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Philippines ECONOMY
Salient Features: Economy struggling under heavy
foreign debt. Approximately 50 percent of population below
poverty line; unemployment 10.3 percent in mid-1991,
underemployment estimated at nearly twice that rate. Large
overseas work force. Rapid economic growth of 1970s slowed
considerably in 1980s. Prospects for 1990s uncertain.
Gross National Product (GNP): US$41.5 billion (1990);
per capita GNP US$668 (1990).
Gross Domestic Product (GDP): Approximately US$43
billion (1990).
Resources: Ample manganese, nickel, cobalt, copper,
gold, silver, and low-grade iron ores and coal. In late 1980s,
petroleum and natural gas production provided less than half of
energy needs. Excellent potential for hydroelectric and
geothermal energy.
Industry: 33 percent of GNP and approximately 15
percent of work force in 1990. Major industries: textiles, food
processing, chemicals, pharmaceuticals, wood products, and
electronics equipment assembly.
Services: 44 percent of GNP and approximately 40
percent of work force in 1990.
Agriculture, Forestry, and Fishing: 23 percent of GNP
and slightly more than 45 percent of work force in 1990. Intense
cultivation of diminishing arable land, already in short supply.
Major crops: rice, corn, coconuts, sugarcane, pineapples, and
bananas. Rapidly declining timber resources. In 1990, 2 million
ton fish catch provided more than half of domestic protein
consumption.
Foreign Trade: Heavy importation of capital goods and
high petroleum prices along with weak export growth resulted in
large trade deficit increase.
Exports: Approximately US$8.1 billion in 1989. Major
products: clothing, electronic components, nickel, coconut
products, sugar, pineapples, bananas. Major partners: United
States, European Community, Japan.
Imports: Approximately US$12.1 billion in 1989. Major
products: fuels, lubricants, motor vehicles, consumer goods.
Major partners: United States, Japan, Economic and Social
Commission for Asia and the Pacific, European Community.
Balance of Payments: Current account deficit US$1.4
billion in 1989.
Exchange Rate: P24.96=US$1 (January 1992).
Fiscal Year: Calendar year.
Data as of June 1991
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