Open a Bank Account in the Philippines, Private Banking Services in Philippines

 

Economy—overview: In 1997 the Philippine economy primarily a mixture of agriculture and light industry continued its fifth year of positive economic growth led by expansion of exports and investment. The government expects growth to slow to about 3% in 1998 due to spillover effects of the financial crisis in East Asia. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving infrastructure overhauling the tax system to bolster government revenues and moving toward further deregulation and privatization of the economy.

 

GDP: purchasing power parity—$244 billion (1997 est.)

 

GDP—real growth rate: 5.1% (1997 est.)

 

GDP—per capita: purchasing power parity—$3 200 (1997 est.)

 

GDP—composition by sector:

 

agriculture: 22%

 

industry: 32%

 

services: 46% (1996 est.)

 

Inflation rate—consumer price index: 5.1% (1997)

 

Labor force:

 

total: 29.13 million (1996 est.)

 

by occupation: agriculture 43.4% services 22.6% government services 17.9% industry and commerce 16.1% (1995)

 

Unemployment rate: 8.7% (1997)

 

Budget:

 

revenues: $16.3 billion

 

expenditures: $16.6 billion including capital expenditures of $2.7 billion (1996 est.)

 

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

 

Industrial production growth rate: 6.3% (1996)

 

Electricity—capacity: 7.64 million kW (1995)

 

Electricity—production: 25.65 billion kWh (1995)

 

Electricity—consumption per capita: 350 kWh (1995)

 

Agriculture—products: rice coconuts corn sugarcane bananas pineapples mangoes; pork eggs beef; fish catch of 2 million metric tons annually

 

Exports:

 

total value: $25 billion (f.o.b. 1997 est.)

 

commodities: electronics and telecommunications 51% machinery and transport 10% garments 9% other 30%

 

partners: US 34% Japan 17% EU 17% ASEAN 14% Hong Kong 4% Taiwan 4% (1997 est.)

 

Imports:

 

total value: $34 billion (f.o.b. 1997 est.)

 

commodities: raw materials and intermediate goods 43% capital goods 36% consumer goods 9% fuels 9%

 

partners: Japan 21% US 20% ASEAN 12% EU 10% Taiwan 5% Hong Kong 4% Saudi Arabia 4% (1997 est.)

 

Debt—external: $45.4 billion (December 1997)

 

Economic aid:

 

recipient: ODA $3 billion pledged at December 1997 for 1998

 

Currency: 1 Philippine peso (P) = 100 centavos

 

Exchange rates: Philippine pesos (P) per US$1=P49.2 (Jan.2001) (P26.36 August 1997) (P37.5-1997) (P 56. July 2005)

 

Fiscal year: calendar year