Philippines Economy - 2024

Economic overview

diversified, growing East Asian economy; major semiconductor, ship-building, and electronics exporter; significant remittances; COVID-19 hit consumption and investments hard; regional tensions with China; major geothermal energy user

Real GDP (purchasing power parity)

$921.826 billion (2021 est.)
$872.09 billion (2020 est.)
$963.83 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.7% (2021 est.)
-9.52% (2020 est.)
6.12% (2019 est.)

Real GDP per capita

$8,100 (2021 est.)
$7,800 (2020 est.)
$8,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$377.205 billion (2019 est.)

Inflation rate (consumer prices)

3.93% (2021 est.)
2.39% (2020 est.)
2.39% (2019 est.)

Credit ratings

Fitch rating: BBB (2017)

Moody's rating: Baa2 (2014)

Standard & Poors rating: BBB+ (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 9.6% (2017 est.)

industry: 30.6% (2017 est.)

services: 59.8% (2017 est.)

GDP - composition, by end use

household consumption: 73.5% (2017 est.)

government consumption: 11.3% (2017 est.)

investment in fixed capital: 25.1% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 31% (2017 est.)

imports of goods and services: -40.9% (2017 est.)

Agricultural products

sugar cane, rice, coconuts, maize, bananas, vegetables, tropical fruit, plantains, pineapples, cassava

Industries

semiconductors and electronics assembly, business process outsourcing, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equipment and apparatus, petroleum and fuel, textile and garments, non-metallic minerals, basic metal industries, transport equipment

Industrial production growth rate

8.49% (2021 est.)

Labor force

44.242 million (2021 est.)

Unemployment rate

2.41% (2021 est.)
2.52% (2020 est.)
2.24% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.3% (2021 est.)

male: 6.3%

female: 9%

Population below poverty line

16.7% (2018 est.)

Gini Index coefficient - distribution of family income

42.3 (2018 est.)

Average household expenditures

on food: 42% of household expenditures (2018 est.)

on alcohol and tobacco: 1.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.2%

highest 10%: 29.5% (2015 est.)

Remittances

9.31% of GDP (2021 est.)
9.64% of GDP (2020 est.)
9.33% of GDP (2019 est.)

Budget

revenues: $71.173 billion (2020 est.)

expenditures: $90.953 billion (2020 est.)

Budget surplus (+) or deficit (-)

-2.2% (of GDP) (2017 est.)

Public debt

39.9% of GDP (2017 est.)
39% of GDP (2016 est.)

Taxes and other revenues

13.95% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$6.009 billion (2021 est.)
$11.578 billion (2020 est.)
-$3.047 billion (2019 est.)

Exports

$87.79 billion (2021 est.) note: data are in current year dollars
$80.034 billion (2020 est.) note: data are in current year dollars
$94.741 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 16%, United States 14%, Japan 12%, Hong Kong 12%, Singapore 7% (2021)

Exports - commodities

integrated circuits, office machinery/parts, insulated wiring, transformers, semiconductors (2021)

Imports

$126.508 billion (2021 est.) note: data are in current year dollars
$99.943 billion (2020 est.) note: data are in current year dollars
$131.013 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 29%, Japan 8%, South Korea 7%, United States 6%, Singapore 6%, Indonesia 6%, Thailand 5%, Taiwan 5% (2019)

Imports - commodities

integrated circuits, refined petroleum, cars, crude petroleum, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$108.755 billion (31 December 2021 est.)
$109.99 billion (31 December 2020 est.)
$89.515 billion (31 December 2019 est.)

Debt - external

$81.995 billion (2019 est.)
$75.192 billion (2018 est.)

Exchange rates

Philippine pesos (PHP) per US dollar -

Exchange rates:
49.255 (2021 est.)
49.624 (2020 est.)
51.796 (2019 est.)
52.661 (2018 est.)
50.404 (2017 est.)