ncome. The MACAPAGAL-ARROYO
Administration has promised to continue economic reforms to help the
Philippines match the pace of development in the newly
industrialized countries of East Asia. The strategy includes
improving the infrastructure, strengthening tax collection to
bolster government revenues, furthering deregulation and
privatization of the economy, enhancing the viability of the
financial system, and increasing trade integration with the region.
Prospects for 2004 will depend on the economic performance of two
major trading partners, the US and Japan, and on increased
confidence on the part of the international investment community.

GDP:
purchasing power parity - $390.7 billion (2003 est.)

GDP - real growth rate:
4.5% (2003 est.)

GDP - per capita:
purchasing power parity - $4,600 (2003 est.)

GDP - composition by sector:
agriculture: 14.5%
industry: 32.3%
services: 53.2% (2003 est.)

Investment (gross fixed):
18.1% of GDP (2003)

Population below poverty line:
40% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 38.4% (2000)

Distribution of family income - Gini index:
48.1 (2000)

Inflation rate (consumer prices):
3.1% (2003 est.)

Labor force:
34.56 million (2003)

Labor force - by occupation:
agriculture 45%, industry 15%, services 40% (2003 est.)

Unemployment rate:
11.4% (2003)

Budget:
revenues: $11.56 billion
expenditures: $15.25 billion, including capital expenditures of $2.4
million NA (2003)

Public debt:
77% of GDP (2003)

Agriculture - products:
rice, coconuts, corn, sugarcane, bananas, pineapples, mangoes,
pork, eggs, beef, fish

Industries:
electronics assembly, textiles, pharmaceuticals, chemicals, wood
products, food processing, petroleum refining, fishing

Industrial production growth rate:
-0.1% (2003 est.)

Electricity - production:
45.21 billion kWh (2001)

Electricity - consumption:
42.04 billion kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
8,460 bbl/day (2001 est.)

Oil - consumption:
343,000 bbl/day (2001 est.)

Oil - exports:
NA (2001)

Oil - imports:
NA (2001)

Oil - proved reserves:
164 million bbl (1 January 2002)

Natural gas - production:
10 million cu m (2001 est.)

Natural gas - consumption:
10 million cu m (2001 est.)