"x x x.
2016 Economy - overview:
The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipinos.
Efforts to improve tax administration and expenditures management have helped ease the Philippines' debt burden and tight fiscal situation. The Philippines received investment-grade credit ratings on its sovereign debt under the former AQUINO administration.
Economic growth has accelerated, averaging 6.0% per year from 2011 to 2016, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. FDI to the Philippines has continued to lag regional peers.
Although the economy grew at a faster pace under the AQUINO government, challenges to achieving more inclusive growth remain. The unemployment rate has declined somewhat in recent years but remains high, hovering at around 6.5%; underemployment is also high.
2016 saw the election of President Rodrigo DUTERTE, who has pledged to make poverty reduction his top policy priority. Duterte believes that illegal drug use, crime and corruption are key barriers to economic development among the lower class.
$801.9 billion (2016 est.)
$753.7 billion (2015 est.)
$711.6 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 30
$311.7 billion (2015 est.)
6.4% (2016 est.)
5.9% (2015 est.)
6.2% (2014 est.)
country comparison to the world: 16
$7,700 (2016 est.)
$7,400 (2015 est.)
$7,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 154
25.5% of GDP (2016 est.)
23.4% of GDP (2015 est.)
24.3% of GDP (2014 est.)
country comparison to the world: 45
household consumption: 72.9%
government consumption: 10.9%
investment in fixed capital: 22.3%
investment in inventories: -0.3%
exports of goods and services: 24.8%
imports of goods and services: -30.6% (2016 est.)
agriculture: 9.7%
industry: 30.5%
services: 59.8% (2016 est.)
sugarcane, coconuts, rice, corn, bananas, cassava (manioc, tapioca), pineapples, mangoes; pork, eggs, beef; fish
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
6.8% (2016 est.)
country comparison to the world: 20
42.8 million (2016 est.)
country comparison to the world: 16
agriculture: 29%
industry: 16%
services: 55% (2015 est.)
6.6% (2016 est.)
6.3% (2015 est.)
country comparison to the world: 74
25.2% (2012 est.)
lowest 10%: 2.9%
highest 10%: 30.5% (2012 est.)
46 (2012)
46.4 (2009)
country comparison to the world: 34
revenues: $45.54 billion
expenditures: $48.76 billion (2016 est.)
14.6% of GDP (2016 est.)
country comparison to the world: 192
-1% of GDP (2016 est.)
country comparison to the world: 49
42.9% of GDP (2016 est.)
44.8% of GDP (2015 est.)
note: data cover debt issued by the national government, and excludes debt instruments issued by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by social security institutions,
country comparison to the world: 111
calendar year
1.7% (2016 est.)
1.3% (2015 est.)
country comparison to the world: 101
6.13% (31 December 2015)
6.13% (31 December 2014)
country comparison to the world: 64
6% (31 December 2016 est.)
5.58% (31 December 2015 est.)
country comparison to the world: 126
$66.03 billion (31 December 2016 est.)
$56.56 billion (31 December 2015 est.)
country comparison to the world: 46
$187.9 billion (31 December 2016 est.)
$171 billion (31 December 2015 est.)
country comparison to the world: 42
$187.8 billion (31 December 2016 est.)
$166.7 billion (31 December 2015 est.)
country comparison to the world: 47
$238.8 billion (31 December 2015 est.)
$261.8 billion (31 December 2014 est.)
$217.3 billion (31 December 2013 est.)
country comparison to the world: 30
$5.542 billion (2016 est.)
$8.396 billion (2015 est.)
country comparison to the world: 24
$38.2 billion (2016 est.)
$43.28 billion (2015 est.)
country comparison to the world: 51
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Japan 21.1%, US 15%, China 10.9%, Hong Kong 10.6%, Singapore 6.2%, Germany 4.5%, South Korea 4.3% (2015)
$60.95 billion (2016 est.)
$64.97 billion (2015 est.)
country comparison to the world: 43
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
China 16.2%, US 10.8%, Japan 9.6%, Singapore 7%, South Korea 6.5%, Thailand 6.4%, Malaysia 4.8%, Indonesia 4.4% (2015)
$79.99 billion (31 December 2016 est.)
$80.67 billion (31 December 2015 est.)
country comparison to the world: 29
$77.46 billion (31 December 2016 est.)
$77.46 billion (31 December 2015 est.)
country comparison to the world: 55
$62.8 billion (31 December 2016 est.)
$59.3 billion (31 December 2015 est.)
country comparison to the world: 55
$44.1 billion (31 December 2016 est.)
$41.1 billion (31 December 2015 est.)
country comparison to the world: 46
Philippine pesos (PHP) per US dollar -
47.08 (2016 est.)
45.503 (2015 est.)
45.503 (2014 est.)
44.395 (2013 est.)
42.23 (2012 est.)
x x x."
