Philippine GDP grew nearly 7% in 2010. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to securities issued by troubled global financial institutions; lower dependence on exports; relatively resilient domestic consumption, supported by large remittances from four-to five-million overseas Filipino workers; and a growing business process outsourcing industry. Economic growth in the Philippines has averaged 4.5% per year since 2001, when former President MACAPAGAL-ARROYO took office. Despite this growth, poverty worsened during the term of MACAPAGAL-ARROYO, because of a high population growth rate and inequitable distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures to address the government's yawning budget deficit and to reduce high debt and debt service ratios. But the government abandoned its 2008 balanced-budget goal in order to help the economy weather the global financial and economic storm. The economy under AQUINO faces budget shortfalls in the near term, but has had little difficulty issuing debt both locally and internationally to finance the deficits. AQUINO's first budget emphasizes education and other social spending programs, relying on the private sector to finance important infrastructure projects. Weak tax collection in recent years limits the government's ability to address major challenges.
GDP (purchasing power parity):
$351.2 billion (2010 est.) country comparison to the world: 34 $329.2 billion (2009 est.)
$325.6 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$189.1 billion (2010 est.)
GDP - real growth rate:
6.7% (2010 est.) country comparison to the world: 29 1.1% (2009 est.)
3.7% (2008 est.)