The economy here is the 36th largest in the world and the 3rd largest of the Association of Southeast Asian Nations (ASEAN). At its 1 October monetary policy meeting, the Central Bank of the Philippines (BSP) decided to leave the overnight reverse repurchase facility rate at a record low of 2.25%. The World’s Largest Oil Reserves By Country, Top Cotton Producing Countries In The World. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 47.3 in August to 50.1 in September. In the long-term, promoting competition to generate quality jobs will enhance the impact of growth on poverty reduction in the Philippines. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. The country’s poverty rate measured by the World Bank middle-income poverty line of US$3.20/day is estimated to have declined from 26% in 2015 to 20.8% in 2019, and further declining to 19.7% in 2020, and 18.7% in 2021. A large percentage of its exports go to the following countries: China ($20 billion), Hong Kong ($14.8 billion), the US ($13 billion), Japan ($11.4 billion), and Germany ($5.3 billion). Private consumption was the main growth driver, as growth recovered to 5.8% year-on-year in the first half of 2019 from 5.3% during the same period last year, driven by moderating inflation, steady remittance inflows, an improving job market, and an increase in economic activity from election-related spending. In 2019, its nominal gross domestic product (GDP) was $356 billion and the GDP per capita was $3,280, as per the IMF. Merchandise exports shrank 18.6% in annual terms in August, following July’s 9.1% plunge. LinkedIn The Philippine government’s expansionary fiscal policies for 2019 was put on hold as the delayed passage of the 2019 public budget impacted the pace of public spending significantly in the first half of the year, resulting in substantial underspending. The Philippines has a mixed economy with privately-owned businesses regulated by government policy. Declining inflation driven by stabilizing prices of food and energy prompted the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) to adopt a more accommodative policy stance in 2019. The Philippines is the second largest producer of coconuts. According to the Philippines Statistics Authority, of these employed individuals, 55.9% work in the services sector. Its principal exports include: integrated circuits ($32.2 billion), office machine parts ($10 billion), computers ($5.19 billion), semiconductor devices ($3.34 billion, and insulated wire ($2.42 billion). Economic growth slowed in the first half of 2019, driven by a rapid deceleration in investment growth due to contraction in public spending and weaker global economy. Remittances summed USD 2.5 billion in August (July: USD 2.8 billion), representing a 4.1% year-on-year decrease. The economy should have regained some lost ground in Q3 following Q2’s huge contraction, although momentum was likely still shaky amid lingering restrictions on activity. This country has a workforce of 64.8 million and an unemployment rate of 4.7%. Some economists suggest that the Philippines should look to expand its international relations as well, to increase its number of export partners. Poverty reduction is expected to continue based on the current economic outlook. The economy of the Philippines is the world's 36th largest economy by nominal GDP according to the 2019 estimate of the International Monetary Fund's statistics, it is the 13th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. This site uses cookies to optimize functionality and give you the best possible experience. | Philippines Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GDP, annual variation in %), Inflation Rate (CPI, annual variation in %, eop), Inflation Rate (CPI, annual variation in %), Philippines: Remittances decline year-on-year in August, Philippines: Merchandise exports drop at a quicker pace in August, collapse in imports suggests suppressed demand, Philippines: Inflation falls to lowest level since May in September, Philippines: Central Bank keeps rates unchanged in October, Philippines: Manufacturing sector stabilizes in September. Philippines Economic Outlook. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Twitter About My Cart The lack of competition in key sectors has negatively impacted Philippine firms and consumers, resulting in sub-optimal outcomes in key sectors such as electricity, telecommunications, transport and logistics. How Were The Islands In The Philippines Formed? Imports to the Philippines totaled $105 billion. Philippine markets are highly concentrated limiting market competition. Click on the button below to get started. Industry, although only providing 18.1% of employment, contributes around 33.48% of the GDP. Google+, Facebook In the short term, fast tracking the implementation of recently approved game-changing reforms would help to achieve inclusive growth. Both fiscal and monetary policy remain supportive of growth, while a weak global economic environment and a slow recovery in public investments, constitute the main downside risks. Improving labor market conditions, and sustained growth in real household incomes, led to progress in poverty reduction. The Philippines is one of the emerging markets and is the sixth richest in Southeast Asia by GDP per capita values, after the regional countries of Singapore, Brunei, Malaysia, Thailand and Indonesia. Amidst rising global uncertainties, the Philippine economy remains strong and is projected to grow 5.8% in 2019, before recovering to 6.1% and 6.2% in 2020 and 2021, respectively.

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