ICT, travel and tourism, transport, insurance & finance, electronics, machinery, automotive, electronics, chemicals, metals, agriculture and textiles are major industries of Philippines.
In 2020, Services industry exports was valued at USD 31.8 billion for Philippines. Electronics export accounted for USD 37.2 billion, machinery for USD 14.2 billion, vehicles for USD 1.34 billion, chemicals for USD 2.30 billion, metals for USD 3.02 billion, minerals for USD 3.34 billion, stones for USD 1.85 billion, textiles for USD 1.97 billion and agriculture for USD 7.49 billion in 2020.
Philippines, which is officially known as the Republic of the Philippines, is a sovereign island country in Southeast Asia which is situated in the western Pacific Ocean. Its capital city is Manila while its most populous city is Quezon City; both are part of Metro Manila. To its north across the Luzon Strait lies Taiwan, west across the South China Sea sits Vietnam, southwest is the island of Borneo across the Sulu Sea, and to the south the Celebes Sea which separates it from other islands of Indonesia and in the east the country is bounded by the Philippine Sea and the island-nation of Palau.
Philippines had population of 110.2 million in the year 2021 and expected to reach 119.787 million by 2027, growing at a CAGR of 1.40%.
Philippines’s real gross domestic product (GDP) was PHP 17,527.24 billion in 2020 and while recovering from the COVID-19 impact it increased by 5.30% to be around PHP 18,508.41 billion in 2021. It is further expected to increase by 6.46% and reach PHP 26,940.94 billion by 2027.
Philippines’s unemployment rate was 7.758% of total labor force in 2021. It is expected to decrease by 6.75% and reach 5.1% by 2027.
Philippines’s per capita GDP was USD 3,571.80 whereas purchasing power parity (PPP) based per capita GDP was USD 9,175.13 for the year 2021.
In 2021, Philippines government’s revenue was PHP 3,950.30 billion whereas the expenditure was PHP 5,203.52 billion. This resulted in Philippines government’s net lending / borrowing negative at PHP 1,253.22 billion in 2021 indicating that not enough financial resources were made available by the Philippines government to boost economic growth.
The current account balance for Philippines was negative at USD 6.922 billion for the year 2021 and is expected to decrease at a CAGR of 7.99% and reach negative USD 10.984 billion by 2027. This negative current account balance indicates that Philippines will remain a net borrower from the rest of the world till 2027.
*If Applicable.