chief of mission: Ambassador Kristie A. KENNEY
embassy: 1201 Roxas Boulevard, Ermita 1000, Manila
mailing address: PSC 500, FPO AP 96515-1000
telephone: [63] (2) 301-2000
FAX: [63] (2) 301-2399
Flag description:
two equal horizontal bands of blue (top; representing peace and justice) and red (representing courage); a white equilateral triangle based on the hoist side represents equality; the center of the triangle displays a yellow sun with eight primary rays, each representing one of the first eight provinces that sought independence from Spain; each corner of the triangle contains a small, yellow, five-pointed star representing the three major geographical divisions of the country: Luzon, Visayas, and Mindanao; the design of the flag dates to 1897; in wartime the flag is flown upside down with the red band at the top
Economy ::Philippines
Economy - overview:
Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. Declining fiscal deficits, tapering debt and debt service ratios, and increased spending on infrastructure and social services bolstered optimism over Philippine economic prospects. Although the general macroeconomic outlook improved significantly in recent years, the economy still faces several long term challenges. The Philippines must maintain the reform momentum in order to catch up with regional competitors, improve employment opportunities, and alleviate poverty. The Philippines will need still higher, sustained growth to make progress in alleviating poverty, given its high population growth and unequal distribution of income. The Philippine economy grew at its fastest pace in three decades in 2007 with real GDP growth exceeding 7%, but growth slowed to 3.8% in 2008 as a result of the world financial crisis. High government spending, a relatively small trade sector, a resilient service sector, and large remittances from the four- to five-million Filipinos who work abroad have helped cushion the economy from the current financial crisis.