Economy - overview:
The economy has weathered global economic shocks better than its regional peers due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable; the stock market resumed an upward trajectory in 2014, climbing to new record highs during the first four months of 2015.Efforts to improve tax administration and management of expenditures have helped ease the Philippines' tight fiscal situation and reduce debt levels. Nevertheless, government taxation and spending remain weak. The Philippines has received investment-grade credit ratings on its sovereign debt under the AQUINO administration and has had little difficulty financing its deficits. Economic growth has accelerated, averaging 6.0% per year from 2011-2014, compared with 4.5% under the MACAPAGAL-ARROYO government; competitiveness has improved; and foreign direct investment hit a historic high in 2014, although it continues to lag compared with the rest of the region.Unemployment has remained high, hovering at around 7% of the population, and underemployment is nearly 20%. At least 40% of the employed work in the informal sector and poverty afflicts about a quarter of the population. The AQUINO administration has been working to boost expenditures for education, health, transfers to the poor, and other social spending programs.Infrastructure remains underfunded and the government is relying on the private sector to help with major projects under its Public-Private Partnership program. Other long term challenges include reforming governance, the judicial system, and the regulatory environment, and improving the ease of doing business. The Philippine Constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities. Some progress has been made in establishing a Customs Modernization Act to meet international standards and commitments.

GDP (purchasing power parity):
$742.2 billion (2015 est.) $700.2 billion (2014 est.) $659.8 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 30
[see also: GDP country ranks ]

GDP (official exchange rate):
$299.3 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6% (2015 est.) 6.1% (2014 est.) 7.1% (2013 est.)
country comparison to the world: 29
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$7,500 (2015 est.) $7,000 (2014 est.) $6,600 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 152
[see also: GDP - per capita country ranks ]

Gross national saving:
25.7% of GDP (2015 est.) 25.4% of GDP (2014 est.) 24.2% of GDP (2013 est.)
country comparison to the world: 46
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30.8% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.6% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, coconuts, rice, corn, bananas, cassava (manioc, tapioca), pineapples, mangoes; pork, eggs, beef; fish

Industries:
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing

Industrial production growth rate:
6.5% (2015 est.)
country comparison to the world: 20
[see also: Industrial production growth rate country ranks ]

Labor force:
41.75 million (2015 est.)
country comparison to the world: 16
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 30%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16%
[see also: Labor force - by occupation - industry country ranks ]
services: 54% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.5% (2015 est.) 6.8% (2014 est.)
country comparison to the world: 76
[see also: Unemployment rate country ranks ]

Population below poverty line:
25.2% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.5% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
46 (2012) 46.4 (2009)
country comparison to the world: 34
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $45.37 billion
[see also: Budget revenues country ranks ]
expenditures: $51.17 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
15.2% of GDP (2015 est.)
country comparison to the world: 190
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.9% of GDP (2015 est.)
country comparison to the world: 69
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.5% of GDP (2015 est.) 45.4% of GDP (2014 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, government-owned and controlled corporations, the Central Bank, and local government units
country comparison to the world: 96
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.8% (2015 est.) 4.2% (2014 est.)
country comparison to the world: 105
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.13% (31 December 2014) 5.63% (31 December 2013)
country comparison to the world: 61
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.8% (31 December 2015 est.) 5.53% (31 December 2014 est.)
country comparison to the world: 135
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$55.46 billion (31 December 2015 est.) $51.92 billion (31 December 2014 est.)
country comparison to the world: 50
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$173.2 billion (31 December 2015 est.) $165.8 billion (31 December 2014 est.)
country comparison to the world: 45
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$172 billion (31 December 2015 est.) $158.2 billion (31 December 2014 est.)
country comparison to the world: 46
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$318.7 billion (31 December 2014) $268.8 billion (31 December 2013) $266.3 billion (31 December 2012)
country comparison to the world: 27
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$14.9 billion (2015 est.) $12.65 billion (2014 est.)
country comparison to the world: 17
[see also: Current account balance country ranks ]

Exports:
$43.94 billion (2015 est.) $47.76 billion (2014 est.)
country comparison to the world: 55
[see also: Exports country ranks ]

Exports - commodities:
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

Exports - partners:
Japan 22.5%, US 14.1%, China 13%, Hong Kong 9.1%, Singapore 7.2%, Germany 4.3%, South Korea 4.1% (2014)

Imports:
$59.6 billion (2015 est.) $63.61 billion (2014 est.)
country comparison to the world: 44
[see also: Imports country ranks ]

Imports - commodities:
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic

Imports - partners:
China 15%, US 8.7%, Japan 8.1%, South Korea 7.8%, Singapore 7%, Thailand 5.3%, Saudi Arabia 5%, Malaysia 4.8%, Indonesia 4.7%, Germany 4.2% (2014)

Reserves of foreign exchange and gold:
$80.74 billion (31 December 2015 est.) $79.54 billion (31 December 2014 est.)
country comparison to the world: 28
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$77.67 billion (31 December 2014 est.) $78.49 billion (31 December 2013 est.)
country comparison to the world: 56
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$60.99 billion (31 December 2015 est.) $57.09 billion (31 December 2014 est.)
country comparison to the world: 55
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$39.1 billion (31 December 2015 est.) $35.6 billion (31 December 2014 est.)
country comparison to the world: 47
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Philippine pesos (PHP) per US dollar - 45.45 (2015 est.) 44.4 (2014 est.) 44.4 (2013 est.) 42.23 (2012 est.) 43.31 (2011 est.)