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ECONOMY
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Economy
- Overview:
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In
1998 the Philippine economya mixture of agriculture, light industry,
and supporting servicesdeteriorated as a result of spillover
from the Asian financial crisis and poor weather conditions. Growth
fell to about -0.5% in 1998 from 5% in 1997, but is expected to
recover to more than 2% in 1999. The government has promised to
continue its economic reforms to help the Philippines match the
pace of development in the newly industrialized countries of East
Asia. The strategy includes improving infrastructure, overhauling
the tax system to bolster government revenues, and moving toward
further deregulation and privatization of the economy. |
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GDP:
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purchasing
power parity$270.5 billion (1998 est.) |
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GDP
- Real Growth Rate:
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-0.5%
(1998 est.) |
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GDP
- Per Capita:
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purchasing
power parity$3,500 (1998 est.) |
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CGP
- Composition by Sector:
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agriculture:
20%
industry: 32%
services: 48% (1997 est.) |
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Population
Below Poverty Level:
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32%
(1997 est.) |
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Household
Income or Consumption by Percentage Share:
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lowest
10%: 2.4% highest 10%: 33.5% (1994) |
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Inflation
Rate :
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9.7%
(1998) |
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Labor
Force :
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31.3
million (1998 est.) |
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Labor
Force - by Occupation:
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agriculture
39.8%, government and social services 19.4%, services 17.7%, manufacturing
9.8%, construction 5.8%, other 7.5% (1998 est.) |
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Unemployment
Rate:
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9.6%
(October 1998) |
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Budget:
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revenues:
$14.5 billion
expenditures: $12.6 billion (1998 est.) |
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Industries:
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textiles,
pharmaceuticals, chemicals, wood products, food processing, electronics
assembly, petroleum refining, fishing |
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Industrial
Production Growth Rate:
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-1.7%
(1998 est.) |
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Electricity
- Production:
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32.2
billion kWh (1996) |
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Electricity
- Production by Source:
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fossil
fuel: 62.11%
hydro: 20.19%
nuclear: 0%
other: 17.7% (1996) |
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Electricity
- Consumption:
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32.2
billion kWh (1996) |
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Electricity
- Exports:
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0
kWh (1996) |
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Electricity
- Imports:
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0
kWh (1996) |
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Agriculture
- Products:
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rice,
coconuts, corn, sugarcane, bananas, pineapples, mangoes; pork,
eggs, beef; fish |
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Exports:
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$25
billion (f.o.b., 1998 est.) |
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Exports
- Commodities:
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electronics
and telecommunications 51%, machinery and transport 10%, garments
9%, other 30% |
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Exports
- Partners:
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US
34%, Japan 17%, EU 17%, ASEAN 14%, Hong Kong 4%, Taiwan 4% (1997
est.) |
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Imports:
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$29
billion (f.o.b., 1998 est.) |
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Imports
-Commodities:
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raw materials and intermediate goods 43%, capital goods 36%, consumer
goods 9%, fuels 9% |
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Imports
- Partners:
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Japan
21%, US 20%, ASEAN 12%, EU 10%, Taiwan 5%, Hong Kong 4%, Saudi
Arabia 4% (1997 est.) |
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Debt
- External:
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$46.4
billion (September 1998) |
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Economic
Aid - Recipient:
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ODA,
$1.1 billion (1998) |
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Currency:
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1
Philippine peso (P) = 100 centavos |
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Exchange
Rates :
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Philippine
pesos (P) per US$138.404 (January 1999), 40.893 (1998), 29.471
(1997), 26.216 (1996), 25.714 (1995), 26.417 (1994) |
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Fiscal
Year :
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calendar
year |
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