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 Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spending program announced this year. However, international reserves remain at comfortable levels and the banking system is stable.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 and has had little difficulty financing its budget deficits. However, weak absorptive capacity and implementation bottlenecks have prevented the government from maximizing its expenditure plans. Although it has improved, the low tax-to-GDP ratio remains a constraint to supporting increasingly higher spending levels and sustaining high and inclusive growth over the longer term.Economic growth has accelerated, averaging over 6% per year from 2011 to 2017, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. Although 2016 saw a record year for net foreign direct investment inflows, FDI to the Philippines has continued to lag regional peers, in part because the Philippine constitution and other laws limit foreign investment and restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.Although the economy grew at a rapid pace under the AQUINO government, challenges to achieving more inclusive growth remain. Wealth is concentrated in the hands of the rich. The unemployment rate declined from 7.3% to 5.5% between 2010 and 2016, but underemployment hovers at around 18% to 19% of the employed population. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the total population but is as high as 75% in some areas of the southern Philippines. More than 60% of the poor reside in rural areas, where the incidence of poverty (about 30%) is more severe - a challenge to raising rural farm and non-farm incomes. Continued efforts are needed to improve governance, the judicial system, the regulatory environment, the infrastructure, and the overall ease of doing business.2016 saw the election of President Rodrigo DUTERTE, who has pledged to make inclusive growth and poverty reduction his top priority. DUTERTE believes that illegal drug use, crime and corruption are key barriers to economic development. The administration wants to reduce the poverty rate to 17% and graduate the economy to upper-middle income status by the end of President DUTERTE’s term in 2022. Key themes under the government’s Ten-Point Socioeconomic Agenda include continuity of macroeconomic policy, tax reform, higher investments in infrastructure and human capital development, and improving competitiveness and the overall ease of doing business. The administration sees infrastructure shortcomings as a key barrier to sustained economic growth and has pledged to spend $165 billion on infrastructure by 2022. However, the need to finance rehabilitation and reconstruction efforts in the southern region of Mindanao following the 2017 Marawi City siege probably will inhibit other spending on infrastructure.

GDP (purchasing power parity):
$874.5 billion (2017 est.) $820.4 billion (2016 est.) $767.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 30

GDP (official exchange rate):
$321.2 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.6% (2017 est.) 6.9% (2016 est.) 6.1% (2015 est.)
country comparison to the world: 16
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$8,200 (2017 est.) $7,900 (2016 est.) $7,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 153

Gross national saving:
25.8% of GDP (2017 est.) 24.5% of GDP (2016 est.) 23.7% of GDP (2015 est.)
country comparison to the world: 47
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 32.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -40.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, fish, livestock, poultry, bananas, coconut/copra, corn, sugarcane, mangoes, pineapple, cassava

Industries:
semiconductors and electronics assembly, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equipment and apparatus, petroleum and fuel, textile and garments, non-metallic minerals, basic metal industries, transport equipment

Industrial production growth rate:
6.5% (2017 est.)
country comparison to the world: 29
[see also: Industrial production growth rate country ranks ]

Labor force:
44.46 million (2017 est.)
country comparison to the world: 16
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 26.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 55.6% (2016 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6% (2017 est.) 5.5% (2016 est.)
country comparison to the world: 86
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.6% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.5% (2015 est.)

Distribution of family income - Gini index:
44.4 (2015 est.) 46 (2012 est.)
country comparison to the world: 45
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $44.74 billion
[see also: Budget - revenues country ranks ]
expenditures: $53.55 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
13.9% of GDP (2017 est.)
country comparison to the world: 198
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2017 est.)
country comparison to the world: 103
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41.9% of GDP (2017 est.) 42.1% of GDP (2016 est.)
country comparison to the world: 130
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.1% (2017 est.) 1.8% (2016 est.)
country comparison to the world: 131
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.56% (31 December 2016) 6.19% (31 December 2015)
country comparison to the world: 100
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2017 est.) 5.64% (31 December 2016 est.)
country comparison to the world: 127
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$68.16 billion (31 December 2017 est.) $61.62 billion (31 December 2016 est.)
country comparison to the world: 48
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$199 billion (31 December 2017 est.) $183.5 billion (31 December 2016 est.)
country comparison to the world: 41
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$207.4 billion (31 December 2017 est.) $184.6 billion (31 December 2016 est.)
country comparison to the world: 46
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$290.4 billion (31 December 2016 est.) $286.1 billion (31 December 2015 est.) $318 billion (31 December 2014 est.)
country comparison to the world: 29
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$315 million (2017 est.) $601 million (2016 est.)
country comparison to the world: 97
[see also: Current account balance country ranks ]

Exports:
$53.22 billion (2017 est.) $43.44 billion (2016 est.)
country comparison to the world: 51
[see also: Exports country ranks ]

Exports - commodities:
semiconductors and electronic products, machinery and transport equipment, wood manufactures, chemicals, processed food and beverages, garments, coconut oil, copper concentrates, seafood, bananas/fruits

Exports - partners:
Japan 20.9%, US 15.6%, Hong Kong 11.5%, China 11%, Singapore 6.6%, Germany 4.1% (2016)

Imports:
$90.42 billion (2017 est.) $77.52 billion (2016 est.)
country comparison to the world: 37
[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 18.6%, Japan 11.8%, US 9%, Thailand 7.3%, South Korea 6.1%, Singapore 6.1%, Indonesia 5.1% (2016)

Reserves of foreign exchange and gold:
$81.53 billion (31 December 2017 est.) $80.69 billion (31 December 2016 est.)
country comparison to the world: 30
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$80.88 billion (31 December 2017 est.) $75.01 billion (31 December 2016 est.)
country comparison to the world: 56
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$67.25 billion (31 December 2017 est.) $64.25 billion (31 December 2016 est.)
country comparison to the world: 54
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$47.58 billion (31 December 2017 est.) $45.38 billion (31 December 2016 est.)
country comparison to the world: 44
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Philippine pesos (PHP) per US dollar - 50.21 (2017 est.) 47.493 (2016 est.) 47.493 (2015 est.) 45.503 (2014 est.) 44.395 (2013 est.)