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Economy of the Philippines

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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
Population
  • Neutral increase 109,035,343 (12th)
    (2020 census)[3][4]
  • Increase 114,163,719
    (2024 estimate)[5]
GDP
GDP rank
GDP growth
  • Increase 5.6% (2023)[1]
  • Increase 6.2% (2024f)[1]
  • Increase 6.2% (2025f)[1]
GDP per capita
  • Increase $4,130 (nominal; 2024 est.)[6]
  • Increase $12,191 (PPP; 2024 est.)[6]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption 73.1%
  • Government consumption 14.2%
  • Gross capital formation 23.1%
  • Exports of goods and services 27.4%
  • Less: Imports of goods and services 39.2%
  • Other source 10.6%
  • (2023)[7]
Positive decrease 1.9% (September 2024)[8]
Population below poverty line
  • Positive decrease 15.5% (2023)[9]
  • Steady 18.0% on less than $3.65/day (2021)[10]
Positive decrease 41.2 medium (2021)[11]
Increase 34 out of 100 points (2023, 115th rank)
Labor force
  • Increase 50.28 million
  • Increase 66.0% participation rate
  • (June 2024 est.)[13]
Labor force by occupation
Unemployment
  • Positive decrease 3.1%
  • Positive decrease 1.62 million unemployed
  • (June 2024 est.)[13]
Average gross salary
₱18,423 / US$338 monthly (2022)[14]
Gross savingsIncrease ₱6.60 trillion (2023)[15]
Main industries
External
Exports$115.26 billion (2022)[18][7][note 1]
Export goods
Main export partners
Imports$159.29 billion (2022)[18][7][note 1]
Import goods
Main import partners
FDI stock
  • Increase $118.98 billion (Inward, 2023)[21]
  • Increase $68.27 billion (Outward, 2023)[21]
  • Positive decrease -$11.20 billion
  • Positive decrease -2.6% of GDP (2023)[22][23]
  • Negative increase $125.39 billion
  • Negative increase 28.7% of GDP (2023p)[7]
Public finances
  • ₱14.62 trillion
  • ($263.03 billion)
  • Positive decrease 60.2% of GDP (2023)[7][24]
  • -₱1.51 trillion
  • (-$27.21 billion)
  • −6.2% of GDP (2023)[7]
Revenues
  • ₱3.82 trillion
  • ($68.81 billion)
  • 15.7% of GDP (2023)[7]
Expenses
  • ₱5.34 trillion
  • ($99.63 billion)
  • 22.0% of GDP (2023)[7]
Economic aidrecipient: $1.67 billion (2011)[25]
  • Fitch:[29]
  • BBB (Domestic/Foreign)
  • BBB+ (Country Ceiling)
  • Outlook: Stable
Decrease $107.46 billion (November 2024)[22][30]
All values, unless otherwise stated, are in US dollars.

The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region.[31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.

The Philippine economy is a service-oriented economy, with relatively more modest contributions from the manufacturing and agriculture sectors. It has experienced significant economic growth and transformation in the past, posting one of the highest GDP growth rates in Asia. 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.[32] 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.[33] 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 equipment, 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.

In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.[34] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[35]

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.

In 2024, the World Economic Forum chief Børge Brende said that “there is a real opportunity for this country to become a $2-trillion economy.”[36]

Overview

[edit]
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.[37] 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.

Notes for economic growth (1980-2023):

1980-82: Slower economic growth due to mismanagement

1983-86: Recession due to factors like corruption

1987-90: Recovery from 1984 crisis

1991-1992: Inflation and natural disasters (notably Mount Pinatubo eruption) caused slower growth

1993-97: Fast growth

1998: Minor recession due to the 1997 Asian Financial Crisis

1999: Recovery

2002-2008: Post-EDSA II recovery

2009: Effects of the Great Recession

2010-2019: Philippines as a Tiger Economy

2020: Coronavirus Outbreak

2021-2023: Rebound

A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[38][39]

  •   Indicates economic growth
  •   Indicates contraction / recession
  •   Indicates IMF forecast
Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$PPP)

GDP

(in Bil. PHP$nominal)

GDP

(in US$nominal)

GDP per capita

(in US$nominal)

GDP growth

(real)[a]

PHP:USD
exchange rate[b]
2024[6] 1,391.8 Increase 12,191 Increase 26,546 Increase 471.5 Increase 4,130 Increase 6.2%    -
2023 1,278.6 Increase 11,326 Increase 24,276 Increase 436.6 Increase 3,720 Increase 5.60%  Negative increase 55.63
2022 1,173.1 Increase 10,512 Increase 22,023 Increase 404.3 Increase 3,623 Increase 7.76%  Negative increase 54.47
2021 994.6 Increase 9,043 Increase 19,390 Increase 393.7 Increase 3,579 Increase 5.60%  Positive decrease 49.25
2020[c] 919.2 Decrease 8,389 Decrease 17,937.6 Decrease 361.5 Decrease 3,298 Decrease −9.50%  Positive decrease 49.62
2019 1,005 Increase 9,295 Increase 19,514.4 Increase 376.8 Increase 3,485 Increase 6.00%  Positive decrease 51.79
2018 930.0 Increase 8,720 Increase 18,262.4 Increase 346.8 Increase 3,251 Increase 6.30%  Negative increase 52.66
2017 854.0 Increase 8,120 Increase 15,556.4 Increase 328.5 Increase 3,123 Increase 6.70%  Negative increase 50.40
2016 798.6 Increase 7,703 Increase 15,133.5 Increase 318.6 Increase 3,073 Increase 6.90%  Negative increase 47.50
2015[40] 741.0 Increase 6,547 Decrease 13,307.3 Increase 292.4 Increase 2,863 Increase 5.80%  Negative increase 45.50
2014[40] 642.8 Increase 6,924 Increase 12,645.3 Increase 284.8 Increase 2,844 Increase 6.10%  Negative increase 44.40
2013[41] 454.3 Increase 4,660 Increase 11,546.1 Increase 272.2 Increase 2,792 Increase 7.20%  Negative increase 42.45
2012[42] 419.6 Increase 4,380 Increase 10,564.9 Increase 250.2 Increase 2,611 Increase 6.80%  Positive decrease 42.21
2011 386.1 Increase 4,098 Increase 9,706.3 Increase 224.1 Increase 2,379 Increase 3.60%  Positive decrease 43.29
2010 365.3 Increase 3,945 Increase 9,003.5 Increase 199.6 Increase 2,155 Increase 7.63%  Positive decrease 45.09
2009 335.4 Increase 3,685 Increase 8,026.1 Increase 168.5 Decrease 1,851 Decrease 1.15%  Negative increase 47.58
2008 329.0 Increase 3,636 Increase 7,720.9 Increase 173.6 Increase 1,919 Increase 4.15%  Positive decrease 44.47
2007 309.9 Increase 3,493 Increase 6,892.7 Increase 149.4 Increase 1,684 Increase 7.12%  Positive decrease 46.07
2006 283.5 Increase 3,255 Increase 6,271.2 Increase 122.2 Increase 1,405 Increase 5.24%  Positive decrease 51.29
2005 261.0 Increase 3,061 Increase 5,677.8 Increase 103.1 Increase 1,209 Increase 4.78%  Positive decrease 55.06
2004 242.7 Increase 2,905 Increase 5,120.4 Increase 91.4 Increase 1,093 Increase 6.70%  Negative increase 56.09
2003 222.7 Increase 2,720 Increase 4,548.1 Increase 83.9 Increase 1,025 Increase 4.97%  Negative increase 54.32
2002 207.8 Increase 2,591 Increase 4,198.3 Increase 81.4 Increase 1,014 Increase 3.65%  Negative increase 51.60
2001 197.3 Increase 2,511 Increase 3,888.8 Increase 76.3 Decrease 971 Decrease 2.89%  Negative increase 51.20
2000 187.5 Increase 2,437 Increase 3,580.7 Increase 81.0 Decrease 1,053 Decrease 4.41%  Negative increase 46.44
1999 175.8 Increase 2,352 Increase 3,244.2 Increase 83.0 Increase 1,110 Increase 3.08%  Negative increase 42.85
1998 168.1 Increase 2,297 Decrease 2,952.8 Increase 73.8 Decrease 1,009 Decrease −0.58%  Negative increase 40.34
1997 167.1 Increase 2,336 Increase 2,688.7 Increase 92.8 Decrease 1,297 Decrease 5.19%  Negative increase 32.59
1996 156.1 Increase 2,232 Increase 2,406.4 Increase 93.5 Increase 1,336 Increase 5.85%  Negative increase 27.15
1995 144.8 Increase 2,118 Increase 2,111.7 Increase 83.7 Increase 1,224 Increase 4.68%  Positive decrease 24.20
1994 135.5 Increase 2,007 Increase 1,875.7 Increase 71.0 Increase 1,052 Increase 4.39%  Positive decrease 24.84
1993 127.1 Increase 1,929 Increase 1,633.6 Increase 60.2 Increase 914 Increase 2.12%  Negative increase 28.05
1992 121.8 Increase 1,891 Increase 1,497.5 Increase 58.7 Increase 912 Increase 0.34%  Positive decrease 26.44
1991 118.6 Increase 1,882 Increase 1,379.9 Increase 50.2 Increase 797 Increase −0.49%  Negative increase 27.61
1990 115.2 Increase 1,873 Increase 1,190.5 Increase 48.9 Increase 796 Increase 3.04%  Positive decrease 22.90
1989 107.6 Increase 1,791 Increase 1,025.3 Increase 47.3 Increase 786 Increase 6.21%  Positive decrease 23.03
1988 97.6 Increase 1,663 Increase 885.5 Increase 42.0 Increase 715 Increase 6.75%  Negative increase 23.26
1987 88.4 Increase 1,540 Increase 756.5 Increase 36.8 Increase 641 Increase 4.31%  Negative increase 19.07
1986 82.4 Increase 1,471 Increase 674.6 Increase 33.1 Decrease 591 Decrease 3.42%  Negative increase 18.42
1985 77.9 Decrease 1,426 Decrease 633.6 Increase 34.1 Decrease 623 Decrease −7.30%  Positive decrease 17.40
1984 81.6 Decrease 1,530 Decrease 581.1 Increase 34.8 Decrease 652 Decrease −7.31%  Negative increase 17.61
1983 84.9 Increase 1,630 Increase 408.9 Increase 36.8 Decrease 707 Decrease 1.88%  Negative increase 12.11
1982 80.1 Increase 1,578 Increase 351.4 Increase 41.1 Increase 810 Increase 3.62%  Negative increase 9.47
1981 72.9 Increase 1,471 Increase 312.0 Increase 39.5 Increase 797 Increase 3.42%  Negative increase 9.32
1980 64.4 Increase 1,334 Increase 270.1 Increase 35.9 Increase 744 Increase 5.15%  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:[38][43][44][45]
  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.

Composition by sector

[edit]
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$37.2 billion in 2023 and represented 8.5 percent of the country's GDP.[49]

Agriculture

[edit]
Further information: Agriculture in the Philippines

As of 2022, agriculture employs 24 percent of the Filipino workforce[50] accounting for 8.9 percent of the total GDP.[51] 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.[52] Coconut production is generally concentrated in medium-sized farms.[53] 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.[54]

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.[55] Rice is the most important food crop, a staple food in most of the country;[56] it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, Soccsksargen, and Ilocos Region.[57][58]

The Philippines is one of the largest producers of sugar in the world.[59] 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.[60] 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.[61]

Automotive and aerospace

[edit]
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.[62] Toyota sells the most vehicles in the country;[62][63] this is followed by Mitsubishi, Ford, Nissan, and Suzuki.[62] Honda and Suzuki produce motorcycles in the country.[64] Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.[65][66]

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.[67] Total export output of aerospace products in the Philippines reached US$780 million in 2019.[68]

Electronics

[edit]
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.[69][70] 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.[71] Toshiba hard disk drives are manufactured in Santa Rosa, Laguna.[72] Printer manufacturer Lexmark has a factory in Cebu City.[73] 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.[74]

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.[75] 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.[76]

Mining and extraction

[edit]
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).[77] 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.[78] Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world.[79][80] 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.[citation needed] Philippine mineral exports amounted to US$4.22 billion in 2020.[81] 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.[citation needed]

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.[82] In 2019, the country was the 2nd largest world producer of nickel[83] and the 4th largest world producer of cobalt.[84] 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.[85] Class A mineral resources are commercially recoverable that could contribute to economy annually.

Offshoring and outsourcing

[edit]
Main articles: Business process outsourcing in the Philippines and Call center industry in the Philippines
A business process outsourcing office in Cainta, Rizal

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).[86][87] 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[88] and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.[89] BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines:[90] Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas with significant pressence of the BPO industry include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna.[91] The majority of the top ten BPO firms of the United States operate in the Philippines.[92]

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.[93][94]

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. The government provides incentive programs such as tax holidays, tax exemptions, and simplified export and import procedures. Additionally, training is also available for BPO applicants.[95]

Renewable energy resources

[edit]
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.[96][97] The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.[77]

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.[98] 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).[99] In 2022, the share of RE in the energy mix was at 22.8 percent.[100]

Shipbuilding and repair

[edit]
Hanjin Subic Shipyard in Subic, Zambales

The Philippines is a significant player in the global shipbuilding industry[101] with 118 registered shipyards in 2021[102] distributed in Subic, Cebu,[103] Bataan, Navotas and Batangas.[104][105] As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.[106] 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.[107] 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.[108]

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.[109] Shipbuilding is part of Philippines' maritime heritage;[110] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.[111][112]

Tourism

[edit]
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 8.6% to the country's GDP in 2023;[113] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.[114] Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector.[115] 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.[116] 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.[117]

As of 2023, 6.21 million Filipinos were employed in the tourism industry[113] 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.[118] 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![119] In 2019, foreign arrivals peaked at 8,260,913.[120]

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, three UNESCO creative cities, two UNESCO World Heritage cities, seven Ramsar wetland sites, and eight ASEAN Heritage Parks.[119]

Regional accounts

[edit]

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).[121]

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 6,309,290,637 32.33 442,597 0.03 1,230,125,141 20.89 5,078,722,899 42.65 462,779
Cordillera 322,093,866 1.65 27,045,337 1.57 77,990,725 1.32 217,057,804 1.82 179,752
Ilocos Region 629,772,047 3.23 104,471,256 6.07 192,218,332 3.26 333,082,459 2.80 120,512
Cagayan Valley 397,625,523 2.04 103,563,850 6.01 115,614,177 1.96 178,447,496 1.50 109,851
Central Luzon 2,177,046,900 11.15 231,995,441 13.47 950,969,430 16.15 994,082,029 8.35 179,840
Calabarzon 2,861,724,791 14.66 154,312,287 8.96 1,445,358,775 24.55 1,262,053,729 10.60 181,781
Mimaropa 377,014,287 1.93 64,116,478 3.72 125,427,469 2.13 187,470,340 1.57 120,240
Bicol Region 560,314,934 2.87 85,820,150 4.98 202,529,524 3.44 271,965,260 2.28 92,288
Western Visayas 916,379,059 4.70 144,256,702 8.38 194,479,931 3.30 577,642,425 4.85 116,946
Central Visayas 1,266,701,029 6.49 79,478,668 4.61 342,195,668 5.81 845,026,693 7.10 161,289
Eastern Visayas 465,694,628 2.39 61,219,158 3.55 181,914,842 3.09 222,560,628 1.87 99,492
Zamboanga Peninsula 397,206,561 2.04 74,695,151 4.34 110,467,600 1.88 212,043,810 1.78 105,798
Northern Mindanao 882,204,432 4.52 182,955,342 10.62 208,580,211 3.54 490,668,878 4.12 177,998
Davao Region 922,094,956 4.72 149,438,384 8.68 233,452,398 3.97 539,204,175 4.53 176,983
Soccsksargen 470,422,524 2.41 130,802,115 7.60 103,321,113 1.75 236,299,297 1.98 108,561
Caraga 306,308,490 1.57 39,908,783 2.32 109,464,024 1.86 156,935,683 1.32 112,489
Bangsamoro 254,523,606 1.30 87,689,432 5.09 63,191,105 1.07 103,643,069 0.87 55,151
Total 19,516,418,271 100.00 1,722,211,131 100.00 5,887,300,465 100.00 11,906,906,674 100.00 181,907
Data as of October 21, 2020[122]

Provincial Accounts

[edit]

According to the Philippine Statistics Authority (PSA), Provincial Product Account (PPA) is GDP measured at provincial levels. Figures below are for the year 2022.

# Province Region 2022 PPA GDP

(PHP)

2020

Popn.

PPA GDP

per capita

(PHP)

1 Metro Manila Metro Manila 6,265,608,000,000 13,484,462 464,654
2 Laguna Calabarzon 990,690,000,000 3,382,193 292,914
3 Cebu (incl. Cebu City, Lapu-Lapu City & Mandaue) Central Visayas 937,750,000,000 5,151,274 182,042
4 Cavite Calabarzon 731,390,000,000 4,344,829 168,336
5 Pampanga (incl. Angeles City) Central Luzon 658,070,000,000 2,900,637 226,871
6 Batangas Calabarzon 615,810,000,000 2,908,494 211,728
7 Bulacan Central Luzon 604,710,000,000 3,708,890 163,043
8 Davao del Sur (incl. Davao City) Davao Region 599,000,000,000 2,457,430 243,751
9 Misamis Oriental (incl. Cagayan de Oro) Northern Mindanao 419,220,000,000 1,685,302 248,751
10 Negros Occidental (incl. Bacolod) Western Visayas 379,200,000,000 3,223,955 117,620
11 Pangasinan Ilocos Region 352,930,000,000 3,163,190 111,574
12 Iloilo (incl. Iloilo City) Western Visayas 351,050,000,000 2,509,525 139,887
13 Rizal Calabarzon 340,630,000,000 3,330,143 102,287
14 Nueva Ecija Central Luzon 298,570,000,000 2,310,134 129,244
15 Leyte (incl. Tacloban) Eastern Visayas 296,950,000,000 2,028,728 146,373
16 Quezon (incl. Lucena) Calabarzon 264,460,000,000 2,229,383 118,625
17 South Cotabato (incl. General Santos) Soccsksargen 263,830,000,000 1,672,791 157,718
18 Bataan Central Luzon 256,890,000,000 853,373 301,029
19 Bukidnon Northern Mindanao 248,750,000,000 1,541,308 161,389
20 Zamboanga del Sur (incl. Zamboanga City) Zamboanga Peninsula 241,000,000,000 2,027,902 118,842
21 Benguet (incl. Baguio) Cordillera 233,810,000,000 827,041 282,707
22 Camarines Sur Bicol Region 194,840,000,000 2,068,244 94,206
23 Tarlac Central Luzon 193,290,000,000 1,503,456 128,564
24 Isabela Cagayan Valley 188,890,000,000 1,697,050 111,305
25 Palawan (incl. Puerto Princesa) Mimaropa 180,320,000,000 1,246,673 144,641
26 Bohol Central Visayas 171,090,000,000 1,394,329 122,704
27 Davao del Norte Davao Region 168,610,000,000 1,125,057 149,868
28 Negros Oriental Central Visayas 166,460,000,000 1,432,990 116,163
29 Cagayan Cagayan Valley 148,780,000,000 1,268,603 117,279
30 Albay Bicol Region 145,130,000,000 1,374,768 105,567
31 Zambales (incl.Olongapo) Central Luzon 140,630,000,000 909,932 154,550
32 Lanao del Norte (incl. Iligan) Northern Mindanao 136,850,000,000 1,086,017 126,011
33 Cotabato Soccsksargen 120,350,000,000 1,490,618 80,738
34 Misamis Occidental Northern Mindanao 119,380,000,000 617,333 193,380
35 La Union Ilocos Region 118,600,000,000 822,352 144,220
36 Zamboanga del Norte Zamboanga Peninsula 114,620,000,000 1,047,455 109,427
37 Oriental Mindoro Mimaropa 109,400,000,000 908,339 120,440
38 Agusan del Norte (incl. Butuan) Caraga 96,070,000,000 760,413 126,339
39 Ilocos Norte Ilocos Region 93,100,000,000 609,588 152,726
40 Davao de Oro Davao Region 93,100,000,000 767,547 121,296
41 Ilocos Sur Ilocos Region 90,240,000,000 706,009 127,817
42 Masbate Bicol Region 80,180,000,000 908,920 88,215
43 Surigao del Norte Caraga 78,380,000,000 534,636 146,604
44 Maguindanao del Norte Bangsamoro 78,010,000,000 943,500 82,682
45 Sorsogon Bicol Region 74,560,000,000 828,655 89,977
46 Capiz Western Visayas 74,380,000,000 804,952 92,403
47 Agusan del Sur Caraga 74,220,000,000 739,367 100,383
48 Lanao del Sur Bangsamoro 71,790,000,000 1,195,518 60,049
49 Sultan Kudarat Soccsksargen 71,510,000,000 854,052 83,730
50 Antique Western Visayas 70,690,000,000 612,974 115,323
51 Aklan Western Visayas 63,570,000,000 615,475 103,286
52 Surigao del Sur Caraga 63,190,000,000 642,255 98,388
53 Zamboanga Sibugay Zamboanga Peninsula 60,390,000,000 669,840 90,156
54 Camarines Norte Bicol Region 60,200,000,000 629,699 95,601
55 Samar Eastern Visayas 57,860,000,000 793,183 72,947
56 Nueva Vizcaya Cagayan Valley 57,790,000,000 497,432 116,177
57 Davao Oriental Davao Region 55,450,000,000 576,343 96,210
58 Occidental Mindoro Mimaropa 52,560,000,000 525,354 100,047
59 Sarangani Soccsksargen 47,960,000,000 558,946 85,804
60 Sulu Bangsamoro 44,970,000,000 1,000,108 44,965
61 Northern Samar Eastern Visayas 44,340,000,000 639,186 69,369
62 Southern Leyte Eastern Visayas 43,010,000,000 429,573 100,123
63 Maguindanao del Sur Bangsamoro 38,230,000,000 723,758 52,822
64 Davao Occidental Davao Region 37,900,000,000 317,159 119,498
65 Basilan (incl. Isabela) Bangsamoro 34,240,000,000 556,586 61,518
66 Eastern Samar Eastern Visayas 33,990,000,000 477,168 71,233
67 Aurora Central Luzon 33,990,000,000 235,750 139,597
68 Romblon Mimaropa 29,030,000,000 308,985 93,953
69 Catanduanes Bicol Region 28,800,000,000 271,879 105,929
70 Kalinga Cordillera 27,130,000,000 229,570 118,177
71 Ifugao Cordillera 25,770,000,000 207,498 124,194
72 Tawi-Tawi Bangsamoro 24,780,000,000 440,276 56,283
73 Abra Cordillera 24,570,000,000 250,985 97,894
74 Marinduque Mimaropa 21,650,000,000 239,207 90,507
75 Quirino Cagayan Valley 21,140,000,000 203,828 103,715
76 Biliran Eastern Visayas 16,190,000,000 179,312 90,290
77 Guimaras Western Visayas 16,130,000,000 187,842 85,870
78 Mountain Province Cordillera 14,890,000,000 158,200 94,121
79 Siquijor Central Visayas 12,020,000,000 103,395 116,253
80 Dinagat Islands Caraga 12,000,000,000 128,117 93,664
81 Apayao Cordillera 11,500,000,000 124,366 92,469
82 Camiguin Northern Mindanao 11,100,000,000 92,808 119,602
83 Batanes Cagayan Valley 4,570,000,000 18,831 242,685

source: Philippine Statistics Authority[123]

City Accounts

[edit]

Figures below are Provincial Product Accounts (PPA) for Highly Urbanized Cities (HUC) or Independent Cities. No data available for cities within Metro Manila.

# City Province Region Island

Group

2022 PPA GDP

(PHP)

2020

Popn.

PPA GDP

per Capita

(PHP)

1 Davao City Davao del Sur Davao Region Mindanao 495,310,000,000 1,776,949 278,742
2 Cebu City Cebu Central Visayas Visayas 288,640,000,000 964169 299,367
3 Cagayan de Oro Misamis Oriental Northern Mindanao Mindanao 261,780,000,000 728402 359,389
4 Baguio Benguet Cordillera Luzon 155,030,000,000 366,358 423,165
5 Lapu-Lapu Cebu Central Visayas Visayas 151,420,000,000 497,604 304,298
6 Iloilo City Iloilo Western Visayas Visayas 145,050,000,000 457,626 316,962
7 Zamboanga City Zamboanga del Sur Zamboanga Peninsula Mindanao 139,470,000,000 977,234 142,719
8 Bacolod Negros Occidental Western Visayas Visayas 132,810,000,000 600,783 221,062
9 Angeles Pampanga Central Luzon Luzon 132,420,000,000 462,928 286,049
10 General Santos South Cotabato Soccsksargen Mindanao 129,020,000,000 697,315 185,024
11 Mandaue Cebu Central Visayas Visayas 109,580,000,000 364,116 300,948
12 Iligan Lanao del Norte Northern Mindanao Mindanao 77,020,000,000 363,115 212,109
13 Butuan Agusan del Norte Caraga Mindanao 57,370,000,000 372,910 153,844
14 Puerto Princesa Palawan Mimaropa Luzon 53,080,000,000 307,079 172,855
15 Olongapo Zambales Central Luzon Luzon 52,260,000,000 260,317 200,755
16 Tacloban Leyte Eastern Visayas Visayas 51,530,000,000 251,881 204,581
17 Lucena Quezon Calabarzon Luzon 46,620,000,000 278,924 167,142
18 Isabela Basilan Bangsamoro Mindanao 11,760,000,000 130,379 90,199

source: Philippine Statistics Authority[124]

International comparisons

[edit]
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 2021 Decrease 3 70 out of 144[125]
International Monetary Fund GDP (PPP) 2023 Steady 29th[126]
International Monetary Fund GDP (nominal) 2023 Increase 5 34th[127]
International Monetary Fund GDP per capita (PPP) 2023 Increase 3 116th[128]
International Monetary Fund GDP per capita (nominal) 2023 Increase 4 124th[129]
International Monetary Fund Foreign exchange reserves 2023 Steady 28th[130]
The Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2016 Increase 13 76 out of 178[131]
The World Factbook External debt 2023 Positive decrease 3 35th[132]
United Nations Human Development Index 2021 Steady 116 out of 191[133]
World Economic Forum Global Competitiveness 2019 Decrease 8 64 out of 141[134]
World Economic Forum Global Enabling Trade Report 2014 Increase 8 64 out of 138[135]
World Economic Forum Financial Development Index 2012 Decrease 5 49 out of 60[136]
World Bank Ease of doing business index 2014 Increase 13 95 out of 183[137]

Statistics

[edit]
See also: Income inequality in the Philippines and Poverty in the Philippines
2023 2022 2021 2020 2019 2018 2017
Social Indicators
Population
(in million)
 111.9 110.9 110.1 109.2 107.3 105.8 104.2
Poverty (%) - - 18.1 - - 16.6 -
Labor Force
(in million)
 51.2 49.0 47.7 43.9 42.4 41.2 40.3
Unemployment (%) 4.3 5.4 7.8 10.3 5.1 5.3 5.7
Wage Rates
(Nominal ₱: end-of-period)
 610.00 570.00 537.00 537.00 537.00 537.00 512.00
Inflation Rate
(Constant 2018 prices; %)
 6.0 5.8 3.9 2.4 2.4 5.2 2.9
External Sectors
Trade Balance
(US$ million)
 -65,778 -69,701 -52,806 -33,775 -49,312 -50,972 -40,215
Export of Goods
(US$ million)
 55,316 57,710 54,228 48,212 53,477 51,977 51,814
Import of Goods
(US$ million)
 121,104 127,412 107,034 81,987 102,788 102,949 92,029
Current Account
(US$ million; % of GDP)
 -11,206 (-2.6) -18,261 (-4.5) -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)
 125,394 (28.7) 111,268 (27.5) 106,428 (27.0) 98,488 (27.2) 83,618 (22.2) 78,960 (22.8) 73,098 (22.3)
Personal Remittances
(US$ million)
 37,210 36,136 34,884 33,194 33,467 32,213 31,288
Foreign Reserves
(US$ million)
 103,725 96,130 108,794 110,115 87,836 79,189 81,567
FDI Flows
(Inward; US$ million)
 8,900 9,200 10,518 6,822 8,671 9,949 10,236
FDI Stock
(Inward; US$ million)
 118,985 112,965 113,711 103,193 94,593 82,997 73,016
Public Finances
Budget Balance
(₱ billion; % of GDP)
 -1,512 (-6.2) -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)
 3,824 (15.7) 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)
 5,336 (21.9) 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)
 0.16 -5.03 -1.10 -0.57 2.01 -1.58 0.10
Public Debt
(₱ billion; % of GDP)
 14,616 (60.1) 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)
 55.630 54.478 49.225 49.624 51.796 52.661 50.404
Sources: Bangko Sentral ng Pilipinas[7] and UNCTAD[21]

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[16][17]
  • Electricity – production: 106,115 GWh (2021)[138]
  • Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish[139]
  • Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper, nickel, petroleum products, coconut oil, fruits[139]
  • Imports – commodities/products: electronic products, machinery, telecommunication and transport equipment, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits[139]
  • Manufacturing Growth: 5.9% (April 2024)[140]
  • PMI Manufacturing: 52.2 (April 2024)[141]
  • Yield Curve: 10-Year Bond 6.70% (June 2024)[142]
  • Net International Investment Position: –$51.317 billion (2023 est.)[143]

Government budget

[edit]
Main article: Fiscal policy of the Philippines

The national government budget for 2024 has set the following budget allocations:[144][note 2]

Budget allocation (PHP, billions) (USD, billions) Difference from
F.Y. 2023
Department of Education 924.7 16.56 Increase 3.30%
Department of Public Works and Highways 822.2 14.72 Decrease 8.05%
Department of Health 306.1 5.48 Decrease 2.73%
Department of the Interior and Local Government 259.5 4.65 Increase 2.49%
Department of National Defense 279.9 4.97 Increase 16.49%
Department of Transportation 214.3 3.84 Increase 102.17%
Department of Social Welfare and Development 209.9 3.74 Increase 5.17%
Department of Agriculture 181.4 3.25 Increase 4.49%
The Judiciary 57.8 1.06 Increase 5.28%
Department of Labor and Employment 40.5 0.73 Decrease 14.01%

See also

[edit]

References

[edit]
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Notes

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

Further reading

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[edit]
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