Economy of the Philippines

The economy of the Philippines is an emerging market, a newly industrialized country and one of the most dynamic in the Asia-Pacific region.[34] As a developing economy, the country is working towards achieving greater industrialization and economic growth.[35] In 2023, the Philippine economy is estimated to be at ₱24.27 trillion ($435.67 billion), making it the world's 34th largest by nominal GDP and 14th largest in Asia according to the International Monetary Fund.

Economy of the Philippines
Metro Manila, the economic center of the Philippines
CurrencyPhilippine peso (Filipino: piso; sign: ₱; code: PHP)
Calendar year
Trade organizations
ADB, AIIB, AFTA, APEC, ASEAN, EAS, G-24, RCEP, WTO and others
Country group
Statistics
PopulationNeutral increase 109,035,343 (13th)[3][4]
GDP
GDP rank
GDP growth
  • Increase 7.6% (2022)[6]
  • Increase 6.4% (2023 Q1)[7]
  • Increase 5.9% (2024 est.)[6]
GDP per capita
  • Increase $3,859 (nominal; 2023 est.)[5]
  • Increase $11,326 (PPP; 2023 est.)[5]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption: 73.1%
  • Government consumption: 15.0%
  • Gross capital formation: 23.1%
  • Exports of goods and services: 28.5%
  • Imports of goods and services: -39.6%
  • Other source: 5.7%
  • (2022)[8]
Negative increase 6.1% (September 2023)[9]
Population below poverty line
  • Negative increase 18.1% (2021)[10]
  • Steady 18% on less than $3.65/day (2021)[11]
Positive decrease 41.2 medium (2021)[12]
Labor force
  • Increase 48.07 million
  • Decrease 64.7% employment rate
  • (August 2023 est.)[14]
Labor force by occupation
Unemployment
  • Positive decrease 4.4%
  • Negative increase 10.8% Youth unemployment
    (Aged 15 to 24)
  • Positive decrease 2.21 million unemployed
  • (August 2023 est.)[14]
Average gross salary
₱18,423 / US$338 monthly (2022)[15]
Gross savingsIncrease ₱4.90 trillion (2022)[16]
Main industries
External
Exports$115.26 billion (2022)[19][8][note 1]
Export goods
Main export partners
Imports$159.29 billion (2022)[19][8][note 1]
Import goods
Main import partners
FDI stock
  • Increase $112.96 billion (Inward; 2022)[22]
  • Increase $67.28 billion (Outward; 2022)[22]
  • Decrease -$17.8 billion
  • Decrease -4.4% of GDP (2022)[23]
  • Negative increase $111.3 billion
  • Negative increase 27.5% of GDP (2022)[24][25]
Public finances
  • ₱13.419 trillion
  • ($246.22 billion)
  • Positive decrease 60.9% of GDP (2022)[8][26]
  • -₱1.614 trillion
  • (-$29.60 billion)
  • −7.33% of GDP (2022)[8]
Revenues
  • ₱3.546 trillion
  • ($65.01 billion)
  • 16.1% of GDP (2022)[8]
Expenses
  • ₱5.160 trillion
  • ($94.61 billion)
  • 23.4% of GDP (2022)[8]
Economic aid$1.67 billion[27]
  • Fitch:[31]
  • BBB (Domestic/Foreign)
  • BBB+ (Country Ceiling)
  • Outlook: Stable
Decrease $99.567 billion (August 2023)[32][33]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world.[36] The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization.[37] The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipments, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its 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, alongside Indonesia, Malaysia, Vietnam, and Thailand. However, major problems remain, mainly related to 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 fourth largest in Asia and 19th largest in the world by 2050.[38] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[39]

Overview
Further information: Economic history of the Philippines
Historical growth of the Philippine economy from 1961 to 2015

The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2014 reported it as the 39th largest economy in the world. The Philippines posted a high GDP growth rate of 7.6 percent in 2022.[40] However, the country is not a part of the Group of 20 nations; instead, it is grouped in a second tier for emerging markets or newly industrialized countries. Depending on the analyst, this second tier can go by the name the Next Eleven or the Tiger Cub Economies.

A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[41][42]

  •   Indicates economic growth
  •   Indicates contraction / recession
  •   Indicates IMF forecast
Year GDP growth[lower-alpha 1] GDP, current prices GDP, PPP PHP:USD
exchange rate[lower-alpha 2]
(PHP, billions) (USD, billions) Per capita
(USD)		 (USD, billions) Per capita,
(USD)
2023[5] 5.3%  24,276 Increase 435.7 Increase 3,859 Increase 1,278.6 Increase 11,326 Increase
2022 7.76%  22,023 Increase 404.3 Increase 3,623 Increase 1,173.1 Increase 10,512 Increase Negative increase 54.47
2021 5.60%  19,390 Increase 393.7 Increase 3,579 Increase 994.6 Increase 9,043 Increase Positive decrease 49.25
2020[lower-alpha 3] −9.50%  17,937.6 Decrease 361.5 Decrease 3,298 Decrease 919.2 Decrease 8,389 Decrease Positive decrease 49.62
2019 6.00%  19,514.4 Increase 376.8 Increase 3,485 Increase 1,005 Increase 9,295 Increase Positive decrease 51.79
2018 6.30%  18,262.4 Increase 346.8 Increase 3,251 Increase 930.0 Increase 8,720 Increase Negative increase 52.66
2017 6.70%  15,556.4 Increase 328.5 Increase 3,123 Increase 854.0 Increase 8,120 Increase Negative increase 50.40
2016 6.90%  15,133.5 Increase 318.6 Increase 3,073 Increase 798.6 Increase 7,703 Increase Negative increase 47.50
2015[43] 5.80%  13,307.3 Increase 292.4 Increase 2,863 Increase 741.0 Increase 6,547 Decrease Negative increase 45.50
2014[43] 6.10%  12,645.3 Increase 284.8 Increase 2,844 Increase 642.8 Increase 6,924 Increase Negative increase 44.40
2013[44] 7.20%  11,546.1 Increase 272.2 Increase 2,792 Increase 454.3 Increase 4,660 Increase Negative increase 42.45
2012[45] 6.80%  10,564.9 Increase 250.2 Increase 2,611 Increase 419.6 Increase 4,380 Increase Positive decrease 42.21
2011 3.60%  9,706.3 Increase 224.1 Increase 2,379 Increase 386.1 Increase 4,098 Increase Positive decrease 43.29
2010 7.63%  9,003.5 Increase 199.6 Increase 2,155 Increase 365.3 Increase 3,945 Increase Positive decrease 45.09
2009 1.15%  8,026.1 Increase 168.5 Decrease 1,851 Decrease 335.4 Increase 3,685 Increase Negative increase 47.58
2008 4.15%  7,720.9 Increase 173.6 Increase 1,919 Increase 329.0 Increase 3,636 Increase Positive decrease 44.47
2007 7.12%  6,892.7 Increase 149.4 Increase 1,684 Increase 309.9 Increase 3,493 Increase Positive decrease 46.07
2006 5.24%  6,271.2 Increase 122.2 Increase 1,405 Increase 283.5 Increase 3,255 Increase Positive decrease 51.29
2005 4.78%  5,677.8 Increase 103.1 Increase 1,209 Increase 261.0 Increase 3,061 Increase Positive decrease 55.06
2004 6.70%  5,120.4 Increase 91.4 Increase 1,093 Increase 242.7 Increase 2,905 Increase Negative increase 56.09
2003 4.97%  4,548.1 Increase 83.9 Increase 1,025 Increase 222.7 Increase 2,720 Increase Negative increase 54.32
2002 3.65%  4,198.3 Increase 81.4 Increase 1,014 Increase 207.8 Increase 2,591 Increase Negative increase 51.60
2001 2.89%  3,888.8 Increase 76.3 Decrease 971 Decrease 197.3 Increase 2,511 Increase Negative increase 51.20
2000 4.41%  3,580.7 Increase 81.0 Decrease 1,053 Decrease 187.5 Increase 2,437 Increase Negative increase 46.44
1999 3.08%  3,244.2 Increase 83.0 Increase 1,110 Increase 175.8 Increase 2,352 Increase Negative increase 42.85
1998 −0.58%  2,952.8 Increase 73.8 Decrease 1,009 Decrease 168.1 Increase 2,297 Decrease Negative increase 40.34
1997 5.19%  2,688.7 Increase 92.8 Decrease 1,297 Decrease 167.1 Increase 2,336 Increase Negative increase 32.59
1996 5.85%  2,406.4 Increase 93.5 Increase 1,336 Increase 156.1 Increase 2,232 Increase Negative increase 27.15
1995 4.68%  2,111.7 Increase 83.7 Increase 1,224 Increase 144.8 Increase 2,118 Increase Positive decrease 24.20
1994 4.39%  1,875.7 Increase 71.0 Increase 1,052 Increase 135.5 Increase 2,007 Increase Positive decrease 24.84
1993 2.12%  1,633.6 Increase 60.2 Increase 914 Increase 127.1 Increase 1,929 Increase Negative increase 28.05
1992 0.34%  1,497.5 Increase 58.7 Increase 912 Increase 121.8 Increase 1,891 Increase Positive decrease 26.44
1991 −0.49%  1,379.9 Increase 50.2 Increase 797 Increase 118.6 Increase 1,882 Increase Negative increase 27.61
1990 3.04%  1,190.5 Increase 48.9 Increase 796 Increase 115.2 Increase 1,873 Increase Positive decrease 22.90
1989 6.21%  1,025.3 Increase 47.3 Increase 786 Increase 107.6 Increase 1,791 Increase Positive decrease 23.03
1988 6.75%  885.5 Increase 42.0 Increase 715 Increase 97.6 Increase 1,663 Increase Negative increase 23.26
1987 4.31%  756.5 Increase 36.8 Increase 641 Increase 88.4 Increase 1,540 Increase Negative increase 19.07
1986 3.42%  674.6 Increase 33.1 Decrease 591 Decrease 82.4 Increase 1,471 Increase Negative increase 18.42
1985 −7.30%  633.6 Increase 34.1 Decrease 623 Decrease 77.9 Decrease 1,426 Decrease Positive decrease 17.40
1984 −7.31%  581.1 Increase 34.8 Decrease 652 Decrease 81.6 Decrease 1,530 Decrease Negative increase 17.61
1983 1.88%  408.9 Increase 36.8 Decrease 707 Decrease 84.9 Increase 1,630 Increase Negative increase 12.11
1982 3.62%  351.4 Increase 41.1 Increase 810 Increase 80.1 Increase 1,578 Increase Negative increase 9.47
1981 3.42%  312.0 Increase 39.5 Increase 797 Increase 72.9 Increase 1,471 Increase Negative increase 9.32
1980 5.15%  270.1 Increase 35.9 Increase 744 Increase 64.4 Increase 1,334 Increase Negative increase 7.78
1979 5.60% 
1978 5.20% 
1977 5.60% 
1976 8.00% 
1975 6.40% 
1974 5.00% 
1973 9.20% 
1972 4.80% 
1971 4.90% 
1970 4.60% 
  1. GDP growth at constant 1985 prices in Philippine pesos:[lower-alpha 4][lower-alpha 5][lower-alpha 6][lower-alpha 7]
  2. Direct quotation: PHP to buy 1 USD.
  3. As a result of shutdown of businesses imposed by the lockdowns to contain the COVID-19 pandemic.
  5. International Monetary Fund. (October 2010). The Philippine Stock Exchange, It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927. It currently maintains two trading floors, one at the Ayala Tower One in the Makati Central Business District, and one at its headquarters in Pasig. The PSE is composed of a 15-man Board of Directors, chaired by Jose T. Pardo. World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2015]. Retrieved 2011-01-31 from the World Economic Outlook Database.
  6. "The World Economic Outlook (WEO) Database April 2002 – Real Gross Domestic Product (annual percent change) – All countries". International Monetary Fund. April 2002.
  7. "Philippines: Selected Economic and Financial Indicators (2018=100)" (PDF). Bangko Sentral ng Pilipinas. Archived (PDF) from the original on March 6, 2023. Retrieved March 3, 2023.

Composition by sector
Filipino men at work in Brunei

As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, the country's service industry has expanded recently.[46] 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 abroad 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 in investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.[47] From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,[48] this significantly increased to a record US$36.14 billion in 2022.[49][50] In 2021, remittances made up about 9% of the total national GDP.[51]

Agriculture
Further information: Agriculture in the Philippines

As of 2022, agriculture employs 24 percent of the Filipino workforce[52] accounting for 8.9 percent of the total GDP.[53] The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

The Philippines is the world's third largest producer of coconuts, and the world's largest exporter of coconut products.[54] Coconut production is generally concentrated in medium-sized farms.[55] The Philippines is also the world's third largest producer of pineapples, producing 2,862,000 metric tons (2,817,000 long tons; 3,155,000 short tons) in 2021.[56]

Rice production in the Philippines is important to the food supply in the country and economy. The Philippines is the 8th largest rice producer in the world as of 2019, accounting for 2.5 percent of global rice production.[57] Rice is the most important food crop, a staple food in most of the country;[58] it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, SOCCSKSARGEN, and Ilocos Region.[59][60]

The Philippines is one of the largest producers of sugar in the world.[61] At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which the Negros Island Region accounts for half of the country's total production. As of Crop Year 2012–2013, 29 mills are operational divided as follows: 13 mills in Negros, 6 mills in Luzon, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.[62] A range from 360,000 to 390,000 hectares (890,000 to 960,000 acres) are devoted to sugarcane production. The largest sugarcane areas are found in the Negros Island Region, which accounts for 51 percent of sugarcane areas planted. This is followed by Mindanao which accounts for 20 percent; Luzon with 17 percent; Panay with 7 percent and Eastern Visayas with 4 percent.[63]

Automotive and aerospace
Main article: Automotive industry in the Philippines

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 352,596 units in 2022 from 268,488 units a year prior.[64] Toyota sells the most vehicles in the country;[64][65] this is followed by Mitsubishi, Ford, Nissan, and Suzuki.[64] Honda and Suzuki produce motorcycles in the country.[66] Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.[67][68]

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; the company produces aircraft actuators in their manufacturing facility.[69] Total export output of aerospace products in the Philippines reached US$780 million in 2019.[70]

Electronics
A Texas Instruments integrated circuit

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[71][72] 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.[73] Toshiba hard disk drives are manufactured in Santa Rosa, Laguna.[74] Printer manufacturer Lexmark has a factory in Cebu City.[75] Electronics and other light industries are concentrated in Laguna, Cavite, Batangas and other CALABARZON provinces with sizable numbers found in Southern Philippines that account for most of the country's export.[76]

The Philippine Electronics Industry is classified into (73%) Semiconductor Manufacturing Services (SMS) and (27%) Electronics Manufacturing Services (EMS) according to SEIPI, the largest organization of foreign and Filipino electronics companies in the Philippines.[77] Electronic products continued to be the country's top export with total earnings of US$45.66 billion and accounted for 57.8 percent of the total export of goods in 2022.[21]

Mining and extraction
Geothermal power station in Negros Oriental

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced 1,928 megawatts (2,585,000 hp) of electricity from geothermal sources (7.55% of total electricity production).[78] A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas-powered plants.[79] Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world.[80][81] Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist.

About 60 percent 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 percent. Philippine mineral exports amounted to US$4.22 billion in 2020.[82] 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.[83] In 2019, the country was the 2nd largest world producer of nickel[84] and the 4th largest world producer of cobalt.[85] According to Philippine Statistics Authority, the total monetary value of four key metallic minerals which were appraised to Class A namely: copper, chromite, gold and nickel were valued at US$9.01 billion in 2022.[86] Class A mineral resources are commercially recoverable that could contribute to economy annually.

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

Business process outsourcing (BPO) and the call center industry contribute to the Philippines' economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S&P.[47] In 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO).[87][88] The industry generated 100,000 jobs, and total revenues were placed at US$960 million for 2005. In 2011, BPO sector employment ballooned to over 700,000 people[89] and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.[90] BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines—[91] mainly in six "centers of excellence": Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas considered as "next wave cities" for BPO include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna.[92] The majority of the top ten BPO firms of the United States operate in the Philippines.[93]

Call centers began in the Philippines as plain providers of email response and managing services and is 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. The Philippines is considered as a location of choice due to its many outsourcing benefits such as less expensive operational and labor costs, the high proficiency in spoken English of a significant number of its people, and a highly educated labor pool.[94][95]

The growth in the BPO industry is promoted by the Philippine government. The industry is highlighted by the Philippines Development Plan as among the 10 high potential and priority development areas. To further entice investors, government programs include different incentives such as tax holidays, tax exemptions, and simplified export and import procedures. Additionally, training is also available for BPO applicants.[96]

Renewable energy resources
Main article: Renewable energy in the Philippines
Solar module installation in Bulacan

The Philippines has significant potential in solar energy; however, as of 2021, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.[97][98] The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.[78]

On November 15, 2022, the renewable energy sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The Department of Energy is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent.[99] Danish firm Copenhagen Infrastructure Partners (CIP) is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of 2,000 megawatts (2,700,000 hp); it will be located in Camarines Norte and Camarines Sur (1000 MW), Northern Samar (650 MW), Pangasinan and La Union (350 MW).[100] In 2022, the share of RE in the energy mix was at 22.8 percent.[101]

Shipbuilding and repair
Hanjin Subic Shipyard in Subic, Zambales

The Philippines is a major player in the global shipbuilding industry[102] with 118 registered shipyards in 2021[103] distributed in Subic, Cebu,[104] Bataan, Navotas and Batangas.[105][106] It has been the fourth largest shipbuilding nation since 2010.[107] Subic-made cargo vessels are 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.[108] Bulk carriers, container ships and big passenger ferries are built in the country's shipyards. General Santos' shipyard is mainly for ship repair and maintenance.[109]

Surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.[110] Shipbuilding is part of Philippines' maritime heritage;[111] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.[112][113]

Tourism
Boracay white beach
These paragraphs are an excerpt from Tourism in the Philippines.[edit]

Tourism is an important sector for the Philippine economy. The travel and tourism industry contributed 6.2% to the country's GDP in 2022;[114] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.[115] Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector.[116] Popular destinations among tourists include Boracay, Palawan, Cebu and Siargao. While the Philippines has encountered political and social challenges that have affected its tourism industry, the country has also taken steps to address these issues.[117] Over the past years, there have been efforts to improve political stability, enhance security measures, and promote social inclusivity, all of which contribute to creating a more favorable environment for tourism, such as the Boracay rehabilitation.[118]

As of 2022, 5.23 million Filipinos were employed in the tourism industry and as of September 2023, the Philippines generated ₱316.9 billion ($5.5 billion) in revenue from tourists, coming mostly from South Korea, the United States and Japan.[119] The country attracted a total of 5,360,682 foreign visitors in 2015 through its tourism campaign of It's More Fun in the Philippines![120] In 2019, foreign arrivals peaked at 8,260,913.[121]

The country is also home to one of the New 7 Wonders of Nature, the Puerto Princesa Subterranean River National Park, and one of the New 7 Wonders Cities, the Heritage City of Vigan. It is also home to six UNESCO World Heritage Sites scattered in nine different locations, three UNESCO biosphere reserves, three UNESCO intangible cultural heritage, four UNESCO memory of the world documentary heritage, one UNESCO creative city, two UNESCO World Heritage cities, seven Ramsar wetland sites, and eight ASEAN Heritage Parks.[120]

Regional accounts

For the year 2022, all economies of the 17 regions in the Philippines recorded positive growths; Western Visayas had the highest growth (9.3 percent), followed by Cordillera Administrative Region (8.7 percent), and Davao Region (8.15 percent).[122]

According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2019.

Region GRDP

(PHP, thousands)

 Agriculture

(PHP, thousands)

 Industry

(PHP, thousands)

 Services

(PHP, thousands)

 GRDP
per capita

(PHP)

#  % #  % #  % #  %
Metro Manila 6,309,290,63732.33 442,5970.03 1,230,125,14120.89 5,078,722,89942.65 462,779
Cordillera 322,093,8661.65 27,045,3371.57 77,990,7251.32 217,057,8041.82 179,752
Ilocos Region 629,772,0473.23 104,471,2566.07 192,218,3323.26 333,082,4592.80 120,512
Cagayan Valley 397,625,5232.04 103,563,8506.01 115,614,1771.96 178,447,4961.50 109,851
Central Luzon 2,177,046,90011.15 231,995,44113.47 950,969,43016.15 994,082,0298.35 179,840
Calabarzon 2,861,724,79114.66 154,312,2878.96 1,445,358,77524.55 1,262,053,72910.60 181,781
Mimaropa 377,014,2871.93 64,116,4783.72 125,427,4692.13 187,470,3401.57 120,240
Bicol Region 560,314,9342.87 85,820,1504.98 202,529,5243.44 271,965,2602.28 92,288
Western Visayas 916,379,0594.70 144,256,7028.38 194,479,9313.30 577,642,4254.85 116,946
Central Visayas 1,266,701,0296.49 79,478,6684.61 342,195,6685.81 845,026,6937.10 161,289
Eastern Visayas 465,694,6282.39 61,219,1583.55 181,914,8423.09 222,560,6281.87 99,492
Zamboanga Peninsula 397,206,5612.04 74,695,1514.34 110,467,6001.88 212,043,8101.78 105,798
Northern Mindanao 882,204,4324.52 182,955,34210.62 208,580,2113.54 490,668,8784.12 177,998
Davao Region 922,094,9564.72 149,438,3848.68 233,452,3983.97 539,204,1754.53 176,983
Soccsksargen 470,422,5242.41 130,802,1157.60 103,321,1131.75 236,299,2971.98 108,561
Caraga 306,308,4901.57 39,908,7832.32 109,464,0241.86 156,935,6831.32 112,489
Bangsamoro 254,523,6061.30 87,689,4325.09 63,191,1051.07 103,643,0690.87 55,151
Total 19,516,418,271100.00 1,722,211,131100.00 5,887,300,465100.00 11,906,906,674100.00 181,907
Data as of October 21, 2020[123]

International comparisons
Further information: Philippine investment climate and International rankings of the Philippines § Economics
Organization Report As of Change from previous Ranking
Fraser Institute Economic Freedom of the World 2014 Increase 5 51 out of 144[124]
International Monetary Fund Gross Domestic Product (PPP) 2016 Increase 2 29th[125]
International Monetary Fund Gross domestic product (nominal) 2016 Increase 6 33rd[126]
International Monetary Fund GDP per capita (PPP) 2015 Increase 1 118th[127]
International Monetary Fund GDP per capita (nominal) 2015 Increase 5 123rd[128]
International Monetary Fund Foreign exchange reserves 2016 Steady 26th[129]
The Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2016 Increase 13 76 out of 178[130]
The World Factbook External debt 2014 Positive decrease 3 57th[131]
United Nations Human Development Index 2014 Increase 1 117 out of 187[132]
World Economic Forum Global Competitiveness 2018–2019 Steady 56 out of 148[133]
World Economic Forum Global Enabling Trade Report 2014 Increase 8 64 out of 138[134]
World Economic Forum Financial Development Index 2012 Decrease 5 49 out of 60[135]
World Bank Ease of doing business index 2014 Increase 13 95 out of 183[136]

Statistics
See also: Income inequality in the Philippines and Poverty in the Philippines
202220212020201920182017
Social Indicators
Population
(in million)
111.6110.2108.8107.3105.8104.2
Poverty (%)-18.1--16.6-
Labor Force
(in million)
49.047.743.942.441.240.3
Unemployment (%)5.47.810.35.15.35.7
Wage Rates
(Nominal ₱: end-of-period)
570.00537.00537.00537.00537.00512.00
Inflation Rate
(Constant 2018 prices; %)
5.83.92.42.45.22.9
External Sectors
Trade Balance
(US$ million)
-69,393-52,806-33,775-49,312-50,972-40,215
Export of Goods
(US$ million)
57,44854,22848,21253,47751,97751,814
Import of Goods
(US$ million)
126,841107,03481,987102,788102,94992,029
Current Account
(US$ million; % of GDP)
-17,832 (-4.2)-5,943 (-1.5)11,578 (3.2)-3,047 (0.8)-8,877 (-2.6)-2,143 (-0.7)
External Debt
(US$ million; % of GDP)
112,268 (26.0)106,428 (26.1)98,488 (25.3)83,618 (20.2)78,960 (20.6)73,098 (20.0)
Personal Remittances
(US$ million)
36,13634,88433,19433,46732,21331,288
Foreign Reserves
(US$ million)
96,130108,792110,11587,84079,19381,570
FDI Flows
(Inward; US$ million)
9,20010,5186,8228,6719,94910,236
FDI Stock
(Inward; US$ million)
112,965113,711103,19394,59382,99773,016
Public Finances
Budget Balance
(₱ billion; % of GDP)
-1,614 (-7.3)-1,670 (-8.6)-1,371 (-7.6)-660 (-3.4)-558 (-3.1)-351 (-2.1)
Revenues
(₱ billion; % of GDP)
3,546 (16.1)3,006 (15.5)2,856 (15.9)3,137 (16.1)2,850 (15.6)2,473 (14.9)
Expenditures
(₱ billion; % of GDP)
5,160 (23.4)4,676 (24.1)4,227 (23.5)3,798 (19.5)3,408 (18.7)2,824 (17.1)
BSP Rates
(Nominal; O-RRP)
-2.73-2.500.131.91-1.550.10
Public Debt
(₱ billion; % of GDP)
13,419 (60.9)11,729 (60.4)9,795 (54.6)7,731 (39.6)7,293 (39.9)6,652 (40.2)
Peso-Dollar Rate
(Average Period)
54.47849.22549.62451.79652.66150.404
Sources: Bangko Sentral ng Pilipinas[8] and UNCTAD[22]

GDP-related data can be found here:

  • Industries: electronics assembly, aerospace, agribusiness, automotive, IT and business process outsourcing, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, financial services, food processing, petrochemical, metalcasting and mining, real estate, textile, tourism[17][18]
  • Electricity – production: 106,115 GWh (2021)[137]
  • Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish[138]
  • Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper,nickel, petroleum products, coconut oil, fruits[138]
  • Imports – commodities/products: electronic products, machinery, telecommunication and transport equipments, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits[138]
  • Manufacturing Growth: 11.1% (February 2023)[139]
  • PMI Manufacturing: 52.5 (March 2023)[140]
  • Yield Curve: 10-Year Bond 6.15% (April 2023)[141]
  • Net International Investment Position: –$28.12 billion (2021 est.)[142]

Government budget
Main article: Fiscal policy of the Philippines

The national government budget for 2023 has set the following budget allocations:[143][note 2]

Budget allocation (PHP, billions) (USD, billions) Difference from
F.Y. 2022
Department of Education 852.8 15.6 Increase 8.15%
Department of Public Works and Highways 718.4 13.2 Decrease 9.49%
Department of Health 296.3 5.4 Increase 10.39%
Department of the Interior and Local Government 253.1 4.6 Increase 0.72%
Department of National Defense 240.7 4.4 Increase 8.96%
Department of Social Welfare and Development 197.0 3.6 Decrease 4.06%
Department of Agriculture 184.1 3.4 Increase 39.26%
Department of Transportation 167.1 3.1 Increase 120.45%
The Judiciary 52.7 1.0 Increase 12.13%
Department of Labor and Employment 41.4 0.8 Decrease 23.91%

See also

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Notes
  1. Goods and services at current prices.
  2. The values from previous national budget may not reflect to the latest due to fiscal adjustments and developments

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