Economy of the Philippines
The country is rich with mineral and thermal energy resources. In 2003, it produced 1931 MW of electricity from geothermal sources (27% of total electricity production), second only to the United States,[8] and a recent discovery of natural gas reserves in the Malampaya Fields off the island of Palawan is already being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulfur. Significant deposits of clay, limestone, marble, silica, and phosphate exist. About 60% of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declines 16% to $793 million. Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.
The industry went on a rebound starting in late 2004 when the Supreme Court deemed an important law permitting 100% foreign ownership of Philippine mining companies constitutional.
The Department of Environment and Natural Resources is ill equipped to address the renewed interest in mining. There are several companies that mine under the Small Scale Mining (SSM) that should rightly be classified and taxed under the large scale mining laws. The DENR is taking some time to inform these companies that they are violating the SSM laws by mining more than 50,000 tons of ore per year.
The DENR has yet to approve the revised Department Administrative Order (DAO) that will provide the Implementing Rules and Regulations of the Financial and Technical Assistance Agreement (FTAA), the specific part of the 1994 Mining Act that allows 100% foreign ownership of Philippine mines. The current DAO 99-56 is deficient because it is confusing and open to abuse.
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Transportation
Transport of people, goods and services in the country is done mostly by motorized vehicles, boats and planes. Land transportation vehicles are imported, except for the jeepney and tricycle which are locally made.
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Statistics
- GDP: purchasing power parity - $298.9 billion (2007 est.)
- GDP - real growth rate: 7.3 % (2007)[9]
- GDP - per capita: purchasing power parity - $5,700(2007 est.)
- GDP - composition by sector:
- agriculture: 14.1%
- industry: 32.3%
- services: 54.6% (2007 est.)
- Population below poverty line: 30% (2003 est.)
- Household income or consumption by percentage share:
- lowest 10%: 2.4%
- highest 10%: 31.2% (2006)
- Inflation rate (consumer prices): 2.8% (2007)
- Labor force: 35.79 million (2006), 41.93 million (2007)
- Labor force by occupation: (2007 est.)
- agriculture 35%
- industry 15%
- services 50% (2007 est.)
- Unemployment rate:7.3% (2007 est.)
- Budget:
- revenues: $23.96 billion
- expenditures: $25.24 billion (2007 est.)
- Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
- Industrial production growth rate: 7% (2007 est.)
- Electricity - production: 53.67 billion kWh (2005)
- Electricity - consumption: 46.86 billion kWh (2005)
- Electricity - exports: 0 kWh (2001)
- Electricity - imports: 0 kWh (2001)
- Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
- Exports: $48.38 billion f.o.b. (2007 est.)
- Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
- Exports - partners: US 18.3%, Japan 16.5%, Netherlands 10.1%, China 9.8%, Hong Kong 7.8%, Singapore 7.3%, Malaysia 5.6%, Taiwan 4.3% (2006)
- Imports: $53.96 billion f.o.b. (2007 est.)
- Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
- Imports - partners: US 16.3%, Japan 13.6%, Singapore 8.5%, Taiwan 8%, China 7.1%, South Korea 6.2%, Saudi Arabia 5.8%, Malaysia 4.1%, Thailand 4.1%, Hong Kong 4% (2006)
- Debt - external: $62.84 billion (31 December 2007 est.)
- Economic aid - recipient: ODA, $451.4 million in commitments (2006)
- Currency: 1 Philippine peso (P) = 100 centavos
- Exchange rates: Philippine pesos per US dollar - 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004), 54.203 (2003)
- Fiscal year: Calendar year
Most statistics sourced from World Factbook - Philippines.
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See also
- Department of Trade and Industry
- Philippine Stock Exchange
- Next Eleven
- Newly industrialized countries
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References
- ^ JAMES HOOKWAY, Wall Street Journal, August 31, 2007; Page A1
- ^ Abs-Cbn Interactive, RP 2007 GDP grows 7.3%; fastest in 31 yrs
- ^ Report for Selected Countries and Subjects (Philippines), International Monetary Fund, <http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcoutm.cfm?SD=1980&ED=2007&R1=1&R2=1&CS=3&SS=2&OS=C&DD=0&OUT=1&C=566&S=NGDP_RPCH-NGDP-NGDPD-NGDPPC-NGDPDPC-PPPWGT-PPPSH-PPPEX&CMP=0&x=85&y=17>. Retrieved on 2007-12-11
- ^ Rough Rice Production by country and geographical region 1961-2004 (PDF). International Rice Research Institute. Retrieved on 2006-08-27.
- ^ Justin Oslowski (March 25, 2003), Automotive Growth in the Philippines, Industry Canada, <http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html>. Retrieved on 2007-12-11
- ^ The positive outlook to the Philippines, philnews.com, <http://www.philnews.com/2005/ma.html>. Retrieved on 2007-12-11
- ^ About Lexmark International (Philippines), Lexmark, <http://www.lexmark.com/uncomplicate/sequentialem/home/0,7070,239619618_279723754_0_en,00.html>. Retrieved on 2008-11-02
- ^ Geothermal Energy Systems, ResLab, Australia, <http://reslab.com.au/resfiles/geo/text.html>. Retrieved on 2007-12-11 (from internet archive)
- ^ Economy grew 7.3% in 2007, fastest in 31 years, Philippine Daily Inquirer, January 1, 2008, <http://business.inquirer.net/money/topstories/view/20080131-115909/Economy-expands-73-in-2007-fastest-pace-in-31-years>. Retrieved on 18 March 2008
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External links
- State of the Philippine Islands A book written by a Spaniard during the early 1800s that studies the economic conditions of the Philippines which was then, a colony of Spain. An online book published by Filipiniana.net.
- Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
- National Statistical Coordination Board
- National Statistics Office
- Department of Trade and Industry
- Philippine Stock Exchange
- National Federation of Sugarcane Planters
- Department of Tourism
- Philippines Business Brokers
- Union Bank of the Philippines
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