Philippines

Economic indicators

Private consumption in Philippines will continue to be the main driving force behind GDP growth; which reached 5.4% in 2006 and 6.3% in 2007. Buoyant remittances from Filipinos working overseas will ensure that the current-account remains in surplus. IMF forecasts a GDP growth of 5.8% in 2008 in spite of the talks about constitutional reforms and fragile political situation. However, this growth is not sufficient to curb the country's high level of poverty. 40% of the population earns than 2 dollars a day and unemployment affects more than 10% of the active population. The inflation has reduced to a rate of 3.0% in 2007.

Main sectors of industry

The agricultural sector employs nearly 40% of the work force but contributes less than 20% to GDP. Philippines is one of the leading producer of rice and coconut in the world. However, the agricultural sector generally suffers from low productivity, low economies-of-scale, and inadequate infrastructure support. Fishing contributes 3% to the GDP. The Philippines is one of the world’s most highly mineralized countries, with untapped mineral wealth estimated at more than $840 billion. Philippine copper, gold and zinc deposits are among the largest in the world. The manufacturing sector contributes 25% to the GDP; with electronics and food-processing being the two main activities. Heavier industries are dominated by the production of cement, glass, chemicals & fertilizers, iron and steel, and refined petroleum products. The services sector has grown substantially (especially telecommunications, call centres, and finance) and accounts for more than 50% of the GDP.

Source: World Bank - World Development Indicators - last available data.

Sources of economic information

Ministries

Federal Ministry for Economic Cooperation and Development

Statistical Office

National Statistics Office

Central Bank

Central Bank of Philippines

Stock Exchange

Philippines Stock Exchange

Online newspapers

The Daily Manila Shimbun (in Philippine)
The Filipino Reporter
Manila Bulletin
The Manila Times

Search Engines

Cybertambayan
Edsa
Pinoy Search
Tanikalang Ginto

Economic portals

Asiaweek

Political outline

Executive Power

President is both the chief of the state and head of the government. President is elected by a popular vote to serve a single six-year term who then presides and appoints the cabinet members. President holds the executive powers which include implementation of the law in the country and running the day-to-day affairs. President is also the commander-in-chief of the armed forces.

Legislative Power

The legislature in Philippines is bicameral. The parliament called Congress consists: Senate (the upper house) having 24 seats with its members elected at large by popular vote to serve six-year terms and the House of Representatives (the lower house) having up to a maximum of 250 seats with its members elected by popular vote to serve three-year terms. President has the power to veto acts of the legislature, and in turn a supermajority (generally two—thirds) of legislators may act to override his veto. The people of Philippines enjoy considerable political rights.

Main political parties

Philippines has a multi-party system and political parties have diverse ideologies. As a result, parties generally work together to form coalition governments. The major political parties in the country are:
- Lakas-CMD (Lakas-Christian Muslim Democrats)- a right-of-centre conservative political party;
- LP (Liberal Party) - liberals;
- NPC (Nationalist People's Coalition) – a nationalist left-wing party;
- LDP (Struggle of Filipino Democrats) – a union of democratic parties;
- AD (Democratic Action) - mainstream political party that advocates "non-traditional" means of politics.

Current political leaders

President: Gloria MACAPAGAL-ARROYO (since January 2001, re-elected in June 2004) – Lakas-CMD

Next election dates

Presidential: May 2010
Senate: May 2013
House of Representatives: May 2010

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