Navy...
, Cagayan de Oro,Clark Freeport Zone
Clark Freeport Zone
Clark Freeport Zone is a redevelopment of the former Clark Air Base, a former United States Air Force base in the Philippines. It is located on the northwest side of Angeles City and borders the municipality of Mabalacat in the province of Pampanga. It is located about 40 miles northwest of...
, Dagupan
Dagupan
The City of Dagupan is a 1st class city in the Philippines. It is an independent component city of the province of Pangasinan. According to the latest census, Dagupan City has a population of 149,554 people in 25,921 households. Located on Lingayen Gulf on the island of Luzon, Dagupan is the...
, Davao City
Davao City
The City of Davao is the largest city in the island of Mindanao in the Philippines. Its international airport and seaports are among the busiest cargo hubs in the Philippines....
, Dumaguete, Lipa, Iloilo City
Iloilo City
The City of Iloilo is a highly urbanized city in the Philippines and the capital city of Iloilo province. It is the regional center of the Western Visayas, as well as the center of the Iloilo-Guimaras Metropolitan Area...
and CamSur
Camarines Sur
Camarines Sur is a province of the Philippines located in the Bicol Region in Luzon. Its capital is Pili and the province borders Camarines Norte and Quezon to the north, and Albay to the south...
are now being promoted and developed for BPO operations.
Statistics
| Economic growth | ||
|---|---|---|
| Year | % GDP | % GNI |
| 1999 | 3.1 | 2.7 |
| 2000 | 4.4 | 7.7 |
| 2001 | 2.9 | 3.6 |
| 2002 | 3.6 | 4.1 |
| 2003 | 5.0 | 8.5 |
| 2004 | 6.7 | 7.1 |
| 2005 | 4.8 | 7.0 |
| 2006 | 5.2 | 5.0 |
| 2007 | 7.1 | 6.2 |
| 2008 | 4.2 | 5.0 |
| 2009 | 1.1 | 6.1 |
| 2010 | 7.6 | 8.2 |
| 2011 (1st Qtr) | 4.6 | 3.6 |
| 2011 (2nd Qtr) | 3.4 | 1.9 |
| 2011 (3rd Qtr) | 3.2 | 1.6 |
| * Computed at Constant 2000 Prices | ||
| ** Source: NEDA and NSCB |
||
Most of the following statistics are sourced from the CIA World Factbook - Philippines page retrieved on May 15, 2010 (currency is US dollars except where otherwise indicated).
- GDP - purchasing power parity: $373.6 billion (2010 est.)
- GDP - real growth rate: 7.6 % (2010)
- GDP per capita purchasing power parity: $3,737 (2010 est. in 2010 US dollars)
- GDP nominal: $199.6 billion (2010)
- GDP per capita: $2,123 (2010 est.)
- GDP - composition by sector:
- agriculture: 14.9%
- industry: 29.9%
- services: 55.1% (2009 est.)
- Population below poverty line: 32.9% (2006 est.)
- Household income or consumption by percentage share:
- lowest 10%: 2.4%
- highest 10%: 31.2% (2006)
- Inflation rate (consumer prices): 3.3% (2009 est.), 3.5% (September 2010)
- Labor force: 37.89 million (2009 est.)
- Labor force by occupation:
- agriculture 33%
- industry 15%
- services 52% (2009 est.)
- Unemployment rate: 7.2% (april 2011)
- Budget:
- revenues: $26.84 billion (2010 est.)
- expenditures: $33.82 billion (2010 est.)
- Foreign Reserves: US$75.80 billion (October 2011)
- Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
- Industrial production growth rate: 12.1% (2010 est.)
- Electricity - production: 56.57 billion kWh (2007 est.)
- Electricity - consumption: 54.4 billion kWh (2009 est.)
- Electricity - exports: 0 kWh (2007)
- Electricity - imports: 0 kWh (2007)
- Agriculture - products: sugarcaneSugarcaneSugarcane refers to any of six to 37 species of tall perennial grasses of the genus Saccharum . Native to the warm temperate to tropical regions of South Asia, they have stout, jointed, fibrous stalks that are rich in sugar, and measure two to six metres tall...
, coconutCoconutThe coconut palm, Cocos nucifera, is a member of the family Arecaceae . It is the only accepted species in the genus Cocos. The term coconut can refer to the entire coconut palm, the seed, or the fruit, which is not a botanical nut. The spelling cocoanut is an old-fashioned form of the word...
s, riceRiceRice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
, cornMaizeMaize known in many English-speaking countries as corn or mielie/mealie, is a grain domesticated by indigenous peoples in Mesoamerica in prehistoric times. The leafy stalk produces ears which contain seeds called kernels. Though technically a grain, maize kernels are used in cooking as a vegetable...
, bananaBananaBanana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
s, cassavaCassavaCassava , also called yuca or manioc, a woody shrub of the Euphorbiaceae native to South America, is extensively cultivated as an annual crop in tropical and subtropical regions for its edible starchy tuberous root, a major source of carbohydrates...
s, pineapplePineapplePineapple is the common name for a tropical plant and its edible fruit, which is actually a multiple fruit consisting of coalesced berries. It was given the name pineapple due to its resemblance to a pine cone. The pineapple is by far the most economically important plant in the Bromeliaceae...
s, mangoMangoThe mango is a fleshy stone fruit belonging to the genus Mangifera, consisting of numerous tropical fruiting trees in the flowering plant family Anacardiaceae. The mango is native to India from where it spread all over the world. It is also the most cultivated fruit of the tropical world. While...
es; porkPorkPork is the culinary name for meat from the domestic pig , which is eaten in many countries. It is one of the most commonly consumed meats worldwide, with evidence of pig husbandry dating back to 5000 BC....
, eggEgg (food)Eggs are laid by females of many different species, including birds, reptiles, amphibians, and fish, and have probably been eaten by mankind for millennia. Bird and reptile eggs consist of a protective eggshell, albumen , and vitellus , contained within various thin membranes...
s, beefBeefBeef is the culinary name for meat from bovines, especially domestic cattle. Beef can be harvested from cows, bulls, heifers or steers. It is one of the principal meats used in the cuisine of the Middle East , Australia, Argentina, Brazil, Europe and the United States, and is also important in...
; fishFishFish are a paraphyletic group of organisms that consist of all gill-bearing aquatic vertebrate animals that lack limbs with digits. Included in this definition are the living hagfish, lampreys, and cartilaginous and bony fish, as well as various extinct related groups... - Exports: $37.51 billion (2009 est.); $69.46 billion (2010 est.)
- Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
- Exports - partners: United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
17.6%, JapanJapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
16.2%, NetherlandsNetherlandsThe Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
9.8%, Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
8.6%, ChinaPeople's Republic of ChinaChina , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
7.7%, GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
6.5%, SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
6.2%, South KoreaSouth KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
4.8% (2009 est.) - Imports: $45.39 billion (2009 est.)
- Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
- Imports - partners: JapanJapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
12.5%, United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
12%, ChinaPeople's Republic of ChinaChina , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
8.8%, SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
8.7%, South KoreaSouth KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
7.9%, Republic of ChinaRepublic of ChinaThe Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
5.7% (2009 est.) - Debt - external: $59.77 billion (30 September 2010 est.)
- Currency: 1 Philippine pesoPhilippine pesoThe peso is the currency of the Philippines. It is subdivided into 100 centavos . Before 1967, the language used on the banknotes and coins was English and so "peso" was the name used...
(₱) = 100 centavos - Exchange rates: Philippine pesos (PHP) per US dollar - 42.63 (2011), 45.11 (2010), 47.8 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006), 55.086 (2005)
See also
- Action For Economic ReformsAction For Economic ReformsAction for Economic Reforms is a Philippine non-government organization engaged in research and advocacy. It was founded in 1996 by a group of progressive scholars and activists as an "independent, reform-oriented and activist policy group"....
(Research and public interest organization in the Philippines) - Bangko Sentral ng PilipinasBangko Sentral ng PilipinasThe Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...
- Communications in the PhilippinesCommunications in the Philippines-Facts and Figures:Telephones - main lines in use:7.3 million * 9 international gateways; satellite earth stations - 3 Intelsat ; submarine cables to Hong Kong, Guam, Singapore, Taiwan, and Japan...
- Department of FinanceDepartment of Finance (Philippines)The Philippines' Department of Finance is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local...
- Department of Trade and IndustryDepartment of Trade and Industry (Philippines)The Philippines’ Department of Trade and Industry , abbreviated as DTI is the executive department of the Philippine Government tasked to expand Philippine trade, industries and investments as the means to generate jobs and raise incomes for Filipinos...
- List of companies of the Philippines
- Next ElevenNext ElevenThe Next Eleven are eleven countries—Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam — identified by Goldman Sachs investment bank and Jim O'Neill as having a high potential of becoming, along with the BRICS, the world's largest...
- Newly Industrialized countries
- Philippine Dealing ExchangePhilippine Dealing ExchangeThe Philippine Dealing & Exchange Corp. is a dealing exchange for major banks in the Philippines. The primary exchange of the country for all sectors is The Philippine Stock Exchange....
- Philippine pesoPhilippine pesoThe peso is the currency of the Philippines. It is subdivided into 100 centavos . Before 1967, the language used on the banknotes and coins was English and so "peso" was the name used...
- Philippine Stock ExchangePhilippine Stock ExchangeThe Philippine Stock Exchange is the national stock exchange of the Philippines. It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927...
- Economic history of the Philippines (1973–1986)
Further reading
}} }}- Bhagwati, JagdishJagdish BhagwatiJagdish Natwarlal Bhagwati is an Indian-American economist and professor of economics and law at Columbia University. He is well known for his research in international trade and for his advocacy of free trade....
and Anne Krueger. (1974). Foreign Trade Regimes and Economic Development. National Bureau of Economic ResearchNational Bureau of Economic ResearchThe National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...
. - Kang, David C. (2002). Crony Capitalism – Corruption and Development in South Korea and the Philippines. Cambridge University Press. ISBN 978-0521004084.
- Villegas, BernardoBernardo VillegasBernardo Villegas is a Filipino writer, thinker and economist. He was a member of the Constitutional Commission that drafted the Philippine Constitution under the government of former President Corazon Aquino. He has been an advisor of the recent Philippine Presidents...
. (2010). The Philippine Advantage (3rd ed.). Manila: University of Asia and the PacificUniversity of Asia and the PacificThe University of Asia and the Pacific is a private research university in the Philippines. It traces its beginnings to the Center for Research and Communication , which was established in 1967 as a private think-tank that conducted economic and social research and offered graduate courses in...
. - State of the Philippine Islands A book written by a Spaniard during the early 19th century that studies the economic conditions of the Philippines which was then, a colony of Spain. An online book published by Filipiniana.net.
External links
- Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
- National Statistical Coordination Board
- Department of Trade and Industry
- Department of Finance
- Philippine Stock Exchange
- National Federation of Sugarcane Planters
- Department of Tourism
- Philippines Business Brokers
- Philippine Economic Zone Authority
- Philippines 8th Regular Foreign Investment Negative List