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Philippines

Headline economic indicators for Philippines, with the most recent official readings.

Prices

Prices — Philippines
Indicator Value Change
Inflation rate · 1.7% -1.55 (-48.4%)
Consumer price index · 162.3 +2.65 (+1.7%)
House price index (quarterly) · 306.0 +16.17 (+5.6%)
House price inflation, year on year (quarterly) · 4.5% +2.94 (+187.3%)
Real house price index (quarterly) · 183.4 +6.24 (+3.5%)
Real house price growth, year on year (quarterly) · 1.6% +1.71 (+2,037.4%)
GDP deflator inflation · 1.4% -1.47 (-50.6%)

GDP

GDP — Philippines
Indicator Value Change
GDP growth rate · 4.4% -1.31 (-23.0%)
GDP per capita · 4,170.72 +185.43 (+4.7%)
GDP per capita, long-run history · 8,371 +476.49 (+6.0%)
GDP · 487,086,123,720.42 +25,414,965,816 (+5.5%)
GDP, PPP · 1,468,828,072,889 +100,273,437,701 (+7.3%)
GDP per capita, PPP · 12,577 +763.18 (+6.5%)
GDP per capita growth · 3.6% -1.29 (-26.5%)
GNI per capita · 4,850 +380.00 (+8.5%)
Agriculture to GDP · 8.6% -0.50 (-5.5%)
Industry to GDP · 27.0% -0.70 (-2.5%)
Manufacturing to GDP · 15.3% -0.34 (-2.2%)
Services to GDP · 64.4% +1.19 (+1.9%)
Household consumption to GDP · 76.4% +0.26 (+0.3%)
Gross capital formation to GDP · 22.1% -1.54 (-6.5%)
Gross savings to GDP · 30.1% +0.99 (+3.4%)

Labour

Labour — Philippines
Indicator Value Change
Unemployment rate · 2.2% +0.03 (+1.5%)
Labour force participation rate · 61.4% -0.05 (-0.1%)
Female labour force participation rate · 50.5% -0.02 (-0.0%)
Youth unemployment rate · 7.0% +0.08 (+1.1%)
Employment to population ratio · 60.0% -0.07 (-0.1%)
Employment in agriculture · 20.5% -0.70 (-3.3%)
Employment in industry · 20.0% +0.47 (+2.4%)
Employment in services · 59.5% +0.23 (+0.4%)

Money

Money — Philippines
Indicator Value Change
Real interest rate · 6.4% +4.06 (+177.2%)
Central bank policy rate · 5.0% +0.25 (+5.3%)
Real effective exchange rate (monthly) · 95.4 -1.64 (-1.7%)
Nominal effective exchange rate (monthly) · 85.4 -2.05 (-2.3%)
Broad money to GDP · 85.9% -4.51 (-5.0%)
Private sector credit to GDP · 52.1% +2.29 (+4.6%)
Lending rate · 7.1% +0.98 (+16.0%)
Bank deposit rate · 4.1% +0.97 (+31.0%)
Stock market capitalization to GDP · 47.6% -6.90 (-12.7%)
Bank nonperforming loans · 3.0% -0.18 (-5.6%)
Official exchange rate · 57.51 +0.21 (+0.4%)

Trade

Trade — Philippines
Indicator Value Change
Current account to GDP · -3.5% +0.56 (+14.0%)
Exports to GDP · 26.6% +0.81 (+3.2%)
Imports to GDP · 40.2% +0.12 (+0.3%)
Trade to GDP · 66.8% +0.93 (+1.4%)
Exports of goods and services · 129,323,001,566.14 +10,502,784,951 (+8.8%)
Imports of goods and services · 196,019,381,535.85 +10,765,483,659 (+5.8%)
Trade balance, goods and services (annual) · -53,755,351,911.05 +1,235,966,539 (+2.2%)
Current account balance (annual) · -16,851,123,080.44 +1,713,962,111 (+9.2%)
Foreign direct investment to GDP · 1.7% -0.37 (-18.1%)
Remittances received to GDP · 8.5% -0.19 (-2.2%)
Total reserves, including gold · 110,928,780,532.07 +4,733,730,288 (+4.5%)
Reserves in months of imports · 7.3 -0.04 (-0.5%)
External debt to GNI · 26.3% +0.59 (+2.3%)

Government

Government — Philippines
Indicator Value Change
Government debt to GDP · 43.4% -3.72 (-7.9%)
Government revenue to GDP · 16.7% +0.97 (+6.2%)
Government expense to GDP · 16.9% -1.73 (-9.3%)
Tax revenue to GDP · 14.4% +0.27 (+1.9%)
Government budget balance to GDP · -5.7% +0.43 (+7.1%)
Government consumption to GDP · 15.1% +0.58 (+4.0%)
Education spending to GDP · 4.0% +0.04 (+1.1%)
Health spending to GDP · 5.1% -0.05 (-1.1%)

Demography

Demography — Philippines
Indicator Value Change
Population · 116,786,962 +943,292 (+0.8%)
Population, long-run history · 121,234 +1,761 (+1.5%)
Population growth · 0.8% -0.01 (-1.8%)
Life expectancy · 69.9 +0.11 (+0.2%)
Fertility rate · 1.89 -0.02 (-1.1%)
Birth rate · 15.9 -0.12 (-0.8%)
Death rate · 6.4 +0.11 (+1.8%)
Urban population share · 55.8% +0.32 (+0.6%)
Population aged 65 and over · 5.7% +0.23 (+4.2%)
Under-five mortality rate · 26.5 -0.50 (-1.9%)
Population density · 388.5 +3.19 (+0.8%)
Net migration · -149,315 +11,058 (+6.9%)
Gini index · 39.3 -1.40 (-3.4%)

Source: Bank for International Settlements (BIS). Translated titles are not official BIS translations.

Source: Bolt, J. and van Zanden, J.L. (2024), Maddison style estimates of the evolution of the world economy: A new 2023 update, Journal of Economic Surveys, 1-41, DOI 10.1111/joes.12618. Licensed under CC BY 4.0. The original sources are listed on each page.

All data sources

Original sources of these estimates

GDP pc: 2008 - 2022: Total Economy Database the Conference Board for all countries included in TED. Otherwise UN national accounts statistics

Philippines

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