Philippines Oil production Philippines Electricity production

Philippines Economy

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 (purchasing power parity) : $451.3 billion (2005 est.)

Inflation rate: 7.9% (2005 est.)

Labor force : 36.73 million (2005 est.)

Industries: electronics assembly. garments. footwear. pharmaceuticals. chemicals. wood products. food processing. petroleum refining. fishing

Philippines

			Over view
			Geography
			People
			Government
			Economy
			Communications
			Transportation
			Militry

Philippines More Facts

Electricity - production: 47.82 billion kwh (2003)

Oil - production: 14.360 bbl/day (2003 est.)

Philippines More Facts

Exports: $41.25 billion f.o.b. (2005 est.)

Imports : $42.66 billion f.o.b. (2005 est.)
Currency (code) : philippine peso (php)