Economy of the Philippines


Bangko Sentral ng Pilipinas

The Philippine economy has an estimated nominal gross domestic product of US$250 billion, the 40th largest economy in the world. When adjusted for purchasing price parity, GDP is estimated at US$424 billion, the 31st largest. A newly industrialized country, the Philippines is transitioning from an agricultural economy to one based more on manufacturing and services.

Fast growth characteristic of a developing country was seen in the years after World War II but slowed and even reversed in the 1980s as political instability borne from authoritarian rule eventually surfaced and unravelled the Marcos regime. Despite initial enthusiasm with the return of democracy, a debilitating power crisis soon engulfed the country, a manifestation of poor planning and underinvestment in infrastructure. Recovery was slow thereafter with growth lagging regional peers. The pace of growth has become more consistent in recent years. This is in part due to the development of a vibrant business process outsourcing (BPO) service sector. The country is also aiming to generate more revenue from tourism an industry it which the country's lags those of neighbors. Favorable demographics support a promising future outlook.

Economic Growth Trend
YearGDP
(constant 2000 US$)
GDP growth
(annual %)
GDP per capita
(constant 2000 US$)
GDP per capita growth
(annual %)
GDP per capita, PPP
(current international $)
196017990832236.722 691.681  
196119001301598.8345.617706.5512.150 
196219908256877.0264.773716.1071.352 
196321313876850.5397.060741.9423.608 
196422048562380.1393.447743.2720.179 
196523209597885.2265.266758.3312.026 
196624236853336.2644.426768.1781.299 
196725527259808.1845.324785.4102.243 
196826789689528.5284.945800.5561.929 
196928037113536.6634.656813.9681.675 
197029092600073.3823.765820.6340.819 
197130671930088.8475.429840.6702.442 
197232342566048.0915.447861.4202.468 
197335227732137.8608.921911.8405.853 
197436481175386.4863.558917.7810.652 
197538511270214.4605.565941.7612.613 
197641902815507.7498.807996.1575.776 
197744250234521.0205.6021022.7632.671 
197846538902355.9815.1721045.8762.260 
197949163545543.9565.6401074.3022.718 
198051694932893.3455.1491098.3982.2431349.740
198153464589597.5603.4231104.6610.5701484.659
198255399648248.2123.6191113.1750.7711587.256
198356438179177.9151.8751103.020-0.9121634.989
198452304826077.695-7.324994.458-9.8421529.431
198548483117034.421-7.307896.958-9.8041421.608
198650139679839.8423.417902.8140.6531462.884
198752301519734.3274.312916.8221.5521529.109
198855833203119.6006.753953.2393.9721645.211
198959297827079.1266.205986.6183.5021766.920
199061098682100.2503.037991.4000.4851842.823
199160745327250.045-0.578961.969-2.9691848.882
199260950405316.8980.338942.641-2.0091849.894
199362240303120.6082.116940.557-0.2211886.273
199464971173186.5354.388959.6492.0301963.746
199568010974412.2864.679982.0322.3322056.299
199671986809923.3325.8461016.3123.4912165.761
199775719586807.8095.1851045.4592.8682270.822
199875282895149.123-0.5771016.775-2.7442239.545
199977603058843.2643.0821025.5520.8632291.997
200081026294681.2444.4111048.0712.1962393.007
200183371189499.7552.8941055.8070.7382465.324
200286410818146.8533.6461071.6901.5042543.047
200390705750112.1174.9701102.2162.8482670.577
200496780891472.2476.6981153.0224.6092872.219
2005101404756761.1254.7781185.3772.8063050.827
2006106721360538.8345.2431225.0453.3463254.634
2007113782759189.1436.6171283.4674.7693508.703
2008118507880851.9594.1531314.2262.3973672.239
2009119868742884.6771.1481307.140-0.5393691.280
2010129017441693.5367.6321383.4055.8353951.665
2011133814916391.0993.7181410.7751.9784139.915
2012142902579769.1786.5911491.6765.7354429.589

Chart of some metrics comparing Philippine income relative to the United States (base year 2000 for current prices).

Year GDP
in billions of PHP
(current prices)
PHP:US$ Implied PPP
PHP:US$
(current)
GDP per capita
as % of US
(current prices)
GDP per capita
as % of US
(PPP)
1980 270.062 7.51 4.191 6.07 10.89
1985 633.62 18.61 8.13 3.52 8.06
1990 1190.51 24.31 10.338 3.43 8.07
1995 2111.71 25.71 14.587 4.31 7.60
2000 3580.71 44.19 19.096 2.99 6.93
2005 5677.75 55.09 21.755 2.84 7.18
2006 6271.16 51.31 22.117 3.14 7.26
2007 6892.72 46.15 22.158 3.62 7.55
2008 7720.91 44.47 23.314 4.09 7.80
2009 8026.14 47.64 23.71 4.03 8.10
2010 9003.48 45.11 24.43 4.53 8.36
2011 9734.78 45.66 24.935 4.60 8.42
2012 10568.40 42.20 24.905 5.24 8.87

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