Economy of the Philippines

      Economy of Philippines
      Ortigas Tonight.jpg
      Skyline of Metro Manila
      Currency Philippine peso (PHP) = 100 centavos (English)
      piso = 100 sentimo (Filipino)
      Fiscal year Calendar year
      Trade organisations APEC, ASEAN, WTO, EAS, Asian Development Bank, ASEAN Plus Three, and others
      Statistics
      GDP

      $257 billion nominal(2012)[1]

      $424.355 billion PPP (2012)[2]
      GDP growth Increase 7.8% (Q1 2013)[3][4]
      GDP per capita

      $2,614 (2012)[5] (nominal 126th)

      $4,430 (2012)[5] (PPP 126th)
      GDP by sector agriculture (12.3%), industry (33.3%), services (54.4%) (2011 est.)[6]
      Inflation (CPI) 2.6% (April 2013)[7]
      Population
      below poverty line      		 national – 22.9% (2006 est.)[6]
      international – 22.6% (2006)[8]
      regional – 27% (2006)[9]
      Gini coefficient 43.0 (2009)[10]
      Labour force 59.81 million (2011 est.)[6]
      Labour force
      by occupation      		 services (52%) agriculture (33%), industry (15%) (2010 est.)[6]
      Unemployment 6.8% (October 2012)[11]
      Main industries electronics assembly, Business Process Outsourcing, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing[6]
      Ease of Doing Business Rank 138th of 183 countries ranked[12]
      External
      Exports $52 billion (2012)[13]
      Export goods semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[6]
      Main export partners Japan 18.5%, United States 14.8%, China 12.7%, Singapore 8.9%, Hong Kong 7.7%, South Korea 4.6%, Taiwan 4.2%, Thailand 4.0%, Netherlands 3.6%, Germany 3.5% (2011)[14]
      Imports $57.24 billion (2010)
      Import goods electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[6]
      Main import partners Japan 10.8%, United States 10.8%, China 10.1%, Singapore 8.1%, South Korea 7.3%, Taiwan 6.9%, Thailand 5.8%, Saudi Arabia 5.4%, Malaysia 4.4%, Indonesia 3.9% (2011)[15]
      Gross external debt $62.431 billion (September 2011)[16]
      Public finances
      Public debt 48.9 % of GDP (Q1 2013)[17]
      Revenues $31.38 billion (2011)
      Expenses $35.95 billion (2011)[18]
      Economic aid $1.67 billion[19]
      Credit rating
      Foreign reserves Increase $85.761 billion (January 2013)[25]

      All values, unless otherwise stated, are in US dollars

      The Economy of the Philippines is the 40th largest in the world, according to 2012 International Monetary Fund statistics and it is also one of the emerging markets in the world.[26] The Philippines is considered as a newly industrialized country, it has been transitioning from one based on agriculture to one based more on services and manufacturing. According to the CIA Factbook, the estimated 2012 GDP (purchasing power parity) was 424.355 billion.[6]Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world, Goldman Sachs also included the Philippines in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the Southeast Asian region by 2050.[27]

      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.

      The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, Malaysia and Thailand.

      Macroeconomic trends

      See also: Economy of Asia, Economic history of the Philippines (1973–1986), Post-EDSA macroeconomic history of the Philippines, and Economic Crisis and Response in the Philippines

      The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2011 reported it as the 45th largest economy in the world. However its growth has been behind that of many of its Asian neighbors, the so-called Asian Tigers, nor is it a part of the Group of 20 nations. Instead it is often grouped in a second tier of emerging markets or of newly industrialized countries. Depending upon the analyst, this second tier can go by the name the Next Eleven or the Tiger Cub Economies.

      In the year 2012 and 2013, the Philippines had posted high GDP growth rates such as 6.8% in 2012 and 7.8% in the first quarter of 2013,[28][29] making it the highest GDP growth rate in Asia for the first quarter of 2013, followed by China and Indonesia.[30]

      A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[31][32]

      Year GDP growth in percent
      (constant prices, base year = 2000)
      		 GDP
      in PHP Billion
      (current prices)      		 GDP
      in USD Billion
      (current prices)      		 GDP per capita
      in USD
      (current prices)      		 GDP
      in USD Billion
      (PPP)      		 GDP per capita
      in USD
      (PPP)      		 Peso vs Dollar
      Exchange Rate
      1980 5.15 270.1 35.9 744 64.4 1334 7.51
      1981 3.42 312.0 39.5 797 72.9 1471 7.90
      1982 3.62 351.4 41.1 810 80.1 1578 8.54
      1983 1.88 408.9 36.8 707 84.9 1630 11.11
      1984 -7.32 581.1 34.8 652 81.6 1530 16.70
      1985 -7.31 633.6 34.1 623 77.9 1426 18.61
      1986 3.42 674.6 33.1 591 82.4 1471 20.39
      1987 4.31 756.5 36.8 641 88.4 1540 20.57
      1988 6.75 885.5 42.0 715 97.6 1663 21.09
      1989 6.21 1025.3 47.3 786 107.6 1791 21.70
      1990 3.04 1190.5 48.9 796 115.2 1873 24.33
      1991 -0.58 1379.9 50.2 797 118.6 1882 27.48
      1992 0.34 1497.5 58.7 912 121.8 1891 25.51
      1993 2.12 1633.6 60.2 914 127.1 1929 27.12
      1994 4.39 1875.7 71.0 1052 135.5 2007 26.42
      1995 4.68 2111.7 83.7 1224 144.8 2118 25.24
      1996 5.85 2406.4 93.5 1336 156.1 2232 24.74
      1997 5.19 2688.7 92.8 1297 167.1 2336 28.98
      1998 -0.58 2952.8 73.8 1009 168.1 2297 40.02
      1999 3.08 3244.2 83.0 1110 175.8 2352 39.09
      2000 4.41 3580.7 81.0 1053 187.5 2437 44.19
      2001 2.89 3888.8 76.3 971 197.3 2511 50.99
      2002 3.65 4198.3 81.4 1014 207.8 2591 51.60
      2003 4.97 4548.1 83.9 1025 222.7 2720 54.20
      2004 6.70 5120.4 91.4 1093 242.7 2905 56.04
      2005 4.78 5677.8 103.1 1209 261.0 3061 55.09
      2006 5.24 6271.2 122.2 1405 283.5 3260 51.31
      2007 6.62 6892.7 149.4 1684 311.1 3507 46.15
      2008 4.15 7720.9 173.6 1919 331.2 3661 44.47
      2009 1.15 8026.1 168.5 1827 338.5 3670 47.64
      2010 7.63 9003.5 199.6 2123 368.5 3920 45.11
      2011 3.72 9734.8 224.75 2345 391.1 4080 43.31
      2012[5] 6.8 10568.4 257.51 2701 424.3 4430 41.04

      GDP growth at constant 1985 prices in Philippine pesos:[31][33][34]

      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 2011 2012
      GDP growth % 4.411 2.894 3.646 4.970 6.698 4.778 5.243 7.117 4.153 1.148 7.632 3.6 6.8
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      Composition by sector

      As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy.[citation needed] 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.

      Filipinos who go aboard to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.[35]

      Agriculture

      Pineapples on a fruit stand in Cagayan de Oro.
      See also: Coconut production in the Philippines, Coffee production in the Philippines, Rice production in the Philippines, and Sugar industry of the Philippines
      Sacks of raw sugar in the Philippines

      The agriculture sector makes up 12% of the GDP and employs 33% of the workforce. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus, such as major multinational corporations like Dole Food Company and Del Monte Foods.

      The Philippines is the world's largest producer of coconuts producing 19,500,000 tons in 2009. Coconut production in the Philippines is generally concentrated in medium-sized farms.[36] By 1995, the production of coconut in the Philippines had experienced a 6.5% annual growth and later surpassed Indonesia in total output in the world.[37] The Philippines is also the world's largest producer of pineapples, producing 2,198 thousand metric tons in 2009.[38]Rice production in the Philippines is important to the food supply in the country and economy. The country is the 8th largest rice producer in the world, accounting for 2.8% of global rice production.[39] However, the country is also the world's largest rice importer in 2010.[40] Rice is the most important food crop, a staple food in most of the country. It is produced extensively in Luzon, the Western Visayas, Southern Mindanao, and Central Mindanao.

      The Philippines is also one of the largest producer of sugar in the world according to Food and Agriculture Organization of the United Nations Statistics Division.[41] At least 17 provinces located in 8 regions of the country have grown sugarcane crops, of which Negros island accounts for half of the country’s total production. As of Crop Year 2012-2013, 29 mills are operational divided as follows: 6 mills in Luzon, 13 mills in Negros, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.[42] A range from 360,000 to 390,000 hectares are devoted to sugarcane production. The largest sugarcane areas are found in Negros which accounts for 51% of sugarcane areas planted. This is followed by Mindanao which accounts for 20%; Luzon, 17%; Panay islands, 7% and Eastern Visayas, 4%.[43]

      Shipbuilding and repair

      The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas.[44][45] It became the fourth largest shipbuilding nation in 2010.[46][47] Subic-made cargo vessels are now exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.[48] The country’s shipyards are now building ships like bulk carriers, container ships and big passenger ferries. General Santos' shipyard is mainly for ship repair and maintenance.[49]

      Being surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. On top of the current operating shipyards, two additional shipyards in Misamis Oriental and Cagayan province are being expanded to support future locators. It has a vast manpower pool of 60,000 certified welders that comprise the bulk of workers in shipbuilding.

      In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.[50]

      Automotive

      The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford,[51]Toyota,[52]Mitsubishi, Nissan and Honda are the most prominent automakers manufacturing cars in the country.[citation needed]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.[53] 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.[54] Automotive sales in the Philippines moved up from 165,056 units in 2011 to over 180,000 in 2012. Japan’s automotive manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines.[55]

      Aerospace

      Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio in the Cordillera region. The company produces aircraft actuators in their manufacturing facility.

      In 2011, the total export output of aerospace products in the Philippines reached US $3 billion.[56]

      Electronics

      . A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[57] 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.[58] 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.

      Mining and extraction

      Geothermal power station in Negros Oriental.

      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,[59] 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 sulphur. 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.[citation needed] 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.[citation needed]

      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.[citation needed] 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.[citation needed]

      Offshoring and outsourcing

      A business process outsourcing office in Bacolod
      Main articles: Business process outsourcing in the Philippines and Call center industry in the Philippines

      According to an IBM Global Location Trends Annual Report, as of December 2010 the Philippines has surpassed India as the world leader in business process outsourcing.[60][61] The majority of the top ten BPO firms of the United States operate in the Philippines.[citation needed] Total jobs in the industry grew to 100,000 and total revenues were placed at $960 million for 2005. In 2012, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class. BPO facilities are located mainly in Metro Manila and Cebu City although other regional areas such as Baguio, Bacolod, Cagayan de Oro, Clark Freeport Zone, Dagupan, Davao City, Legazpi, Dumaguete, Lipa, Iloilo City, and CamSur are now being promoted and developed for BPO operations.

      Call centers began in the Philippines as plain providers of email response and managing services and is now a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business to business support. Business process outsourcing (BPO) is regarded as one of the fastest growing industries in the world. The Philippines is also considered as location of choice due to its less expensive operational and labor costs and high proficiency in spoken English and highly educated labor pool. In 2011, the business process outsourcing industry in the Philippines generated 700 thousand jobs[62] and some US$11 billion in revenue,[63] 24 percent higher than 2010. By 2016, the industry is projected to reach US$27.4 billion in revenue with employment generation to almost double at 1.3 million workers.[64]

      BPOs and the call center industry in general is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as Fitch and S&P.[65]

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      Regional Accounts

      Gross Regional Domestic Product (GRDP) is GDP measured at regional levels.

      Region GRDP (in billion PHP) Agriculture (in billion PHP) % of GRDP Industry (in billion PHP) % of GRDP Services (in billion PHP) % of GRDP per capita GRDP
      Metro Manila 3,479.905 17.891 0.51 591.035 16.98 2,870.979 82.50 288,062
      Cordillera 210.079 21.082 10.04 116.522 55.47 72.474 34.50 127,614
      Ilocos 293.918 75.097 25.55 79.448 27.03 139.372 47.42 61,076
      Cagayan Valley 167.492 71.769 42.85 17.805 10.63 77.919 46.52 51,100
      Central Luzon 882.806 145.975 16.54 373.250 42.28 363.580 41.18 85,186
      CALABARZON 1,644.843 108.940 6.62 1,015.501 61.74 520.401 31.64 126,589
      MIMAROPA 176.176 48.028 27.26 65.135 36.97 63.013 35.77 62,995
      Bicol 206.619 57.728 27.94 44.855 21.71 104.036 50.35 37,526
      Western Visayas 395.417 115.613 29.24 66.238 16.75 213.565 54.01 54,870
      Central Visayas 601.880 51.890 8.62 213.968 35.55 336.023 55.83 86,880
      Eastern Visayas 242.594 58.434 24.09 104.207 42.96 79.952 32.96 58,335
      Zamboanga Peninsula 200.883 66.206 32.96 51.762 25.77 82.915 41.28 57,815
      Northern Mindanao 467.100 115.283 31.40 102.251 27.85 149.566 40.74 93,628
      Davao Region 408.450 104.792 25.66 112.821 27.62 190.837 46.72 89,552
      SOCCSKSARGEN 261.548 97.932 37.44 71.445 27.32 97.171 35.24 62,080
      Caraga 99.037 30.248 27.56 26.583 24.22 52.934 48.22 44,472
      Muslim Mindanao 86.048 58.287 67.74 3.641 4.23 24.120 28.03 26,004
      Total 9,735.521 1,245.196 12.79 3,056.468 31.40 5,433.857 55.81 103,366

      Note: Green-colored cells indicate higher value or best performance in index, while yellow-colored cells indicate the opposite.

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      Economic indicators and international rankings

      Further information: Philippine investment climate
      Organization Title As of Change from previous Ranking
      International Monetary Fund Gross Domestic Product (PPP) 2012 (Increase 1) 31st[66]
      International Monetary Fund Gross Domestic Product (nominal) 2012 (Increase 3) 40th[67]
      International Monetary Fund GDP per Capita (PPP) 2011 (Steady) 126th[68]
      International Monetary Fund GDP per Capita (nominal) 2011 (Increase 1) 124th[69]
      International Monetary Fund Foreign Reserves 2012 25th[70]
      United Nations Population 2012 (Steady) 12th[71]
      United Nations Area 2012 (Steady) 73rd[72]
      United Nations Population Density 2010 45th[73]
      Central Intelligence Agency Life Expectancy 2011 133rd out of 221st[74]
      United Nations Literacy Rate 2011 84th out of 182nd[75]
      The World Factbook External Debt 2010 46th[76]
      World Tourism Organization Tourist Arrival 2010 (Increase 1) 52 out of 198[77]
      United Nations Human Development Index 2011 (Increase 1) 112 out of 187[78]
      World Economic Forum Global Competitiveness 2012 (Increase 10) 65 out of 144[79]
      Fraser Institute Economic Freedom of the World 2012 (Increase 16) 61 out of 144[80]
      World Economic Forum Global Gender Gap Report 2011 (Increase 1) 8 out of 135[81]
      World Economic Forum Travel and Tourism Competitiveness 2011 94 out of 139[82]
      World Economic Forum Global Enabling Trade Report 2012 (Increase 20) 72 out of 132[83]
      World Bank Ease of Doing Business 2013 (Decrease 2) 138 out of 183[84]
      Transparency International Corruption Perceptions Index 2012 (Increase 24) 105 out of 176[85]
      Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2013 (Increase 10) 97 out of 177[86]
      The Economist Intelligence Unit Global Peace Index 2012 (Increase 3) 133 out of 158[87]
      Reporters Without Borders Press Freedom Index 2011 (Increase 16) 140 out of 178[88]
      World Economic Forum Financial Development Index 2011 44 out of 60[89]
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      Statistics

      Further information: Income inequality in the Philippines and Poverty in the Philippines
      Percentage of population in 2007 living below poverty line, by province. Provinces with darker shades have more people living below the poverty line.
      Economic growth[90][91][92]
      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 3.7 2.6
      2012 6.8 5.8
      2013 Q1 7.8 7.1
      * Computed at Constant 2000 Prices
      ** Source: NEDA and NSCB
      Filipino exports in 2006
      Graphical depiction of Philippines' product exports in 28 color-coded categories.

      Most of the following statistics are sourced from the International Monetary Fund - Philippines (as of 2012; figures are in US dollars unless otherwise indicated).

      • GDP - purchasing power parity: $416.721 billion (2012est.)
      • GDP - real growth rate: 6.6% (2012)
      • GDP per capita purchasing power parity: $4,263.689 (2012 est. in 2012 US dollars)
      • GDP nominal: $240.664 Billion (2012)[93]
      • GDP per capita: $2,462.354 (2012 est.)[94]
      • GDP - composition by sector:
        agriculture: 12.3%
        industry: 33.3%
        services: 54.4% (2011 est.)[6]
      • Population below poverty line:[6] 32.9% (2006 est.)[6]
      • Household income or consumption by percentage share:
        lowest 10%: 2.4%
        highest 10%: 31.2% (2006)[6]
      • Inflation rate (consumer prices): 5.3% (2011 est.),[6] 3.5% (September 2010)[95]
      • Labor force: 39.81 million (2011 est.)[6]
      • Labor force by occupation:
        agriculture 33%
        industry 15%
        services 52% (2011 est.)[6]
      • Unemployment rate: 7.2% (April 2011)[11]
      • Budget:
        revenues: $31.99 billion (2011 est.)[6]
        expenditures: $36.71 billion (2011 est.)[6]
      • Foreign Reserves: US$81.90 billion (September 2012)[96]
      • Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
      • Industrial production growth rate: 12.1% (2010 est.)[6]
      • Electricity - production: 59.19 billion kWh (2009 est.)[6]
      • Electricity - consumption: 54.4 billion kWh (2009 est.)[6]
      • Electricity - exports: 0 kWh (2007)[6]
      • Electricity - imports: 0 kWh (2007)[6]
      • Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish[6]
      • Exports: $54.17 billion (2011 est.); $69.46 billion (2010 est.)[6][97]
      • Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[6]
      • Exports - partners: China 19%, United States 13.4%, Singapore 13.2%, Japan 12.8%, Hong Kong 7.6%, Germany 4.2%, South Korea 4.1% (2010)[6]
      • Imports: $68.84 billion (2011 est.)[6]
      • Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[6]
      • Imports - partners: Japan 14.1%, China 13.6%, United States 9.9%, Singapore 9.3%, Thailand 6.5%, South Korea 5.6%, Indonesia 4.1% (2010)[6]
      • Debt - external: $62.41 billion (31 December 2011 est.)[6]
      • Currency: 1 Philippine peso (₱) = 100 centavos
      • Exchange rates: Philippine pesos (PHP) per US dollar - 43.44 (2011), 45.11 (2010), 47.68 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006),[6] 55.086 (2005[citation needed])
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      Government budget

      Main article: Fiscal policy of the Philippines

      The national government budget for 2012 has set the following budget allocations:[98] Noticeably enough, the Department of Science & Technology[99] is not reflected in the chart below which underlines the Philippine government's need to invest more on education, particularly in the sciences and engineering fields to solidify its current growth momentum.[100]


      Budget Allocation Millions of Pesos
      (PHP)      		 Millions of US Dollars
      (USD)      		  %
      Department of Education ₱238,800 $5,513.7 13.15
      Department of Public Works and Highways 126,400 2,918.5 6.96
      Department of National Defense 108,100 2,496.0 5.95
      Department of Interior and Local Government 99,800 2,304.3 5.50
      Department of Agriculture 61,400 1,417.7 3.38
      Department of Social Welfare and Development 48,800 1,126.8 2.69
      Department of Health 45,800 1,057.5 2.52
      Department of Transportation and Communications 34,700 801.2 1.91
      State Universities and Colleges 25,800 595.7 1.42
      Department of Finance 23,600 544.9 1.30
      Department of Environment and Natural Resources 17,500 404.1 0.96
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      See also

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      References

      1. ^ http://www.nscb.gov.ph/sna/2012/4th2012/tables/1Q4-Rev_Summary_93SNA.pdf
      2. ^ "Report for Selected Countries and Subjects| Global Finance". imf.org. Retrieved 2013-04-19. 
      3. ^ "Philippine economy grows a stunning 7.8%". Asia News Network. Retrieved June 6, 2013. 
      4. ^ "PHILIPPINE ECONOMY POSTS 7.8 PERCENT GDP GROWTH". NSCB. Retrieved May 30, 2013. 
      5. ^ a b c "Report for Selected Countries and Subjects". Imf.org. 2013-04-16. Retrieved 2013-04-19. 
      6. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae CIA World Factbook, Philippines, Retrieved May 15, 2009.
      7. ^ National Statistics Office, Republic of the Philippines. (2013-05-07). "Summary Inflation Report Consumer Price Index (2006=100) : April 2013". Retrieved 2013-05-09. 
      8. ^ "18. Poverty and inequality". Statistical Yearbook for Asia and the Pacific 2009. United Nations – Economic and Social Commission for Asia and the Pacific. March 24, 2010 (Table 18.1). 
      9. ^ Dumlao, Doris. (August 27, 2008). 23 million Filipinos living below Asia-Pacific poverty line. The Philippine Daily Inquirer.
      10. ^ GINI index | Data | Table
      11. ^ a b "April 2011 Labor Force Survey (LFS)". Census.gov.ph. Retrieved 2011-09-04. 
      12. ^ "Doing Business in Philippines 2013". World Bank. Retrieved 2013. 
      13. ^ "Exports hit record $52 B". Philstar Business. Retrieved February 18, 2013. 
      14. ^ [1][dead link]
      15. ^ [2][dead link]
      16. ^ "Total External Debt". Bsp.gov.ph. 1993-07-03. Retrieved 2012-10-12. 
      17. ^ "PH November dollar reserves exceed 2012 target". www.rappler.com. 2012-12-07. Retrieved 2012-12-07. 
      18. ^ "Manila business". Sun.Star. Retrieved 2012-10-12. 
      19. ^ "NEDA: Foreign aid releases slightly increased in 2011 | Inquirer Business". Business.inquirer.net. 2012-03-05. Retrieved 2012-10-12. 
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