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The Philippine Islands became a Spanish colony during the 16th century; they were ceded to the US in 1898 following the Spanish-American War. In 1935 the Philippines became a self-governing commonwealth. Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition. In 1942 the islands fell under Japanese occupation during World War II, and US forces and Filipinos fought together during 1944-45 to regain control. On 4 July 1946 the Republic of the Philippines attained its independence. A 20-year rule by Ferdinand MARCOS ended in 1986, when a “people power” movement in Manila (“EDSA 1”) forced him into exile and installed Corazon AQUINO as president. Her presidency was hampered by several coup attempts that prevented a return to full political stability and economic development. Fidel RAMOS was elected president in 1992. His administration was marked by increased stability and by progress on economic reforms. In 1992, the US closed its last military bases on the islands. Joseph ESTRADA was elected president in 1998. He was succeeded by his vice-president, Gloria MACAPAGAL-ARROYO, in January 2001 after ESTRADA’s stormy impeachment trial on corruption charges broke down and another “people power” movement (“EDSA 2”) demanded his resignation. MACAPAGAL-ARROYO was elected to a six-year term as president in May 2004. Her presidency was marred by several corruption allegations but the Philippine economy was one of the few to avoid contraction following the 2008 global financial crisis, expanding each year of her administration. Benigno AQUINO III was elected to a six-year term as president in May 2010. The Philippine Government faces threats from several groups, some of which are on the US Government’s Foreign Terrorist Organization list. Manila has waged a decades-long struggle against ethnic Moro insurgencies in the southern Philippines, which has led to a peace accord with the Moro National Liberation Front and ongoing peace talks with the Moro Islamic Liberation Front. The decades-long Maoist-inspired New People’s Army insurgency also operates through much of the country. The Philippines faces increased tension with China over disputed territorial and maritime claims in the South China Sea. Capital: Manila Area: 300,000 km2 (Land: 298,170 km2) Population: 100,998,376 (July 2015 est.) Currency: Philippine peso Languages: English, Filipino (official) The economy has weathered global economic and financial downturns better than its regional peers due to minimal 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 business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia’s second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippines’ tight fiscal situation and reduce high debt levels. The Philippines has received several credit rating upgrades on its sovereign debt, and has had little difficulty tapping domestic and international markets to finance its deficits. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration, but poverty worsened during her term. Growth has accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities).
GDP (purchasing power parity): $454.3 billion (2013 est.) country comparison to the world: 32 $425.3 billion (2012 est.) $398.2 billion (2011 est.) note: data are in 2013 US dollars
$272.2 billion (2013 est.)
6.8% (2013 est.) country comparison to the world: 25 6.8% (2012 est.) 3.6% (2011 est.)
$4,700 (2013 est.) country comparison to the world: 165 $4,400 (2012 est.) $4,200 (2011 est.) note: data are in 2013 US dollars
22.9% of GDP (2013 est.) country comparison to the world: 63 21.3% of GDP (2012 est.) 23.6% of GDP (2011 est.)
GDP – composition, by end use: household consumption: 72.6% government consumption: 11.5% investment in fixed capital: 20.2% investment in inventories: -0.2% exports of goods and services: 28.3% imports of goods and services: -32.4% (2013 est.)
GDP – composition, by sector of origin: agriculture: 11.2% industry: 31.6% services: 57.2% (2013 est.)
sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial production growth rate: 9% (2013 est.) country comparison to the world: 19
41.33 million (2013 est.) country comparison to the world: 16
agriculture: 32% industry: 15% services: 53% (2012 est.)
7.4% (2013 est.) country comparison to the world: 80 7% (2012 est.)
Population below poverty line: 26.5% (2009 est.)
Household income or consumption by percentage share: lowest 10%: 2.6% highest 10%: 33.6% (2009 est.)
Distribution of family income – Gini index: 44.8 (2009) country comparison to the world: 42 46.6 (2003)
revenues: $38.88 billion expenditures: $43.89 billion (2013 est.)
14.3% of GDP (2013 est.) country comparison to the world: 195
Budget surplus (+) or deficit (-): -1.8% of GDP (2013 est.) country comparison to the world: 78
50.2% of GDP (2013 est.) country comparison to the world: 68 51.5% of GDP (2012 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
calendar year
Inflation rate (consumer prices): 2.8% (2013 est.) country comparison to the world: 107 3.2% (2012 est.)
5.3% (31 December 2012 est.) country comparison to the world: 64 5.6% (31 December 2011 est.)
Commercial bank prime lending rate: 5.8% (31 December 2013 est.) country comparison to the world: 143 5.68% (31 December 2012 est.)
$43.67 billion (31 December 2013 est.) country comparison to the world: 51 $39.01 billion (31 December 2012 est.)
$137.7 billion (31 December 2013 est.) country comparison to the world: 49 $121.6 billion (31 December 2012 est.)
$150.3 billion (31 December 2013 est.) country comparison to the world: 47 $129.4 billion (31 December 2012 est.)
Market value of publicly traded shares: $266.3 billion (31 December 2012) country comparison to the world: 33 $198.4 billion (31 December 2011) $202.2 billion (31 December 2010)
$7.512 billion (2013 est.) country comparison to the world: 26 $7.126 billion (2012 est.)
$47.45 billion (2013 est.) country comparison to the world: 58 $46.28 billion (2012 est.)
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Japan 19%, US 14.2%, China 11.8%, Singapore 9.3%, Hong Kong 9.2%, South Korea 5.5%, Thailand 4.7% (2012)
$63.91 billion (2013 est.) country comparison to the world: 47 $61.49 billion (2012 est.)
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
US 11.5%, China 10.8%, Japan 10.4%, South Korea 7.3%, Singapore 7.1%, Thailand 5.6%, Saudi Arabia 5.6%, Indonesia 4.4%, Malaysia 4% (2012)
Reserves of foreign exchange and gold: $85.04 billion (31 December 2013 est.) country comparison to the world: 26 $83.83 billion (31 December 2012 est.)
$72.81 billion (31 December 2013 est.) country comparison to the world: 54 $74.88 billion (31 December 2012 est.)
Stock of direct foreign investment – at home: $33.28 billion (31 December 2013 est.) country comparison to the world: 61 $30.38 billion (31 December 2012 est.)
Stock of direct foreign investment – abroad: $9.435 billion (31 December 2013 est.) country comparison to the world: 54 $8.435 billion (31 December 2012 est.)
Philippine pesos (PHP) per US dollar – 42.69 (2013 est.) 42.229 (2012 est.) 45.11 (2010 est.) 47.68 (2009) 44.439 (2008) BANKING Development Bank of the Philippines (DBP) Sen. Gil J. Puyat Avenue, cor. Makati Avenue, Makati City Land Bank of the Philippines (LBP) Land Bank Plaza, 1598 M.H. Del Pilar cor. Dr. J. Quintos Sts., 1004 Malate, Manila Philippine National Bank (PNB) Philippine National Bank Financial Center Planters Development Bank Plantersbank Building 314 Sen. Gil J. Puyat Avenue, Makati City Banco de Oro Universal Bank (BDO) 24th Floor The JMT Corporate Condominium 27 ADB Avenue, Ortigas Center, Pasig City Small Business Corporation (SBCorp.) 17th & 18th Floors, 139 Valero St., Salcedo Village, Makati City Philippine Export-Import Credit Agency (PHILEXIM) 17/F Citibank Tower, Citibank Plaza Makati City Active Alliance Finance Corporation Suite 203 CLF Building , 1167 Chino Roces Avenue, Makati City Department of Science and Technology Small Enterprise Technology Upgrading Program (SET-UP) General Santos Avenue, Foundation for a Sustainable Society, Inc. (FSSI) Unit E, 46 Samar Avenue cor. Eugenio Lopez Street South Triange, Quezon City Philippine Business for Social Progress (PBSP) Philippine Social Development Center Building 1002 Intramuros, Manila Social Security System SSS Building, East Avenue, Diliman, Quezon City
PHILIPPINES
Phone: (+632) 818.9511 to 20 / 818.9611 to 20
E-mail: [email protected]
Website:www.dbp.ph
Year Established: 1935
Phone: (+632) 405.7146 / 551.2000 local 2655
E-mail: [email protected]
Website: www.landbank.com
Year Established: 1963
Pres. Diosdado Macapagal Boulevard, Pasay City
Phone: (+632) 573.8888
Fax: (+632) 573.4580
Website: www.pnb.com.ph
Year Established: 1916
Phone: (+632) 812.5325 / 884.7600 / 884.7800
E-mail: [email protected]
Website: www.plantersbank.com.ph
Year Established: 1971
Phone: (+632) 667.1624 / 631.8000
E-mail: [email protected]
Website: www.bdo.com.ph
Phone: (+632) 751.1888
Fax: (+632) 894.1677
E-mail: [email protected]
Website: www.sbgfc.org.ph
Year Established: 1991
Phone: (+632) 885.4700 or 893.4809
Website: www.philexim.gov.ph
Year Established: 1977
Phone: (+632) 890.7422
Fax: (+632) 890.7423
Email: [email protected]
Website: www.activefinancecorp.com
Bicutan, Taguig City
Phone: (+632) 837.7531
Telefax: (+632) 928.8671
Website: www.fssi.com.ph
Year Established: 1995
Phone: (+632) 527.7741 to 48
Fax: (+632) 527.3743
Website: www.pbsp.org.ph
Year Established: 1970
Phone: (+632) 920.6401 / 920.6446
E-mail: [email protected]
Website: www.sss.gov.ph
