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| Philippines |
| Economic
Overview |
In 1998 the Philippine
economy a mixture of agriculture, light industry and supporting
services deteriorated as a result of the spillover from the
Asian financial crisis and poor weather conditions. Growth fell
to 0.6% in 1998 from 5% in 1997, but recovered to about 3.4%
in 1999, 4% in 2000 and 3.4% in 2001. The Philippines recorded
a GDP of about 4.6% in 2002 but incurred a budget deficit as
well. As a result the Philippines is burdened with a public
sector debt equal to more than 100% of GDP. The government has
promised economic reforms including privatization, reforming
the tax system and promoting additional trade integration within
its region.
A favourable environment needs to be developed to attract foreign
direct investment, which has become crucial in the context of
the Government’s increasing fiscal deficit. Some important
laws enacted recently are Retail Trade Liberalization Act (liberalizing
foreign ownership of retail firms), the General Banking Law,
the Electronic Commerce
Act (establishing regulations far and promoting E-Commerce and
the Securities Regulation Code (enhancing capital market competitiveness).
These laws are intended to create a business environment conducive
to domestic and foreign investment. |
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| GDP (purchasing
power parity) |
US$ 356 billion (2002) |
| GDP – real growth
rate |
4.6% (2002) |
| GDP – per capita
(purchasing power parity) |
US$ 4,200 (2002) |
| GDP –
composition by sector |
Agriculture - 15%
Industry - 31%
Services - 54% |
| Inflation rate (consumer
prices) |
3.1% (2002) |
| Budget |
Revenue US$ 10.9 billion
Expenditure US$ 15 billion |
| Industries |
Textiles, pharmaceuticals, chemicals,
wood products, food processing,
electronics, assembly, fishing,
petroleum refining. |
| Industrial production
growth rate |
4% (2000) |
| Agriculture
products |
Rice, maize, coconuts, sugarcane,
bananas, abaca, pineapples, mangoes, seaweed (4th
major supplier in the world) pork, beef, eggs, fish |
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