Key Facts

GDP (ppp) per CAPITA

$3,300 (2008 est.)

Inflation Rate

9.3% (2008 est.)

Population

97,976,603 (July 2009 est.)

Country Risk Ratings

B

Ease of Doing Business

140/181

Global Competitiveness

4.09/134

Country Map

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gE Network

There are 67 members in the
gE Network for this country.

Philippines : Introduction

The Philippine Islands became a Spanish colony during the 16th century; they were ceded to the US in 1898 following the Spanish-American War. In 1935 the Philippines became a self-governing commonwealth. Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition. In 1942 the islands fell under Japanese occupation during World War II, and US forces and Filipinos fought together during 1944-45 to regain control. On 4 July 1946 the Republic of the Philippines attained its independence. The 20-year rule of Ferdinand MARCOS ended in 1986, when a "people power" movement in Manila ("EDSA 1") forced him into exile and installed Corazon AQUINO as president. Her presidency was hampered by several coup attempts, which prevented a return to full political stability and economic development. Fidel RAMOS was elected president in 1992 and his administration was marked by greater stability and progress on economic reforms. In 1992, the US closed its last military bases on the islands. Joseph ESTRADA was elected president in 1998, but was succeeded by his vice-president, Gloria MACAPAGAL-ARROYO, in January 2001 after ESTRADA's stormy impeachment trial on corruption charges broke down and another "people power" movement ("EDSA 2") demanded his resignation. MACAPAGAL-ARROYO was elected to a six-year term as president in May 2004. The Philippine Government faces threats from three terrorist groups on the US Government's Foreign Terrorist Organization list, but in 2006 and 2007 scored some major successes in capturing or killing key wanted terrorists. Decades of Muslim insurgency in the southern Philippines have led to a peace accord with one group and an ongoing cease-fire and peace talks with another.

Philippines: Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas is the central bank of the Republic of the Philippines. The bank is committed to promoting and maintaining price stability and providing leadership in the financial system. The site provides information regarding the bank itself as well as on the financial structure of the country.

Philippines: Philippine Stock Exchange

Sources:
CIA World Factbook (September 2009)
U.S. Dept. of State Country Background Notes (April 2009)