Philippines: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Lower Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities). |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2021): China, Japan, and United States |
| Top Industries Source: CIA World Factbook | Electronics Assembly; Garments; Footwear; Pharmaceuticals |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $1,012,713,767,557 (2021) |
| GDP Growth Rate (annual %) | 5.703% (2021) |
| GDP Per Capita, PPP (current international) | $8,893 (2021) |
GDP Country Rank 29/197 (2021)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 3.927% (2021) |
| External debt stocks, total (DOD, current US$) | $106,427,962,610 (2021) |
| Total tax rate (% of commercial profits) | 43.1% (2019) |
| Real Interest Rate (5 year average %) | 6.354% (2019) |
| Manufacturing, value added (% of GDP) | 17.637% (2021) |
| Current Account Balance (BoP, current US$) | ($6,008,802,646) (2021) |
Labor and Employment [1]
| Labor Force, Total | 44,242,102 (2021) |
| Employment in Agriculture (% of total employment) | 22.519% (2020) |
| Employment in Industry (% of total employment) | 19.847% (2020) |
| Employment in Services (% of total employment) | 57.635% (2020) |
| Unemployment Rate | 2.406% (2021) |
Trade [1]
| Imports of goods and services (current US$) | $148,804,215,460 (2021) |
| Exports of goods and services (current US$) | $101,446,840,165 (2021) |
| Total Merchandise Trade (% of GDP) | 50.498% (2021) |
| FDI, net inflows (BoP, current US$) | $10,518,036,731 (2021) |
| Commercial Service Exports (current US$) | $33,541,391,475 (2021) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Philippines’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.