Economy of the Philippines

In 1998 the Philippine economy – a mix of agriculture and light industry – deteriorated as a result of the Asian financial crisis and unfavorable weather conditions.

Growth was 5% in 1997; in 1998 it fell to 0.6%; it rebounded in 1999 when it rose to 3% and 4% in 2000. The government continues its economic reforms to help the Philippines catch up with developed East Asian countries. The government's strategy includes improving infrastructure, overhauling its fiscal system, promoting deregulation and privatization of the economy, and increasing trade integration in the region.

The outlook for the future depends on the economic performance of Japan and the United States.

Foreign trade

In 2020, the country was the 43rd largest exporter in the world (US$70.3 billion, 0.4% of the world total). In the sum of exported goods and services, it reaches US$94.3 billion, ranking 41st in the world. In imports, in 2019, it was the 33rd largest importer in the world: 112.9 billion dollars.

Primary sector

Agriculture

The Philippines produced, in 2018:

• 24.7 million tonnes of sugar cane (one hundredth world producer);
• 19.0 million tons of rice (eight world producer);
• 14.7 million tons of coconut (second world producer);
• 9.3 million tons of bananas (third world producer);
• 7.7 million tons of corn (17th world producer);
• 2.7 million tons of pineapple (second world producer);
• 2.7 million tons of cassava;
• 725 thousand tons of mango (including mangostan and guava);
• 500 thousand tons of palm oil;
• 423 thousand tons of natural rubber (eight world producer);
• 228 thousand tons of cashew (global producer quartz);
• 169 thousand tons of papaya (nineteenth world producer);
• 60 thousand tons of coffee;

In addition to other productions of other agricultural products.

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  Sugar cane plantations in Bacolod, Western Visayas.

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  A rice field in Bulacan, central Luzon.

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  Piñas in a market in Laguna, Calabarzon.

Livestock

In livestock, the Philippines produced, in 2019: 1.8 million tons of pork; 1.4 million tons of chicken meat; 208,000 tons of beef, among others.

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  Complex of the fishing port of the city of General Santos

Secondary sector

Industry

The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, the Philippines had the 27th most valuable industry in the world ($69.5 billion).

In 2019, the Philippines was the 45th largest vehicle producer in the world (8,400) and produced no steel.

The country is the world's largest producer of coconut oil. It is also the world's 16th largest producer of beer (based on barley).

Energy

Geothermal energy station in Eastern Blacks.

In non-renewable energy, in 2020, the country was the 74th world producer of oil, 12 thousand barrels / day. In 2019, the country consumed 458 thousand barrels/day (33rd largest consumer in the world). The country was the seventh largest oil importer in the world in 2014 (1.5 million barrels/day). In 2017, the Philippines was the world's 54th largest producer of natural gas, 3.9 billion m³ per year. In coal production, the country was the 28th world producer in 2015: 7.8 million tons.

In renewable energy, in 2020, the Philippines was the 47th largest producer of wind energy in the world, with 0.4 GW of installed capacity, and the 40th largest producer of solar energy in the world, with 10 GW of installed capacity.

Mining

In 2019, the country was the second world producer of nickel and the fourth world producer of cobalt.

Tertiary sector

Tourism

Boracay, one of the main tourist destinations in the country.

In 2018, the Philippines was the 41st most visited country in the world, with 7.1 million international tourists. Tourism revenue this year was $7.4 billion.