Economy of the Philippines: Difference between revisions

{{Infobox economy

| country = the Philippines

| image size = 335px

| caption = [[Metro Manila]], the economic center of the [[Philippines]]

}}

| population = {{plainlist|

* {{Increase}} 114,163,719<br>(2024 estimate)<ref>{{cite web |url = https://psa.gov.ph/statistics/census/projected-population |title=Population Projection Statistics |date=28 Mar 2021 |website=psa.gov.ph |access-date=15 Nov 2023 |archive-date=December 26, 2023 |archive-url = https://web.archive.org/web/20231226235925/https://psa.gov.ph/statistics/census/projected-population |url-status=live}}</ref>}}

| gdp = {{plainlist|

* Other source: 10.6%

* (2023){{r|SEFIPH}}}}

| poverty = {{plainlist|

}}

| hdi = {{plainlist|

* {{increase}} 0.710 {{color|green|high}} maximum (2022, [[List of countries by Human Development Index|113th]])<ref name="HDI">{{Cite report |title=Human Development Index (HDI) |url=http://hdr.undp.org/en/indicators/137506 |access-date=October 10, 2022 |website=[[Human Development Report]]s |publisher=[[United Nations Development Programme]]}}</ref>

* {{increase}} 0.590 {{color|darkorange|medium}} real (2022, [[List of countries by inequality-adjusted HDI|IHDI]]){{r|HDI}}

}}

| labor = {{plainlist|

}}

| occupations = {{plainlist|

}}

| unemployment = {{plainlist|

}}

| industries = {{hlist |[[Consumer electronics|Electronics assembly]] | [[aerospace|aerospace/parts]] | [[agribusiness]] | [[Automotive industry in the Philippines|automotive/parts]] | [[Business process outsourcing in the Philippines|IT and business process outsourcing]] | [[food processing]] | [[furniture]]s | [[pharmaceuticals]] | [[petrochemical]]s | [[metal casting]] and [[mining]] | [[shipbuilding]] |[[textile industry|textile]] | [[Tourism in the Philippines|tourism]]<ref name="Manufacturing">{{Cite web|url=https://industry.gov.ph/category/manufacturing/|title=Manufacturing|website=Industry.gov.ph|publisher=[[Department of Trade and Industry (Philippines)|Department of Trade and Industry]]|access-date=February 25, 2023|archive-date=February 25, 2023|archive-url=https://web.archive.org/web/20230225153730/https://industry.gov.ph/category/manufacturing/|url-status=dead}}</ref><ref name="auto">{{cite web |title=Census of Philippine Business and Industry (CPBI) |url=https://psa.gov.ph/statistics/census/business-and-industry/index |website=[[Philippine Statistics Authority]]}}</ref>

| exports = $115.26 billion (2022)<ref name="oec.world">{{Cite web|url=https://oec.world/en/profile/country/phl|title=Philippines (PHL) Exports, Imports, and Trade Partners |website=[[The Observatory of Economic Complexity]]}}</ref>{{r|SEFIPH}}{{efn|group=note|name=trade|Goods and services at current prices.}}

| export-goods = {{ublist|

}}

| export-partners = {{ublist|

}}

| imports = $159.29 billion (2022){{r|oec.world}}{{r|SEFIPH}}{{efn|group=note|name=trade}}

}}

| import-partners = {{ublist|

Other 19.0% (2023){{r|extIntTrade-2023}}

}}

| debt = {{plainlist |

* ₱14.616 trillion

* −6.2% of GDP (2023){{r|SEFIPH}}

}}

| current account = {{plainlist|

* {{decreasePositive}} -$11.20 billion

* {{decreasePositive}} -2.6% of GDP (2023)<ref name="BSP-SDDS"/><ref>{{Cite web |title=PHILIPPINES: BALANCE OF PAYMENT |url=https://www.bsp.gov.ph/Statistics/External/table1_data.aspx |website=[[Bangko Sentral ng Pilipinas]] |access-date= March 28, 2024}}</ref>}}

| FDI = {{plainlist|

}}

| credit = {{plainlist|

* [[Japan Credit Rating Agency]]:<ref>{{Cite web |title=Philippines: Japan Credit Rating Agency, Ltd. |url=https://www.jcr.co.jp/download/e15b09c9b02504ceb98cc607d8ee3c3346cc3cbbf1bc89ce99/22i0092_f.pdf |access-date=March 10, 2023 |website=[[Japan Credit Rating Agency|JCR]]}}</ref>

* Outlook: Stable

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* BBB+ (Domestic/Foreign)

* BBB+ (T&C Assessment)

* Outlook: Stable

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* Baa2

* Outlook: Stable

The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. 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.<ref>{{cite web |title=High Growth Potential for U.S. Agricultural Exports to the Philippines |url=https://www.fas.usda.gov/data/high-growth-potential-us-agricultural-exports-philippines |website=[[USDA Foreign Agricultural Service]] |access-date=August 9, 2023 |archive-url=https://web.archive.org/web/20220613185920/https://www.fas.usda.gov/data/high-growth-potential-us-agricultural-exports-philippines |archive-date=June 13, 2022 |language=en |date=June 8, 2022 |at=Macroeconomic Perspective}}</ref> 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]].<ref>{{Cite web |title=The Philippines: September 1999 |url=https://www.wto.org/english/tratop_e/tpr_e/tp114_e.htm#:~:text=Major%20Developments%20in%20Trade%20and%20Related%20Economic%20Policy&text=10.,force%20on%201%20January%201995. |date=September 20, 1999 |website=[[World Trade Organization]]}}</ref> The [[Asian Development Bank]] (ADB) is headquartered in the [[Ortigas Center]] located in the city of [[Mandaluyong]], [[Metro Manila]].

 

 

In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.<ref>{{Cite web |title="The World in 2050." |url=https://www.pwc.com/gx/en/research-insights/economy/the-world-in-2050.html/ |access-date=February 1, 2017 |website=[[PwC]]}}</ref> By 2035, the Filipino economy is predicted to be the 22nd largest in the world.<ref>{{Cite news |title=Philippines poised to be 22nd biggest economy in the world by 2035 — CEBR |url=https://www.bworldonline.com/editors-picks/2020/12/29/336409/philippines-poised-to-be-22nd-biggest-economy-in-the-world-by-2035-cebr/ |url-status=live |archive-url=https://web.archive.org/web/20220520140647/https://www.bworldonline.com/editors-picks/2020/12/29/336409/philippines-poised-to-be-22nd-biggest-economy-in-the-world-by-2035-cebr/ |archive-date=May 20, 2022 |access-date=December 29, 2020 |work=[[BusinessWorld]]|date=December 28, 2020 }}</ref>

The Philippines is the [[List of countries by coconut production|world's third largest producer]] of [[coconut]]s, and the world's largest exporter of coconut products.<ref>{{Cite book |last1=Behnassi |first1=Mohamed |url=https://books.google.com/books?id=rXmWEAAAQBAJ |title=The Food Security, Biodiversity, and Climate Nexus |last2=Gupta |first2=Himangana |last3=Baig |first3=Mirza Barjees |last4=Noorka |first4=Ijaz Rasool |date=October 20, 2022 |publisher=[[Springer Nature]] |isbn=978-3-031-12586-7 |page=[https://books.google.com/books?id=rXmWEAAAQBAJ&pg=PA252 252] |language=en |access-date=March 3, 2023}}</ref> [[Coconut production in the Philippines|Coconut production]] is generally concentrated in medium-sized farms.<ref name="HayamiQuisumbing1990">{{Cite book |last1=Hayami |first1=Yūjirō |url=https://books.google.com/books?id=6qGEpP8nI4MC&pg=PA108 |title=Toward an alternative land reform paradigm: a Philippine perspective |last2=Quisumbing |first2=Maria Agnes R. |last3=Adriano |first3=Lourdes S. |publisher=Ateneo de Manila University Press |year=1990 |isbn=978-971-11-3096-1 |page=108 |access-date=November 15, 2011}}</ref> The Philippines is also the [[List of countries by pineapple production|world's third largest producer]] of [[pineapple]]s, producing {{convert|2862000|MT}} in 2021.<ref>{{Cite web |title=World pineapple production by Country |website=[[Statista]] |url=https://www.statista.com/statistics/298517/global-pineapple-production-by-leading-countries/ |access-date=September 27, 2020}}</ref>

 

 

 

<gallery mode="packed">

[[File:Siemens NTBBA 40 183 340-100 - Texas Instruments TNETD3100GFN-3314.jpg|thumb|A Texas Instruments integrated circuit]]

 

 

 

===Mining and extraction===

=== Offshoring and outsourcing ===

{{Main| Business process outsourcing in the Philippines|Call center industry in the Philippines}}

 

[[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.<ref name="King del Rosario" /> In 2008, the Philippines has surpassed India as the world leader in [[business process outsourcing]] (BPO).<ref>IBM Global Business Services. (October 2008). [ftp://public.dhe.ibm.com/common/ssi/ecm/en/gbl03012usen/GBL03012USEN.PDF ''Global Location Trends – 2008 Annual Report'']{{dead link|date=December 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>Balana, Cynthia D. and Lawrence de Guzman. (December 5, 2008). [http://www.inquirer.net/specialfeatures/thegoodnews/view.php?db=1&article=20101204-306912 It's official: Philippines bests India as No. 1 in BPO] {{webarchive |url=https://web.archive.org/web/20120926163734/http://www.inquirer.net/specialfeatures/thegoodnews/view.php?db=1&article=20101204-306912 |date=September 26, 2012 }}. ''The Philippine Daily Inquirer''.</ref> 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<ref>{{Cite news |last=Garcia |first=Cathy Rose A. |date=March 21, 2012 |title=BPO industry to generate 100,000 jobs this year: WB |url=https://news.abs-cbn.com/business/03/21/12/bpo-industry-generate-100000-jobs-year-wb |work=[[ABS-CBN News]]}}</ref> and is contributing to a growing [[middle class]]; this increased to around 1.3 million employees by 2022.<ref>{{Cite book |last1=Arenas |first1=Guillermo |url=https://books.google.com/books?id=dFWYEAAAQBAJ |title=A New Dawn for Global Value Chain Participation in the Philippines |last2=Coulibaly |first2=Souleymane |date=November 14, 2022 |publisher=[[World Bank Publications]] |isbn=978-1-4648-1848-6 |page=[https://books.google.com/books?id=dFWYEAAAQBAJ&pg=PA28 28–29] |language=en |access-date=February 27, 2023}}</ref> BPO facilities are concentrated in [[IT park]]s and centers in [[List of special economic zones in the Philippines|economic zones]] across the Philippines:<ref>Philippine Economic Zone Authority.{{Cite web |title=Information Technology Parks/Centers |url=http://www.peza.gov.ph/index.php/2-uncategorised/41-information-technology-parks-centers/ |website=[[Philippine Economic Zone Authority]] |url-status=dead |archive-url=https://web.archive.org/web/20190803164356/http://www.peza.gov.ph/index.php/2-uncategorised/41-information-technology-parks-centers |archive-date=August 3, 2019 |access-date=July 4, 2019}}</ref> [[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, Batangas|Lipa]], [[Naga, Camarines Sur|Naga]], and [[Santa Rosa, Laguna]].<ref>{{cite news |title=Bacolod still 'center of excellence' for IT-BPO |url=https://www.sunstar.com.ph/article/1862184/bacolod/local-news/bacolod-still-center-of-excellence-for-it-bpo |access-date=April 27, 2023 |work=[[SunStar]] |date=July 2, 2020 |archive-url=https://web.archive.org/web/20200808143206/https://www.sunstar.com.ph/article/1862184/bacolod/local-news/bacolod-still-center-of-excellence-for-it-bpo |archive-date=August 8, 2020 |language=en}}</ref> The majority of the top ten BPO firms of the United States operate in the Philippines.<ref>{{Cite news |title=foreign companies eye local BPO sector |url=http://business.inquirer.net/212892/100-foreign-companies-eye-local-bpo-sector |access-date=August 5, 2015 |newspaper=[[Philippine Daily Inquirer]]}}</ref>

|Zambales

|Central Luzon

|52,260,000,000

|260,317

|[[Tacloban]]

|Leyte

|Visayas

|51,530,000,000

|Basilan

|Bangsamoro

|11,760,000,000

|130,379

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* '''Agriculture – products:''' [[abaca]], [[banana]]s, [[sugarcane]], [[coconut]]s, [[durian]], [[rice]], [[maize|corn]], [[cassava]]s, [[mango]]es; [[pork]], [[egg (food)|eggs]], [[beef]], [[pineapple]]s, [[fish]]<ref name="CIAfactbookPhilEcon">[https://www.cia.gov/the-world-factbook/countries/philippines/ CIA World Factbook, Philippines], Retrieved May 15, 2009.</ref>

* '''Exports – commodities/products:''' Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper,nickel, petroleum products, coconut oil, fruits<ref name="CIAfactbookPhilEcon" />

 

== Government budget ==

* [[Emerging market]]s

* [[List of companies of the Philippines]]

* [[Newly industrialized country]]

* [[Tiger Cub Economies]]