Philippines Economy

Is Philippines a wealthy country?

The Philippine economy is characterized by a diverse range of sectors contributing to its growth, including agriculture, manufacturing, services, and increasingly, information technology and business process outsourcing (IT-BPO).

GDP Growth: The Philippine economy has been experiencing steady growth over the past few years, although it faced challenges due to the COVID-19 pandemic. Prior to the pandemic, the Philippines consistently posted GDP growth rates averaging around 6%, making it one of the fastest-growing economies in Asia.

Services Sector: The services sector is a significant driver of the Philippine economy, contributing the largest share to GDP. This includes IT-BPO, tourism, retail, and financial services. The IT-BPO industry, in particular, has been a major contributor to economic growth, leveraging the country's skilled English-speaking workforce.

Remittances: The Philippines receives a substantial amount of remittances from overseas Filipino workers (OFWs), particularly from countries like the United States, Saudi Arabia, and the United Arab Emirates. These remittances play a crucial role in supporting household consumption and driving domestic demand.

Manufacturing: The manufacturing sector is another important contributor to the Philippine economy, encompassing industries such as electronics, automotive, and food processing. The government has been implementing initiatives to attract more investment in manufacturing and improve competitiveness.

Agriculture: Agriculture remains a significant sector, employing a large portion of the population, particularly in rural areas. However, it has faced challenges such as land reform issues, natural disasters, and low productivity. Efforts to modernize the sector and improve productivity are ongoing.

Infrastructure Development: Infrastructure development has been a priority for the Philippine government, with ambitious plans aimed at improving connectivity, transportation, and logistics across the archipelago. Projects such as roads, bridges, airports, and seaports are underway to support economic growth and development.

Challenges: Despite its growth potential, the Philippine economy faces various challenges, including income inequality, poverty, corruption, and bureaucratic red tape. Addressing these challenges is crucial for sustaining inclusive growth and development.

Government Policies: The government has been implementing various policies and reforms to promote investment, improve the business climate, and boost economic competitiveness. These include tax reforms, ease of doing business initiatives, and initiatives to attract foreign direct investment.

Regional Disparities: There are significant regional disparities in the Philippine economy, with the capital region of Metro Manila and surrounding areas experiencing faster growth compared to rural and less developed regions. Efforts to promote more inclusive growth and development are needed to address these disparities.

Philippines Economy Data

What is the GDP of Philippines?

Currency Name and Code Philippines Peso (PHP)
GDP - Gross Domestic Product (PPP) $871,560,000,000 (USD)
GDP - official exchange rate $299,300,000,000 (USD)
GDP - real growth rate 6%
GDP Per Capita $7,500.00 (USD)
GDP by Sector- agriculture 10.7%
GDP by Sector- Industry 31.6%
GDP by Sector- services 57.6%
GDP - composition, by end use household consumption: 71.5%

government consumption: 10.2%

investment in fixed capital: 21.7%

investment in inventories: -0.6%

exports of goods and services: 28%

imports of goods and services: -30.8%
Population Below Poverty Line 32.9%
Inflation Rate 3.8%
Labor Force 38,900,000
Labor Force By Occupation- agriculture 32%
Labor Force By Occupation- industry 15%
Labor Force By Occupation- services 53%
Unemployment Rate 7.3%
Fiscal Year calendar year
Annual Budget $26,840,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -1.8%
Public Debt (% of GDP) 77.4%
Taxes and other revenues - percent of GDP 14.3%
Major Industries electronics assembly, textiles, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial Growth Rate 12.1%
Agriculture Products rice, coconuts, corn, sugarcane, bananas, pineapples, mangoes, pork, eggs, beef, fish
Exchange Rate per US Dollar Philippine peso (PHP)
Commercial Bank Prime Lending Rate 5.8%

Labor Force by Occupation- As reported by Philippines

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe