philippines economy facts
Posted in Philippines General Information on 07/07/2009 05:59 pm by admin
Economy of the Philippines?
I need to find information about the economy in the Philippines. Such as imports / exports, trading nation, the natural wealth, unemployment rate, an any other important facts. PLEASE help!
The Philippines is more severely affected of the Asian financial crisis of 1998 than its neighbors, aided in part by its high level of annual Remittances from overseas workers, and long runup in prices owned or foreign borrowing prior to the crisis. From 0.6% decline in 1998, the GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, export a slump, and political and security concerns. GDP growth accelerated to about 5% between 2002 and 2006 reflecting the continued resilience of the service sector, and improved exports and agricultural output. However, it would take a higher, longer path to growth make appreciable progress in the alleviation of poverty provided by the Philippines' high annual population growth rate and unequal distribution of income. The Philippines also to face higher oil prices, higher interest rates on its dollar borrowings, and higher inflation. Relating to fiscal limitations of Manila's ability to fund infrastructure and social spending. The Philippines' continued large budget deficit has created a high level of debt, and this situation has forced Manila to spend a large part of the national budgets of government debt service. Large unprofitable public business, especially in the energy sector, provide contributing to the debt the government for slow progress in privatization. Credit rating agencies have once expressed concern about the Philippines' ability to debt service, though central bank reserves appear adequate and large remittance inflows appear stable. The implementation of the Expanded Value Added Tax (VAT) in November 2005 boosted confidence the fiscal capacity of government and helped to strengthen the peso, making the best performing currency in East Asia is 2005-06. Investors and credit rating institutions will keep searching for the effective implementation of new VAT and continuous improvement in the total government fiscal capacity in the coming years.
