(2) 521-71-16
FAX: [63] (2) 522-43-61

Flag: two equal horizontal bands of blue (top) and red with a
white equilateral triangle based on the hoist side; in the center of
the triangle is a yellow sun with eight primary rays (each
containing three individual rays) and in each corner of the triangle
is a small yellow five-pointed star

Economy
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Economic overview: The Philippine economy, primarily a mixture of
agriculture and light industry, continued its third year of recovery
in 1995, led by growth in exports and investments. Officials have
targeted 5%-6% growth for 1996 after achieving 4.8% growth in 1995.
The government is continuing its economic reforms to enable the
Philippines to move closer to the development of the newly
industrialized countries of East Asia. The strategy includes
improving infrastructure and plans to overhaul the tax system to
bolster government revenues.

GDP: purchasing power parity - $179.7 billion (1995 est.)

GDP real growth rate: 4.8% (1995)

GDP per capita: $2,530 (1995 est.)

GDP composition by sector:
agriculture: 22%
industry: 30%
services: 48%

Inflation rate (consumer prices): 8.1% (1995)

Labor force: 24.12 million
by occupation: agriculture 46%, industry and commerce 16%, services
18.5%, government 10%, other 9.5% (1989)

Unemployment rate: 9.5% (1995 est.)

Budget:
revenues: $14.1 billion
expenditures: $13.6 billion, including capital expenditures of $NA
(1995)

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

Industrial production growth rate: 1.4% (1993)

Electricity:
capacity: 6,770,000 kW
production: 20.4 billion kWh
consumption per capita: 278 kWh (1993)

Agriculture: rice, coconuts, corn, sugarcane, bananas, pineapples,
mangoes; pork, eggs, beef; 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; transit point for Southwest
Asian and Golden Triangle heroin bound for the US

Exports: $17.4 billion (f.o.b., 1995)
commodities: electronics, textiles, coconut products, copper, fish
partners: US 39%, Japan 15%, Germany 5%, Hong Kong 5%, UK 5% (1994)

Imports: $26.5 billion (f.o.b., 1995)
commodities: raw materials 40%, capi