In the Philippines, the 3 largest economic sectors are industry, service, and agriculture, in terms of contribution to GDP.

In past years, the service sector has exhibited continuous growth. Agriculture, although still substantial, continues to decline. Estimates from 1997 reveal that agriculture contributed 20 percent to GDP, industry contributed 32 percent, and services dominated the economy with 48 percent of GDP. In 1999 the rate of growth of the GDP stood at 3.2 percent. Economists blamed the sluggish growth on the lackluster performance of the industry sector, which grew by 0.5 percent. With the end of the dry spell brought about by El Nio weather conditions, the agriculture sector's performance rebounded and grew 6.6 percent, the highest rate in decades. Services grew by 3.9 percent that year because of the strong performance in retail . Maximum economic growth for 1999 and 2000 was slowed by successive political crises in the Estrada administration that caused foreign and international lending agencies to lose confidence. In 2000 GDP posted a 3.9 percent positive growth rate, with industry growing 4 times faster than it did in 1999. Services continued its strong performance, with a 4.4 percent increase over its 1999 figures.

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The Economy of the Philippines is the 40th largest in the world, according to 2012 International Monetary Fund statistics and it is also one of the emerging markets in the world.[26] The Philippines is considered as a newly industrialized country, it has been transitioning from one based on agriculture to one based more on services and manufacturing. According to the CIA Factbook, the estimated 2012 GDP (purchasing power parity) was 424.355 billion.[6] Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world, Goldman Sachs also included the Philippines in its list of the Next Eleven economies. According to HSBC, the Philippine economy will become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the Southeast Asian region by 2050.[27] Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, Malaysia and Thailand.

Macroeconomic trends

See also: Economy of Asia, Economic history of the Philippines (19731986), Post-EDSA macroeconomic history of the Philippines, and Economic Crisis and Response in the Philippines The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2011 reported it as the 45th largest economy in the world. However its growth has been behind that of many of its Asian neighbors, the so-called Asian Tigers, nor is it a part of the Group of 20 nations. Instead it is often grouped in a second tier of emerging markets or of newly industrialized countries. Depending upon the analyst, this second tier can go by the name the Next Eleven or the Tiger Cub Economies. In the year 2012 and 2013, the Philippines had posted high GDP growth rates such as 6.8% in 2012 and 7.8% in the first quarter of 2013,[28][29] making it the highest GDP growth rate in Asia for the first quarter of 2013, followed by China and Indonesia.[30] A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[31][32]
GDP GDP growth in percent in PHP Billion Year (constant prices, base year (current = 2000) prices) 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 5.15 3.42 3.62 1.88 -7.32 -7.31 3.42 4.31 6.75 6.21 3.04 270.1 312.0 351.4 408.9 581.1 633.6 674.6 756.5 885.5 1025.3 1190.5 GDP in USD Billion (current prices) 35.9 39.5 41.1 36.8 34.8 34.1 33.1 36.8 42.0 47.3 48.9 GDP per capita in USD (current prices) 744 797 810 707 652 623 591 641 715 786 796 GDP in USD Billion (PPP) 64.4 72.9 80.1 84.9 81.6 77.9 82.4 88.4 97.6 107.6 115.2 GDP per capita in USD (PPP) 1334 1471 1578 1630 1530 1426 1471 1540 1663 1791 1873 Peso vs Dollar Exchange Rate 7.51 7.90 8.54 11.11 16.70 18.61 20.39 20.57 21.09 21.70 24.33

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012[5]

-0.58 0.34 2.12 4.39 4.68 5.85 5.19 -0.58 3.08 4.41 2.89 3.65 4.97 6.70 4.78 5.24 6.62 4.15 1.15 7.63 3.72 6.8

1379.9 1497.5 1633.6 1875.7 2111.7 2406.4 2688.7 2952.8 3244.2 3580.7 3888.8 4198.3 4548.1 5120.4 5677.8 6271.2 6892.7 7720.9 8026.1 9003.5 9734.8 10568.4

50.2 58.7 60.2 71.0 83.7 93.5 92.8 73.8 83.0 81.0 76.3 81.4 83.9 91.4 103.1 122.2 149.4 173.6 168.5 199.6 224.75 257.51

797 912 914 1052 1224 1336 1297 1009 1110 1053 971 1014 1025 1093 1209 1405 1684 1919 1827 2123 2345 2701

118.6 121.8 127.1 135.5 144.8 156.1 167.1 168.1 175.8 187.5 197.3 207.8 222.7 242.7 261.0 283.5 311.1 331.2 338.5 368.5 391.1 424.3

1882 1891 1929 2007 2118 2232 2336 2297 2352 2437 2511 2591 2720 2905 3061 3260 3507 3661 3670 3920 4080 4430

27.48 25.51 27.12 26.42 25.24 24.74 28.98 40.02 39.09 44.19 50.99 51.60 54.20 56.04 55.09 51.31 46.15 44.47 47.64 45.11 43.31 41.04

GDP growth at constant 1985 prices in Philippine pesos:[31][33][34]

Year GDP growth % Year GDP growth % Year GDP growth % Year GDP growth %

1970 4.6 1980 5.149 1990 3.037 2000 2001

1971 4.9 1981 3.423 1991 -0.578 2002

1972 4.8 1982 3.619 1992 0.338 2003

1973 9.2 1983 1.875 1993 2.116 2004

1974 5 1984 -7.324 1994 4.388 2006

1975 6.4 1985 -7.307 1995 4.679 2007

1976 8 1986 3.417 1996 5.846 2008

1977 5.6 1987 4.312 1997 5.185 2009

1978 5.2 1988 6.753 1998 -0.577

1979 5.6 1989 6.205 1999 3.082

2005

2010 2011 2012 3.6 6.8

4.411 2.894 3.646 4.970 6.698 4.778 5.243 7.117 4.153 1.148 7.632

Composition by sector
As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy.[citation needed] Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations. Filipinos who go aboard to work-known as Overseas Filipino Workers or OFWsare a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.[35] Agriculture

Pineapples on a fruit stand in Cagayan de Oro.

See also: Coconut production in the Philippines, Coffee production in the Philippines, Rice production in the Philippines, and Sugar industry of the Philippines

Sacks of raw sugar in the Philippines The agriculture sector makes up 12% of the GDP and employs 33% of the workforce. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus, such as major multinational corporations like Dole Food Company and Del Monte Foods. The Philippines is the world's largest producer of coconuts producing 19,500,000 tons in 2009. Coconut production in the Philippines is generally concentrated in medium-sized farms.[36] By 1995, the production of coconut in the Philippines had experienced a 6.5% annual growth and later surpassed Indonesia in total output in the world.[37] The Philippines is also the world's largest producer of pineapples, producing 2,198 thousand metric tons in 2009.[38] Rice production in the Philippines is important to the food supply in the country and economy. The country is the 8th largest rice producer in the world, accounting for 2.8% of global rice production.[39] However, the country is also the world's largest rice importer in 2010.[40] Rice is the most important food crop, a staple food in most of the country. It is produced extensively in Luzon, the Western Visayas, Southern Mindanao, and Central Mindanao. The Philippines is also one of the largest producer of sugar in the world according to Food and Agriculture Organization of the United Nations Statistics Division.[41] At least 17 provinces located in 8 regions of the country have grown sugarcane crops, of which Negros island accounts for half of the countrys total production. As of Crop Year 2012-2013, 29 mills are operational divided as follows: 6 mills in Luzon, 13 mills in Negros, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.[42] A range from 360,000 to 390,000 hectares are devoted to sugarcane production. The largest sugarcane areas are found in Negros which accounts for 51% of sugarcane areas planted. This is followed by Mindanao which accounts for 20%; Luzon, 17%; Panay islands, 7% and Eastern Visayas, 4%.[43] Shipbuilding and repair The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas.[44][45] It became the fourth largest shipbuilding nation in 2010.[46][47] Subic-made cargo vessels are now exported to countries where shipping operators are based. South

Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.[48] The countrys shipyards are now building ships like bulk carriers, container ships and big passenger ferries. General Santos' shipyard is mainly for ship repair and maintenance.[49] Being surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. On top of the current operating shipyards, two additional shipyards in Misamis Oriental and Cagayan province are being expanded to support future locators. It has a vast manpower pool of 60,000 certified welders that comprise the bulk of workers in shipbuilding. In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.[50] Automotive The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford,[51] Toyota,[52] Mitsubishi, Nissan and Honda are the most prominent automakers manufacturing cars in the country.[citation needed] Kia and Suzuki produce small cars in the country. Isuzu also produces SUVs in the country. Honda and Suzuki produce motorcycles in the country. A 2003 Canadian market research report predicted that further investments in this sector were expected to grow in the following years. Toyota sells the most vehicles in the country.[53] By 2011, China's Chery Automobile company is going to build their assembly plant in Laguna, that will serve and export cars to other countries in the region if monthly sales would reach 1,000 units.[54] Automotive sales in the Philippines moved up from 165,056 units in 2011 to over 180,000 in 2012. Japans automotive manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines.[55] Aerospace Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio in the Cordillera region. The company produces aircraft actuators in their manufacturing facility. In 2011, the total export output of aerospace products in the Philippines reached US $3 billion.[56] Electronics A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[57] Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world.[58] Until 2005, Toshiba laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of hard disk drives. Printer manufacturer Lexmark has a factory in Mactan in the Cebu region.

Mining and extraction

Geothermal power station in Negros Oriental. The country is rich with mineral and geothermal energy resources. In 2003, it produced 1931 MW of electricity from geothermal sources (27% of total electricity production), second only to the United States,[59] and a recent discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is already being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist. About 60% of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declined 16% to $793 million.[citation needed] Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.[citation needed] The industry rebounded starting in late 2004 when the Supreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.[citation needed] However, the DENR has yet to approve the revised Department Administrative Order (DAO) that will provide the Implementing Rules and Regulations of the Financial and Technical Assistance Agreement (FTAA), the specific part of the 1994 Mining Act that allows 100% foreign ownership of Philippines mines.[citation needed] Offshoring and outsourcing

Cebu IT Park in Cebu

A business process outsourcing office in Bacolod Main articles: Business process outsourcing in the Philippines and Call center industry in the Philippines According to an IBM Global Location Trends Annual Report, as of December 2010 the Philippines has surpassed India as the world leader in business process outsourcing.[60][61] The majority of the top ten BPO firms of the United States operate in the Philippines.[citation needed] Total jobs in the industry grew to 100,000 and total revenues were placed at $960 million for 2005. In 2012, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class. BPO facilities are located mainly in Metro Manila and Cebu City although other regional areas such as Baguio, Bacolod, Cagayan de Oro, Clark Freeport Zone, Dagupan, Davao City, Legazpi, Dumaguete, Lipa, Iloilo City, and CamSur are now being promoted and developed for BPO operations. Call centers began in the Philippines as plain providers of email response and managing services and is now a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business to business support. Business process outsourcing (BPO) is regarded as one of the fastest growing industries in the world. The Philippines is also considered as location of choice due to its less expensive operational and labor costs and high proficiency in spoken English and highly educated labor pool. In 2011, the business process outsourcing industry in the Philippines generated 700 thousand jobs[62] and some US$11 billion in revenue,[63] 24 percent higher than 2010. By 2016, the industry is projected to reach US$27.4 billion in revenue with employment generation to almost double at 1.3 million workers.[64] BPOs and the call center industry in general is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as Fitch and S&P.[65]

Regional Accounts
Gross Regional Domestic Product (GRDP) is GDP measured at regional levels.

Region

GRDP (in billion PHP) 3,479.905 210.079 293.918 167.492 882.806 1,644.843 176.176 206.619 395.417 601.880 242.594 200.883

Agriculture (in billion PHP) 17.891

% of Industry (in % of Services (in % of GRDP billion PHP) GRDP billion PHP) GRDP 0.51 591.035 16.98 116.522 55.47 79.448 27.03 17.805 10.63 373.250 42.28 1,015.501 61.74 65.135 36.97 44.855 21.71 66.238 16.75 213.968 35.55 104.207 42.96 51.762 25.77

per capita GRDP

Metro Manila Cordillera Ilocos Cagayan Valley Central Luzon CALABARZON MIMAROPA Bicol Western Visayas Central Visayas Eastern Visayas Zamboanga Peninsula Northern Mindanao Davao Region SOCCSKSARGEN Caraga Muslim Mindanao Total

2,870.979 82.50 288,062 72.474 34.50 127,614 139.372 47.42 77.919 46.52 363.580 41.18 61,076 51,100 85,186

21.082 10.04 75.097 25.55 71.769 42.85 145.975 16.54 108.940 6.62

520.401 31.64 126,589 63.013 35.77 104.036 50.35 213.565 54.01 336.023 55.83 79.952 32.96 82.915 41.28 62,995 37,526 54,870 86,880 58,335 57,815

48.028 27.26 57.728 27.94 115.613 29.24 51.890 8.62

58.434 24.09 66.206 32.96

467.100 408.450 261.548 99.037 86.048 9,735.521

115.283 31.40 104.792 25.66 97.932 37.44 30.248 27.56 58.287 67.74 1,245.196 12.79

102.251 27.85 112.821 27.62 71.445 27.32 26.583 24.22 3.641 4.23

149.566 40.74 190.837 46.72 97.171 35.24 52.934 48.22 24.120 28.03

93,628 89,552 62,080 44,472 26,004

3,056.468 31.40

5,433.857 55.81 103,366

Note: Green-colored cells indicate higher value or best performance in index, while yellow-colored cells indicate the opposite.

Economic indicators and international rankings

Further information: Philippine investment climate Organization Title Gross Domestic Product (PPP) Gross Domestic Product (nominal) GDP per Capita (PPP) GDP per Capita (nominal) Foreign Reserves Population Area Population Density Life Expectancy As of 2012 Change from previous ( 1) Ranking

International Monetary Fund

31st[66]

International Monetary Fund International Monetary Fund International Monetary Fund International Monetary Fund United Nations United Nations United Nations Central Intelligence Agency

2012 2011 2011 2012 2012 2012 2010 2011

3) ( )

40th[67] 126th[68] 124th[69] 25th[70]

1)

( ) ( )

12th[71] 73rd[72] 45th[73] 133rd out of 221st[74] 84th out of 182nd[75] 46th[76]

United Nations The World Factbook World Tourism Organization United Nations World Economic Forum Fraser Institute

Literacy Rate External Debt Tourist Arrival

2011 2010 2010 ( ( ( ( 1) 1) 10) 16)

52 out of 198[77] 112 out of 187[78] 65 out of 144[79] 61 out of 144[80]

Human Development Index 2011 Global Competitiveness Economic Freedom of the World 2012 2012

Organization World Economic Forum World Economic Forum

Title Global Gender Gap Report Travel and Tourism Competitiveness Global Enabling Trade Report Ease of Doing Business Corruption Perceptions Index

As of 2011 2011

Change from previous ( 1)

Ranking 8 out of 135[81] 94 out of 139[82]

World Economic Forum

2012

20)

72 out of 132[83] 138 out of 183[84] 105 out of 176[85] 97 out of 177[86] 133 out of 158[87] 140 out of 178[88] 44 out of 60[89]

World Bank

2013

2)

Transparency International Heritage Foundation/The Wall Street Journal The Economist Intelligence Unit

2012

24)

Index of Economic Freedom 2013

10)

Global Peace Index

2012

3)

Reporters Without Borders World Economic Forum

Press Freedom Index

2011

16)

Financial Development Index 2011

Statistics
Further information: Income inequality in the Philippines and Poverty in the Philippines

Percentage of population in 2007 living below poverty line, by province. Provinces with darker shades have more people living below the poverty line. Economic growth[90][91][92] Year 1999 2000 2001 2002 2003 % GDP % GNI 3.1 4.4 2.9 3.6 5.0 2.7 7.7 3.6 4.1 8.5

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1

6.7 4.8 5.2 7.1 4.2 1.1 7.6 3.7 6.8 7.8

7.1 7.0 5.0 6.2 5.0 6.1 8.2 2.6 5.8 7.1

* Computed at Constant 2000 Prices

** Source: NEDA and NSCB

Filipino exports in 2006

Graphical depiction of Philippines' product exports in 28 color-coded categories. Most of the following statistics are sourced from the International Monetary Fund - Philippines (as of 2012; figures are in US dollars unless otherwise indicated).

GDP - purchasing power parity: $416.721 billion (2012est.) GDP - real growth rate: 6.6% (2012) GDP per capita purchasing power parity: $4,263.689 (2012 est. in 2012 US dollars) GDP nominal: $240.664 Billion (2012)[93] GDP per capita: $2,462.354 (2012 est.)[94] GDP - composition by sector: agriculture: 12.3% industry: 33.3% services: 54.4% (2011 est.)[6]

Population below poverty line:[6] 32.9% (2006 est.)[6] Household income or consumption by percentage share: lowest 10%: 2.4% highest 10%: 31.2% (2006)[6]

Inflation rate (consumer prices): 5.3% (2011 est.),[6] 3.5% (September 2010)[95] Labor force: 39.81 million (2011 est.)[6] Labor force by occupation: agriculture 33% industry 15% services 52% (2011 est.)[6]

Unemployment rate: 7.2% (April 2011)[11]

Budget: revenues: $31.99 billion (2011 est.)[6] expenditures: $36.71 billion (2011 est.)[6]

Foreign Reserves: US$81.90 billion (September 2012)[96] Industries: electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing Industrial production growth rate: 12.1% (2010 est.)[6] Electricity - production: 59.19 billion kWh (2009 est.)[6] Electricity - consumption: 54.4 billion kWh (2009 est.)[6] Electricity - exports: 0 kWh (2007)[6] Electricity - imports: 0 kWh (2007)[6] Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish[6] Exports: $54.17 billion (2011 est.); $69.46 billion (2010 est.)[6][97] Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[6] Exports - partners: China 19%, United States 13.4%, Singapore 13.2%, Japan 12.8%, Hong Kong 7.6%, Germany 4.2%, South Korea 4.1% (2010)[6] Imports: $68.84 billion (2011 est.)[6] Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[6] Imports - partners: Japan 14.1%, China 13.6%, United States 9.9%, Singapore 9.3%, Thailand 6.5%, South Korea 5.6%, Indonesia 4.1% (2010)[6] Debt - external: $62.41 billion (31 December 2011 est.)[6] Currency: 1 Philippine peso () = 100 centavos Exchange rates: Philippine pesos (PHP) per US dollar - 43.44 (2011), 45.11 (2010), 47.68 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006),[6] 55.086 (2005[citation needed])

Government budget
Main article: Fiscal policy of the Philippines The national government budget for 2012 has set the following budget allocations:[98] Noticeably enough, the Department of Science & Technology[99] is not reflected in the chart below which underlines the Philippine government's need to invest more on education, particularly in the sciences and engineering fields to solidify its current growth momentum.[100] Budget Allocation Department of Education Department of Public Works and Highways Millions of Pesos Millions of US Dollars (PHP) (USD) 238,800 126,400 $5,513.7 2,918.5 % 13.15 6.96

Department of National Defense Department of Interior and Local Government Department of Agriculture Department of Social Welfare and Development Department of Health

108,100 99,800 61,400 48,800 45,800

2,496.0 2,304.3 1,417.7 1,126.8 1,057.5 801.2 595.7 544.9 404.1

5.95 5.50 3.38 2.69 2.52 1.91 1.42 1.30 0.96

Department of Transportation and Communications 34,700 State Universities and Colleges Department of Finance 25,800 23,600

Department of Environment and Natural Resources 17,500

Manila (Philippine Daily Inquirer/ANN) - The Philippines became the fastest-growing economy among Asian countries during the first quarter of the year, with a better-than-expected growth rate of 7.8 per cent, boosting the country's efforts to attract more foreign investments. Driven by strong manufacturing and construction sectors, the first-quarter growth was the highest since President Benigno Aquino III took office in 2010, Jose Ramon G. Albert, secretary general of the National Statistical Coordination Board, said Thursday. Aquino's allies won majorities in both houses of Congress in midterm elections early this month, making it possible for him to proceed with his legislative agenda in his remaining three years in power. "Business confidence and consumer optimism fuelled this growth, [erasing] doubts cast on the 2012 figures that [they were] due to base effects only," said Socioeconomic Planning Secretary Arsenio M. Balisacan. Helped by increases in government and consumer spending, the year-on-year growth exceeded public and private forecasts, outpacing China (7.7 per cent), Indonesia (6 per cent), Thailand (5.3 per cent) and Vietnam (4.9 per cent). The Palace raved about the unexpected growth, but said it needed to be sustained to enable the masses to benefit from economic improvements. Trickle-down effect The trickle-down effect does not happen overnight, said deputy presidential spokesperson Abigail Valte.

"There is no one-to-one correspondence. It takes some time, which is why the goal of the administration is to sustain the growth," she said. "We are getting there. While it's a work in progress, we have to make direct interventions," she added, referring to conditional cash handouts to 3.9 million of the country's poorest households. Balisacan said the first-quarter growth was the second-fastest growth rate for the Philippines since the 8.9-per cent growth in the first quarter of 2010. The growth of the gross domestic product (GDP), the value of all goods and services produced by the economy in a given period, surprised even the government's own economic managers. Balisacan, also director of the National Economic and Development Authority (Neda), said the growth from 6.5 per cent in the first quarter of 2012 was widely unexpected, beating market forecasts that settled at 6 per cent. He said the 7.8-per cent growth rate beat even his own forecast. "But please note that I was the most optimistic of all," he said, spurring a flurry of tweets and retweets. "I said, 'Wow,' when I saw the number. That was the reaction, I think, of everybody who saw the number," Trade Secretary Gregory Domingo said in a text message. "It was significantly higher than expected given the weakness in exports, but it just goes to show the strength in other areas. Manufacturing showed its leadership, with almost 10 per cent growth, which is a very big accomplishment," Domingo said. Economist Cid L. Terosa of the University of Asia and the Pacific said by text message that his own calculation of the GDP growth was about 6.6 per cent to 7 per cent. "Election spending and consumption contributed a lot to the spectacular first-quarter growth. To sustain it, consumption spending must be supported by strong investment spending, trade performance and sustained remittance inflows," Terosa said. Sergio R. Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc., said the growth was surprising given the weak exports market, but he added that election spending might have had some impact, even small. Local business Encouraging local businesses and local industries like mining would help the country sustain a 7-per cent to 8-per cent growth for the next 10 or so years, and this could curb poverty, Ortiz-Luis said.

The Manila Business Club attributed the strong first-quarter performance of the economy to the "sound macroeconomic foundations of the country, the capable leadership of our economic managers, and the steadily growing confidence of investors in the economy." With the robust first-quarter growth, the club said the country was on track to achieve its 6 per cent to 7 per cent full-year economic growth target for 2013. Melito S. Salazar, president of the Management Association of the Philippines, credited recent reforms for the high growth rate. "With the recent election results, we are confident that more reforms will be introduced and previous reforms will be sustained, so higher growth is expected," Salazar said. Broad-based output The Neda said in a statement that the development on the production side was broad-based, with all sectors contributing positively to growth during the first quarter. The Neda said services expanded 7 per cent during the period; industry, 10.9 per cent; and agriculture, 3.3 per cent. "[The] impressive performance of these sectors prove that the country is already reaping the benefits of strengthening priority sectors that are potential growth drivers and employment generators," Balisacan said. He noted that under agriculture, which grew by 3.3 per cent, fisheries showed a huge increase of 5.5 per cent after previous quarters of contraction. "This shows that sustainable management in fisheries is also an effective growth strategy," he said. Increased domestic demand pushed manufacturing growth to 9.7 per cent in the first quarter, Balisacan said. He described as "stirring" the 32.5-per cent growth of construction, indicating, he said, "good positioning toward an industry-led economy." "Initially, this was led by infrastructure spending of the government. By the second half of 2012, private construction started to rebound," he said. Exports contract Exports contracted in the first quarter, primarily because of a decrease in foreign demand for electronic components. Analysts see the Philippines facing export headwinds as global growth shows signs of an extended slowdown.

But Finance Secretary caesar V. Purisima spoke Thursday of "signs of global recovery" and expectations of an increase in exports. "With the coming finalisation of rules governing the mining sector, we expect to unlock another highly potent growth driver," Purisima said. He said the government's strong cash position, arising from a robust growth in revenue collection, resulted in a 45.6-per cent expansion in public construction and 13.2 per cent in overall state spending. "Coupled with the country's first investment-grade rating by a major ratings agency, we can say with much pride that good governance is good economics," Purisima said. Budget Secretary Florencio B. Abad issued a statement saying the growth in manufacturing was particularly interesting because it was driven mainly by increased production of foodstuff. "This not just translates to an increasing demand for local food products, but also indicates a growing need for unskilled labourers to support the industry's demands, which may help create thousands of jobs for Filipinos," Abad said. Challenges Despite the impressive growth figures, the Philippines faces many challenges. among them, the global slowdown, excessive capital inflows and natural disasters, an annual occurrence in the country whose rickety infrastructure and rice fields suffer damage from typhoons and floods. "Disasters can negate the gains and even push back development. Moreover, the global economy remains fragile, negatively affecting our trade performance," Balisacan said.

Philippine GDP growth, which cooled from 7.6% in 2010 to 3.9% in 2011, expanded to 6.6% in 2012 - meeting the government's targeted 2012 expansion partly reflected a rebound from depressed 2011 export and public sector spending levels. The economy has weathered gl downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, rela consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding business process outsourcing account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; a Asia's second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippin reduce high debt levels. The Philippines received several credit rating upgrades on its sovereign debt in 2012, and has had little difficulty t international markets to finance its deficits. Achieving a higher growth path nevertheless remains a pressing challenge. Economic growth 4.5% during the MACAPAGAL-ARROYO administration but poverty worsened during her term. Growth has accelerated under the AQUINO limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemploymen than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructu Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improvi and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws co ownership in important activities/sectors (such as land ownership and public utilities).

GDP (purchasing power parity): $423.7 billion (2012 est.) country comparison to the world: 32 $397.5 billion (2011 est.) $382.5 billion (2010 est.) note: data are in 2012 US dollars "Due to the attractive investment opportunities, we are also at risk of receiving too much capital inflows as advanced economies implement quantitative easing. The challenge is to channel these inflows into productive investments," he said. With reports from TJ A. Burgonio, Ronnel Domingo and AP COPYRIGHT: ASIA NEWS NETWORK

From nso

Summary Inflation Report Consumer Price Index (2006=100) : May 2013

Reference Number:
2013-44

Release Date:
Wednesday, June 5, 2013

MAY AND APRIL 2013

Year-on-Year Inflation Rates, All Items

May 2013 Philippines April 2013 Year-to-date

Year-on-Year Inflation Rates, All Items

Headline Core NCR Headline AONCR Headline 2.9 2.8 3.3 1.8 1.7 2.0 2.6 3.0 2.6 3.1 3.0 3.4

The Philippines year-on-year headline inflation remained at its previous months rate of 2.6 percent. This can be attributed to the mixed movements in the annual growths among the commodity groups. The indices for food and non-alcoholic beverages and housing, water, electricity, gas and other fuels recorded higher rates while the indices of the seven other commodity groups had slowdowns. The index for transport had a negative rate while the education index retained its previous months rate. Inflation a year ago was 2.9 percent. Excluding selected food and energy items, annual core inflation further dipped to 3.0 percent in May from 3.1 percent in April. Annual inflation in the National Capital Region (NCR) went up to 1.8 percent in May from 1.7 percent in April. Higher annual increases were observed in the indices of food and non-alcoholic beverages and housing, water, electricity, gas and other fuels. Similarly, annual inflation in Areas Outside NCR (AONCR) rose 2.9 percent in May from 2.8 percent in April. Annual growths in food and non-alcoholic beverages and housing, water, electricity, gas and other fuels indices moved upward during the month.

Year-on-Year Inflation Rates in the Philippines, All Items January 2008 - May 2013 (2006=100) Year Month 2008 2009 2010 2011 2012 2013 January February March April May June July August September 4.6 5.1 5.9 7.3 8.2 9.4 10.2 10.5 10.1 7.1 7.2 6.7 5.6 4.3 3.2 2.2 1.7 2.3 3.9 3.9 3.9
4.0 3.9 3.6 3.7 4.1 3.8

4.0
4.7 4.9 4.7 4.9 5.2 4.9 4.6 4.7

4.0
2.7 2.6 3.0 2.9 2.8 3.2 3.8 3.6

3.0 3.4 3.2 2.6 2.6

Year-on-Year Inflation Rates in the Philippines, All Items January 2008 - May 2013 (2006=100) October November December Average 9.7 9.1 7.8 8.3 2.9 3.5 4.4 4.2
3.3 3.7 3.6 3.8 5.2 4.7 4.2 4.6 3.1 2.8 2.9 3.2

Month-on-Month Inflation Rates, All Items (2006=100)

May 2013 Philippines NCR AONCR 0.1 0.1 0.1 Apr 2013 0.2 0.1 0.2

Price increments on consumer items in the Philippines slowed down to 0.1 percent in May from 0.2 percent in April. While price gains were noted in the heavily-weighted food items such as rice, corn, meat, vegetables and selected condiments and seasonings in NCR and in many regions, these were tempered by the slower and negative rates recorded in the prices of items in the other commodity groups.

CONSUMER PRICE INDEX

(2006=100)

MAY 2013
By Region, Year-on-Year

The annual inflation in NCR rose 1.8 percent in May from 1.7 percent in April.

Likewise, the annual inflation in AONCR picked up 2.9 percent in May from 2.8 percent in April. Higher annual upticks were registered in eight regions with the biggest increase of 0.5 percentage point posted in Ilocos (2.0% from 1.5%) and Northern Mindanao (4.3% from 3.8%). The highest annual rate remained in Central Visayas at 4.6 percent.

By Commodity Group, Year-on-Year

The heavily-weighted food and non-alcoholic beverages index in the Philippines advanced 2.4 percent in May from 2.2 percent in April and housing, water, electricity, gas and other fuels index, 1.5 percent from 1.3 percent. The index for education retained its last months rate of 4.4 percent. The rest of the commodity groups recorded slower annual increments with the transport index still posting a negative annual rate of 0.5 percent from -0.7 percent. The countrys inflation in the food alone index climbed 2.4 percent in May from 2.1 percent in April. The rice index registered a higher annual uptick at 1.5 percent in May from 1.4 percent in April; corn index, 5.7 percent from 5.3 percent; meat index, 2.4 percent from 2.0 percent; fish index, 2.6 percent from 2.1 percent; fruit index, 5.2 percent from 5.0 percent; and vegetables index, 4.8 percent from 3.5 percent. Meanwhile, movement in the other food groups decelerated with a negative annual rate still noted in the oils and fats index. In NCR, a higher annual mark-up was posted in the heavily-weighted food and nonalcoholic beverages index at 2.1 percent in May from 1.9 percent in April and housing, water, electricity, gas and other fuels index, 0.7 percent from 0.6 percent. On the other hand, an annual decline of 0.9 percent was still observed in the transport index from -1.8 percent. The rest of the commodity groups moved up at slower rates except for the indices of alcoholic beverages and tobacco and education. The food alone index in NCR rose 2.1 percent in May from 1.9 percent in April. From a decline of 0.5 percent last month, the fish index grew by 0.6 percent in May. A higher annual rate was also observed in the corn index at 0.8 percent from 0.1 percent in April; meat index, 2.7 percent from 2.5 percent; vegetables index, 3.6 percent from 1.7 percent; and food products not elsewhere classified index, 2.8 percent from 0.8 percent. The annual upticks in all the other food groups decelerated with the index for oils and fats still recording a negative rate. The annual growth in food and non-alcoholic beverages index in AONCR went up to 2.4 percent in May from 2.3 percent in April and housing, water, electricity, gas and other fuels index, 1.8 percent from 1.6 percent. The rest of the commodity groups either have slower annual increments or negative rate. The index for education retained its previous months rate of 4.7 percent. A faster annual increase of 2.4 percent was noted in the food alone index in AONCR in May from 2.2 percent in April. With eight regions having higher annual upticks, the rice index gained by 1.5 percent in May from 1.4 percent in April. The biggest jump of 2.0 percentage points was seen in Northern Mindanao (2.8% from 0.8%).

Except for the indices of milk, cheese and egg; oils and fats; sugar, jam, honey, chocolate and confectionery; and food products not elsewhere classified, the rest of the food groups have higher annual rates.

By Region, Month-on-Month Prices of consumer items in NCR during the month moved up at the same rate in April at 0.1 percent. From zero growth, the index for food and non-alcoholic beverages went up 0.4 percent while furnishing, household equipment and routine maintenance of the house and restaurant and miscellaneous goods and services indices, 0.1 percent. Except for the housing, water, electricity, gas and other fuels index whose rate dropped by 0.3 percent, the rest of the commodity groups either have zero or slower monthly growths. Price increments in AONCR improved to 0.1 percent in May from 0.2 percent in April. This can be attributed to a 0.2 percent decline in the index for transport and -0.1 percent for communication index. Moreover, the rest of the commodity groups have lower monthly hikes, except for the index of recreation and culture whose adjustment inched up 0.2 percent from 0.1 percent. Movement in the index for food and non-alcoholic beverages index remained at 0.1 percent. Price additions in six regions were slower. Moreover, a zero growth was noted in CALABARZON while a negative monthly rate of 0.1 percent, the lowest rate during the month was seen in SOCCSKASARGEN. Among the three big areas of the country, price increases in consumer items in Visayas and Mindanao were slower than those in Luzon. By Commodity Group, Month-on-Month

Measured from a month ago level, prices in the Philippines went up but at a slower rate of 0.1 percent in May from 0.2 percent in April. The index of transport went down by 0.2 percent and communication index, -0.1 percent. In addition, all the commodity groups recorded slower monthly mark-ups, except for the index of recreation and culture whose rate was higher at 0.2 percent from 0.1 percent. The food and non-alcoholic beverages and education indices retained their corresponding previous months rate of 0.1 percent and zero growth. Consumers demand for meat increased as they had additional purchases for the traditional fiesta celebrations during the month. The campaign and election period also brought higher demand for meat. These factors raised prices of fresh beef, pork, chicken and processed meat in the markets. Thus, the index for meat in the Philippines rose 0.4 percent; NCR, 0.7 percent; and AONCR, 0.3 percent. The index for rice in the three areas inched up by 0.3 percent during the month. Nine regions posted higher growth rates with the biggest increase of 1.1 percent in Northern Mindanao. The hot weather conditions experienced during the month caused high spoilage of some vegetables in NCR. It triggered higher prices of vegetables in the area

particularly carrots, tomatoes, baguio beans and onions. Thus, the vegetables index in NCR accelerated by 2.0 percent from 0.7 percent in April. In AONCR, mixed price movements of vegetables observed among the regions resulted to a steady growth in its groups index at 0.3 percent. At the national level, the vegetables index gained 0.5 percent from 0.4 percent. Price hikes in selected condiments and seasonings caused a 1.3 percent hike in the food products not elsewhere classified index in NCR; 0.5 percent in AONCR; and 0.7 percent in the Philippines. The general upward adjustments in the prices of sugar in many regions primarily pushed up the groups index for sugar, jam, honey, chocolate and confectionery in AONCR by 0.8 percent and in the Philippines, 0.6 percent. On the contrary, the groups index in NCR dropped by 0.3 percent due to price reduction in sugar. The prevalence of good weather conditions favored fishermen in catching fish. It brought abundant supplies of fish in the markets particularly the brackishwater fish species. Hence, the fish index in the Philippines decreased by 0.6 percent; NCR, -0.1 percent; and AONCR, -0.7 percent. The index for oils and fats in the Philippines fell by 0.8 percent; NCR, -1.3 percent; and AONCR, -0.6 percent. This was due to the downtrend in the prices of cooking oil. The index for restaurant and miscellaneous goods and services in the Philippines and AONCR picked up 0.2 percent and NCR, 0.1 percent as prices of some items for personal care and effects went up during the month. Price additions in alcoholic beverages and tobacco continued to slow down. Hence, the growth in the groups index in the three areas decelerated: Philippines, 0.4 percent from 1.0 percent and NCR and AONCR, 0.3 percent from 0.8 percent and 1.1 percent, respectively. During the month, lower charges for electricity rates along with the price decreases in LPG and kerosene in NCR pushed down its index for housing, water, electricity, gas and other fuels by -0.3 percent from a growth of 0.2 percent last month. Meanwhile, the groups index in AONCR moved up at slower pace of 0.2 percent from 0.5 percent as higher electricity rates and increased wages of carpenter, plumber and electrician in some regions were tempered by the price reductions in LPG and kerosene. This resulted to a slower growth of 0.1 percent from 0.5 percent in the groups national index. The transport index in AONCR declined by 0.2 percent due to price rollbacks in gasoline and diesel. On the other hand, the index in NCR had a zero growth during the month as the downward price adjustments in gasoline and diesel in the area did not affect the movement of the index. At the national level, the transport index dropped by 0.2 percent.

NOTES: CPIs and inflation rates by province and selected city are also available upon request at NSO, Industry and Trade Statistics Department, Economic and Indicators Division (Telephone Numbers: 716-39-35 and 715-33-47).

(Sgd.) CARMELI TA N. ERICTA Administr ator

Data sources: UN MDG Indicators database. World Bank, World Development Indicators. Asian and Pacific countries have made remarkable progress in reducing poverty; however, roughly one quarter of Asian and Pacific people still live in poverty. More than half the population in Asia and the Pacific was living in poverty in 1990 (poverty defined as those living on less than PPP$1.25, constant 2005 prices, per day). By 2008, the incidence of poverty had fallen by more than half, leaving less than one quarter of the regional population in poverty. In absolute terms, the numbers of the poverty-stricken in Asia and the Pacific declined from about 1.6 billion in 1990 to 0.9 billion in 2008, while the total population grew by approximately 0.8 billion people. Faster reduction in the incidence of poverty in the region has brought Asia and the Pacific to the world average rate of 23% in 2008. Although, this is a reduction in the incidence of poverty, in 2008, the number of people living in poverty in the region was 945 million. Based on recent data for specific subregions, the incidence of poverty is highest in South and South-West Asia (at 36%), followed by South- East Asia (21%), East and North-East Asia (13%), and North and Central Asia (8.2%). Although the rate of poverty fell in all subregions from 1990 onward, East and North-East Asia and South and South-West Asia recorded the relative fastest reductions. The worlds two most populous countries, China and India, are in Asia. Both countries have been able to reduce poverty over last few decades, with China doing so much more rapidly. In 2005, the percentage of people living in poverty in India was more than double that in China. Sustained high economic growth in India in recent years is expected to bring down poverty levels, which in turn will further improve the outlook of the Asia-Pacific region as a whole in reducing poverty. Note that poverty data based on the PPP$1.25 is not available for many years and many countries. For the calculation of aggregates missing values are imputed for some countries using the methods described in the Yearbook Annex on statistical methods. Additionally, note that the availability of poverty data is extremely limited across the Pacific subregion. Figure I.43 Population living in poverty (2005 PPP$1.25 a day), Asia and the

Pacific, earliest and latest

The incidence of poverty is below 5% in a number of developing countries, including Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Malaysia, Mongolia, the Russian Federation, Thailand and Turkey. Many countries in the region have lower poverty rates in recent years in comparison with rates of the early 1990s; declines have been pronounced in Cambodia, China, Turkmenistan and Viet Nam. Burden of poverty on women Poverty impacts women and men differently and a number of factors, such as biased macroeconomic and institutional structures, discriminatory laws and customs, and societal attitudes make it more likely that women will fall into and remain in poverty than men. Women are particularly vulnerable to exploitation, discrimination and violence, thereby exacerbating their experiences of hardship in many different areas of their lives and presenting them with multiple obstacles to escaping poverty. Poverty denies women opportunities and the ability to live healthy, long, productive lives; to

participate in decision making; to enjoy basic rights and freedoms such as access to clean drinking water and sanitation; or even to receive adequate respect and dignity in societies, given their usually lower status than men. Measuring national poverty Many countries have their own poverty thresholds or lines. Estimates based on a national poverty line are not comparable across countries. While such national estimates could reflect the degree of change in poverty over time, definitions of poverty lines and methodologies might also change within a country, thus skewing the long-term perspective on poverty change. In terms of national poverty, China was able to reduce poverty from 6.0% in 1996 to 2.8% in 2004. In India the poverty level declined from 36% in 1994 to 29% in 2000. Bangladesh and Nepal also saw significant decreases in the incidence of poverty. In South-East Asia, Indonesia was severely hit by the 1997 financial crisis, but still managed to reduce poverty between 1996 and 2004 (from 18% to 17%). Viet Nam achieved major success in reducing its poverty level from 37% in 1998 to 29% in 2002. Poverty surged in most countries of North and Central Asia early in the 1990s, as their economies began the transition from centrally planned to market systems. Nevertheless, all countries with available data were subsequently able to succeed in reducing poverty. For example, in Kazakhstan, the poverty rate fell from 35% in 1996 to 15% in 2002. Poverty gap The poverty gap ratio is a key indicator that measures how far the extreme poor fall below the poverty line and reflects both depth and incidence of poverty. In most Asian countries the poverty gap appears to have narrowed during the last decade and a half. The highest poverty gap ratios exist in the low income countries, confirming that pockets of extreme poverty are concentrated among the poorest and most vulnerable countries. Among countries that have data, the ratio is highest in Nepal, at 20%. In North and Central Asia, ratios are generally very low except in Uzbekistan, where it was 15% in 2003. No country in the Pacific has recent data for the poverty gap ratio. Figure I.44 Gini index, Asia and the Pacific, earliest and latest

Measuring income inequality The incidence and depth of poverty have been declining fairly consistently. The trend is less clear, however, for income inequality. One means of assessing income equality is by considering the proportion of national production consumed by the poorest quintile of the population. The poorest quintile of the population receive a small share in a number of middle- and high-income countries, such as Singapore (5.0%), Turkey (5.4%), Thailand (6.1%), the Islamic Republic of Iran (6.4%), and Malaysia (6.4%). Those in the poorest quintile do relatively better in India (8.1%), Pakistan (9.1%) and Bangladesh (9.4%). Similar results come from application of the Gini index, an aggregate measure of inequality that takes into account the complete distribution of income. Inequality in Bhutan, Cambodia, China, Georgia, Nepal, Papua New Guinea, Philippines, the Russian Federation, Singapore, Sri Lanka, Turkey, Turkmenistan and Thailand is highest according to the latest available data, with all the countries listed having a Gini index above 40. No clear regional trend emerges for inequality. Since the early 1990s, inequality seems to have increased in some countries, such as

Bangladesh, Cambodia, Nepal and Sri Lanka; while it has decreased in others, such as Indonesia, Islamic Republic of Iran, Malaysia and Thailand. Rural and urban differences Country-level aggregate poverty data yield a general picture of the poverty that exists in a specific country. However, the various parts of a country might exhibit diverse patterns of income poverty that reflect different economic conditions. For example, differences in poverty levels between rural and urban may exist. Greater poverty in rural areas is a dominant phenomenon for two reasons: (a) the greater proportion of the population in Asia and the Pacific lives in rural areas; and (b) the incidence of poverty tends to be higher in rural than in urban areas. For example, consider the rural and urban poverty ratios of the three most populous countries in the region China, India and Indonesia. Urban poverty has been virtually eliminated in China. Poverty levels in the rural areas of India and Indonesia are much higher than in urban areas. Poverty has been reduced faster in urban areas in all three of these countries. Proportion of the rural and urban population below the poverty line of PPP$1.25 per day* Population below poeverty line Rural China 1990 2005 India 1994 2005 Indonesia 1990 2005 74.1 26.1 52.5 43.8 57.1 24.0 Urban 23.4 1.7 40.8 36.2 47.8 18.7 72.6 59.6 74.5 71.3 69.4 51.9

Country and year data collected

Rural proportion of total population

* World Bank, Povcal Net. Available here: http://go.worldbank.org/WE8P1I8250 In addition to rural and urban differences, remote areas and regions can lag behind the mainstream within countries, particularly large ones. In Thailand, for example, the north-eastern region shows the highest incidence of poverty, followed by the northern, southern and central regions, whereas the Bangkok

metropolis has the lowest incidence of poverty, according to the National Economic and Social Development Board in its 2009 report on the Thai performance in meeting Millennium Development Goals.1

Office of the National Economic and Social Development Board (July 2010), Thailand Millennium Development Goals Report 2009, available at: http://www.undp.or.th/resources/documents/Thailand_MDGReport_2009.pdf (accessed on 1 June 2011).

Philippines
East Asia & Pacific (developing only) Income level Lower middle income GDP (current US$) $224.8 billion 2011 Population, total 94.85 million 2011

World Development Indicators

School enrollment, primary (% gross) 106% 2009

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Philippines East Asia & Pacific Lower middle income

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Source CO2 emissions (metric tons per capita) 0.7 2009

Philippines East Asia & Pacific

Lower middle income

Source Poverty headcount ratio at national poverty line (% of population) 26.5% 2009 26.4% 2006 24.9% 2003 Source Improved water source, rural (% of rural population with access) 92% 2010 91% 2009 91% 2008 90% 2007 89% 2006 Source Life expectancy at birth, total (years) 69 2011

Philippines East Asia & Pacific Lower middle income

Source GNI per capita, Atlas method (current US$) $2,210 2011

Philippines

East Asia & Pacific Lower middle income

Source

Projects & Operations Mapping for Results - Philippines

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PROJECTS & OPERATION SourceSource S MAPPING $825.0 millionFY2012 FOR RESULTS Philippines

IBRD/IDA Operations Approved by Fiscal Year

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SourceSource 3FY2012

Philippines

Finances

Summary of IBRD Loans

$5.030 billionDisbursed as of 5/31/2013SourceSource

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Submitted on: Mar 19, 2013 Enterprise Survey 2009 By: World Bank Submitted on: Mar 30, 2011 National Demographic and Health Survey 2008 By: National Statistics Office (NSO) Submitted on: Feb 26, 2013

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Jan

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