Browse a full set of economic indicators

The Philippines

Includes The Philippines real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about The Philippines economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of The Philippines best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Manila

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of the Philippines (Bangko Sentral ng Pilipinas)
Currency Philippine pesos (PHP)
International Reserves USD 79.2 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 330.8 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 952.6 billion (2018, estimate)

GDP Data

Real GDP growth 2007 6.6%
2008 4.2%
2009 1.1%
2010 7.6%
2011 3.7%
2012 6.7%
2013 7.1%
2014 6.1%
2015 6.1%
2016 6.9%
2017 6.7%
2018* 6.2%

*Estimate
GDP per capita – current prices USD 3,103.6 (2018, estimate)
GDP per capita – PPP Intl$ 8,935.9 (2018, estimate)
GDP (PPP) – share of world total 1980 0.71%
1990 0.61%
2000 0.54%
2010 0.59%
2019* 0.73%
GDP – composition by sector
agriculture: 9.3%
industry: 30.7%
services: 50%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015 0.7%
2016 1.3%
2017 2.9%
2018* 5.2%
2019* 2.5%

*Estimate

Inflation & Debt

Inflation 2015 0.7%
2016 1.3%
2017 2.9%
2018* 5.2%
2019* 2.5%

*Estimate
Government Bond Ratings Standard & Poor’s: BBB+

Moody’s: Baa2

Standard & Poor’s / Moody’s
Unemployment rate 2015 6.3%
2016 5.5%
2017 5.7%
2018* 5.3%
2019* 5.2%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 41.5%
2016 39%
2017 39.9%
2018* 38.9%
2019* 39.3%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015 0.6%
2016 -0.4%
2017 -0.4%
2018* -1.6%
2019* -1.1%

*Estimate

Market value of publicly traded shares 2016 USD 239.7 billion
2017 USD 290.4 billion
2018 USD 258.2 billion
Largest Companies BDO Unibank, SM Investments, Top Frontier Investment Holdings, Ayala, Metropolitan Bank & Trust, JG Summit Holdings

Import/Export

Exports as percent of GDP (Exports of goods and services) 31.7% (2018)
Shares in world total merchandising export 0.35% (2018)
Shares in world total commercial services export 0.65% (2018)
Total exports USD 88.0 billion (2018)
Export commodities Semiconductors and electronic products, machinery and transport equipment, wood manufactures, chemicals, processed food and beverages, garments, coconut oil, copper concentrates, seafood, bananas/fruits
Total imports USD 127.7 billion (2018 estimate)
Import commodities Electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Exports – major partners Japan 16.4%, US 14.6%, Hong Kong 13.7%, China 11%, Singapore 6.1%, Thailand 4.3%, Germany 4.1%, South Korea 4% (2017)
Imports – major partners China 18.1%, Japan 11.4%, South Korea 8.8%, US 7.4%, Thailand 7.1%, Indonesia 6.7%, Singapore 5.9% (2017)

Competitiveness & Trade

Current account balance USD -8.7 billion (2018 estimate)
Current account balance by percentage of GDP -2.6 % (2018 estimate)
FDI inflows 2016 USD 6,915 million
2017 USD 8,704 million
2018 USD 6,456 million
FDI Outflows 2016 USD 1,032 million
2017 USD 1,752 million
2018 USD 602 million
Value of cross-border M&A, by country of purchaser 2015 USD 1,485 million
2016 USD 415 million
2017 USD 348 million
2018 USD 1,201 million


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

​95 out of 190 countries

Subcategories:
Starting a Business: 171 out of 190 countries
Dealing with Construction Permits: 85 out of 190 countries
Getting Electricity: 32 out of 190 countries
Registering Property: 120 out of 190 countries
Getting Credit: 132 out of 190 countries
Protecting Minority Investors: 72 out of 190 countries
Paying Taxes: 95 out of 190 countries
Trading across Borders: 113 out of 190 countries
Enforcing Contracts: 152 out of 190 countries
Resolving Insolvency: 65 out of 190 countries
Global competitiveness ranking
64 out of 141 countries

(2019)
Index of Economic Freedom
Ranking: 70 / Score: 63.8 (Moderately free)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 300,000 sq km
Total Population 1990 60.94 Million
2000 77.02 Million
2010 92.6 Million
2015 101.56 Million
2020 110.04 Million
Urban population as % of total population 1960 30.3%
1980 37.5%
2000 46.1%
2018 46.9%
Population median age 23.7 years
Population growth rate 1.55% (2018 estimate)
Life expectancy 69.6 years (2018 estimate)
% of population living on less than $3.10 a day 26% (last available estimate, 2015)
Inequality of wealth distribution (Gini index) 44.4 (last available estimate, 2015)​
Freedom House rating Partly Free
Political Rights: 3
Civil Liberties: 3 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed: 4%

Mobile: 110.1%

(2017)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 60.05 % (2017)

Language & Religon

Languages Albanian 98.8% (official – derived from Tosk dialect), Greek 0.5%, other 0.6% (including Macedonian, Romani, Vlach, Turkish, Italian, and Serbo-Croatian), unspecified 0.1% (2011 est.)

CIA World Factbook / Languages
Literacy Total population: 38.2%
Male: 52%
Female: 24.2%
Definition: age 15 and over can read and write (2015 est.)

(age 15 and over can read and write)
Religions Muslim 56.7%, Roman Catholic 10%, Orthodox 6.8%, atheist 2.5%, Bektashi (a Sufi order) 2.1%, other 5.7%, unspecified 16.2% (2011 est.)

CIA World Factbook / Religions

World Rankings

Population 110.04 million
Mercer Cost of living index Manila: 109th (2019)
C02 Emissions per capita 1.05 metric tons per capita (2014)

Global Finance Rankings & Awards: The Philippines

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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