US diplomatic representation: chief of mission: Ambassador John D. NEGROPONTE embassy: 1201 Roxas Boulevard, Ermita Manila 1000 mailing address: APO AP 96440 telephone: [63] (2) 521-71-16 FAX: [63] (2) 522-43-61 consulate(s): Cebu
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@Philippines:Economy
Overview: Domestic output in this primarily agricultural economy failed to grow in 1992 and rose only slightly in 1993. Drought and power supply problems hampered production, while inadequate revenues prevented government pump priming. Worker remittances helped to supplement GDP. A marked increase in capital goods imports, particularly power generating equipment, telecommunications equipment, and electronic data processors, contributed to 20% annual import growth in 1992-94. Provided the government can cope with the substantial trade deficit and meet the fiscal targets agreed to with the IMF, the Philippines should duplicate the strong growth performance of 1994 in 1995-96.
National product: GDP - purchasing power parity - $161.4 billion (1994 est.)
National product real growth rate: 4.3% (1994 est.)
National product per capita: $2,310 (1994 est.)
Inflation rate (consumer prices): 7.1% (1994 est.)
Unemployment rate: 9% (1994)
Budget:
revenues: $14 billion
expenditures: $15.4 billion, including capital expenditures of $NA
(FY94/95 est.)