ith forestry and fishing, plays
an important role in the economy, employing about 45% of the work force and
providing almost 30% of GDP. The Philippines is the world's largest exporter
of coconuts and coconut products. Manufacturing contributes about 35% of
GDP. Major industries include food processing, chemicals, and textiles.
GNP:
exchange rate conversion - $47 billion, per capita $720; real growth rate
0.1% (1991 est.)
Inflation rate (consumer prices):
17.6% (1991 est.)
Unemployment rate:
10.0% (1991 est.)
Budget:
$8.4 billion; expenditures $9.36 billion, including capital expenditures of
$1.8 billion (1991 est.)
Exports:
$8.7 billion (f.o.b., 1991 est.)
commodities:
electrical equipment 19%, textiles 16%, minerals and ores 11%, farm products
10%, coconut 10%, chemicals 5%, fish 5%, forest products 4%
partners:
US 36%, EC 19%, Japan 18%, ESCAP 9%, ASEAN 7%
Imports:
$12.3 billion (c.i.f., 1991)
commodities:
raw materials 53%, capital goods 17%, petroleum products 17%
partners:
US 25%, Japan 17%, ESCAP 13%, EC 11%, ASEAN 10%, Middle East 10%
External debt:
$28.9 billion (1991)
Industrial production:
growth rate - 5% (1991 est.); accounts for 35% of GNP
Electricity:
7,500,000 kW capacity; 31,000 million kWh produced, 470 kWh per capita
(1991)
Industries:
textiles, pharmaceuticals, chemicals, wood products, food processing,
electronics assembly, petroleum refining, fishing
Agriculture:
accounts for about one-third of GNP and 45% of labor force; major crops -
rice, coconut, corn, sugarcane, bananas, pineapple, mango; animal products -
pork, eggs, beef; net exporter of farm products; fish catch of 2 million
metric tons annually
Illicit drugs:
illicit producer of cannabis for the international drug trade; growers are
producing more and better quality cannabis despite government eradication
efforts
Economic aid:
US commitments, including Ex-Im (FY70-89), $3.6 billion; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-88), $7.9 billion; OPEC
bilateral aid (1979-89), $5 million; Communist countries (1975-89), $123
million
Currency:
Philippine peso (plural - pesos); 1 Philippine peso (P) = 100 centavos

:Philippines Economy

Exchange rates:
Philippine pesos (P) per US$1 - 25.810 (March 1992), 27.479 (1991), 24.311
(1990), 21.737 (1989)