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Economy of Philippines

Philippines is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Philippines may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Philippines exports around $47.45 billion and imports roughly $63.91 billion. 2.7% of population in the country are unemployed. The total number of unemployed people in Philippines is 2,875,826. In Philippines, 21.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Philippines is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 2.8% of GDP. The Gini Index of the country is 46. Philippines is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Philippines has a Human Development Index (HDI) of 0.66. Philippines has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Philippines is 2.462. The strength of legal rights index for Philippines is 3. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Philippines is Philippine piso. The plural form of the word Philippine piso is pesos. The symbol used for this currency is ₱, and it is abbreviated as PHP. The Philippine piso is divided into Sentimo; there are 100 in one piso.

Credit rating

The depth of credit information index for Philippines is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Philippines has a credit rating score of BBB, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Philippines has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Philippines has a credit rating score of Baa2, and the prospects of this rating are stable.

Central bank

In Philippines, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Philippines. Locally, the central bank of Philippines is called Bangko Sentral ng Pilipinas. The average deposit interest rate offered by local banks in Philippines is 1.2%.

Public debt

Philippines has a government debt of 48.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Philippines is set at 30%. Personal income tax ranges from 5% to 32%, depending on your specific situation and income level. VAT in Philippines is 12%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Philippines is $693420 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Philippines was last recorded at $7 million. PPP in Philippines is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Philippines is 272,067 billion. Based on this statistic, Philippines is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Philippines. The Gross Domestic Product (GDP) per capita in Philippines was last recorded at $3 million. The average citizen in Philippines has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Philippines averaged 6.2% in 2014. According to this percentage, Philippines is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Philippines.

Industry

Major industries in the country are electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing. The total labor force of Philippines is 44,643,620 people, wherein 2.7% of population in the country are unemployed. The total number of unemployed people in Philippines is 2,875,826. The Industrial Production growth rate of Philippines is 7.5%.To read more about industrial information within Philippines click on industry of Philippines.

Agriculture

There are 56652 km2 of arable land in Philippines, and it comprises 16% of the country's total territory. There are 106357 km2 of cultivated land in Philippines. The country's major agricultural crops and products are sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes, pork, eggs, beef, fish.To read more about agriculture click on agriculture of Philippines.