Salient Features: Economy struggling under heavy foreign debt. Approximately 50 percent of population below poverty line; unemployment 10.3 percent in mid-1991, underemployment estimated at nearly twice that rate. Large overseas work force. Rapid economic growth of 1970s slowed considerably in 1980s. Prospects for 1990s uncertain.
Gross National Product (GNP): US$41.5 billion (1990); per capita GNP US$668 (1990).
Gross Domestic Product (GDP): Approximately US$43 billion (1990).
Resources: Ample manganese, nickel, cobalt, copper, gold, silver, and low-grade iron ores and coal. In late 1980s, petroleum and natural gas production provided less than half of energy needs. Excellent potential for hydroelectric and geothermal energy.
Industry: 33 percent of GNP and approximately 15 percent of work force in 1990. Major industries: textiles, food processing, chemicals, pharmaceuticals, wood products, and electronics equipment assembly.
Services: 44 percent of GNP and approximately 40 percent of work force in 1990.
Agriculture, Forestry, and Fishing: 23 percent of GNP and slightly more than 45 percent of work force in 1990. Intense cultivation of diminishing arable land, already in short supply. Major crops: rice, corn, coconuts, sugarcane, pineapples, and bananas. Rapidly declining timber resources. In 1990, 2 million ton fish catch provided more than half of domestic protein consumption.
Foreign Trade: Heavy importation of capital goods and high petroleum prices along with weak export growth resulted in large trade deficit increase.
Exports: Approximately US$8.1 billion in 1989. Major products: clothing, electronic components, nickel, coconut products, sugar, pineapples, bananas. Major partners: United States, European Community, Japan.
Imports: Approximately US$12.1 billion in 1989. Major products: fuels, lubricants, motor vehicles, consumer goods. Major partners: United States, Japan, Economic and Social Commission for Asia and the Pacific, European Community.
Balance of Payments: Current account deficit US$1.4 billion in 1989.
Exchange Rate: P24.96=US$1 (January 1992).
Fiscal Year: Calendar year.
Data as of June 1991