| Economy - overview: | The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by its high level of annual remittances from overseas workers, and no sustained runup in asset prices or foreign borrowing prior to the crisis. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. GDP growth accelerated to about 5% between 2002 and 2005 reflecting the continued resilience of the service sector, and improved exports and agricultural output. Nonetheless, it will take a higher, sustained growth path to make appreciable progress in the alleviation of poverty given the Philippines' high annual population growth rate and unequal distribution of income. The Philippines also faces higher oil prices, higher interest rates on its dollar borrowings, and higher inflation. Fiscal constraints limit Manila's ability to finance infrastructure and social spending. The Philippines' consistently large budget deficit has produced a high debt level. This has forced Manila to spend a large portion of the national government budget on debt service. Large unprofitable public enterprises, especially in the energy sector, contribute to the government's debt because of slow progress on privatization. Credit rating agencies have expressed concern about the Philippines' ability to service the debt. Legislative progress on new revenue measures will weigh heavily on credit rating decisions. |
| GDP - per capita | $5,100 (2005 est.) |
| GDP - real growth rate (%) | 4.7% (2005 est.) |
| Agriculture - products | sugarcane, coconuts, rice, corn, bananas, casavas, pineapples, fish, mangoes, pork, eggs, beef |
| GDP - composition by sector (%) | agriculture: 14.8%, industry: 31.7%, services: 53.5% (2005 est.) |
| Industries | electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing |
| Economic aid - recipient | ODA commitments, $2 billion (2004) |
| Debt - external | $67.62 billion (2005 est.) |
| Population below poverty line (%) | 40% (2001 est.) |
| Labor force - by occupation (%) | agriculture 36%, industry 16%, services 48% (2004 est.) |
Environment, Land use / Resources, Economy, Population / Demographics, Infrastructure, Health -- CIA World Factbook, 2005
