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Philippines

Republika ng Pilipinas

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenditures (excluding grants and social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$65.069 billion (2022 est.)

expenditures

$93.871 billion (2022 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$98.832 billion (2022 est.)

Exports 2023

$103.588 billion (2023 est.)

Exports 2024

$106.99 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$152.638 billion (2022 est.)

Imports 2023

$151.441 billion (2023 est.)

Imports 2024

$161.154 billion (2024 est.)

Industries

semiconductors and electronics assembly, business process outsourcing, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equipment and apparatus, petroleum and fuel, textile and garments, non-metallic minerals, basic metal industries, transport equipment

Labor force

50.979 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2017

39.9% of GDP (2017 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

9.4% of GDP (2022 est.)

Remittances 2023

8.9% of GDP (2023 est.)

Remittances 2024

8.7% of GDP (2024 est.)

Exchange rates

Currency

Philippine pesos (PHP) per US dollar -

Exchange rates 2020

49.624 (2020 est.)

Exchange rates 2021

49.255 (2021 est.)

Exchange rates 2022

54.478 (2022 est.)

Exchange rates 2023

55.63 (2023 est.)

Exchange rates 2024

57.291 (2024 est.)

Debt - external

note

note: present value of external debt in current US dollars

Debt - external 2023

$63.241 billion (2023 est.)

Economic overview

growing Southeast Asian economy; commercial rebound led by transportation, construction and financial services; electronics exports recovering from sector slowdown; significant remittances; interest rate rises following heightened inflation; uncertainties due to increased regional tensions with China 

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

2.6% (2022 est.)

Unemployment rate 2023

2.3% (2023 est.)

Unemployment rate 2024

2.2% (2024 est.)

Exports - partners

China 19%, USA 13%, Hong Kong 12%, Japan 11%, Germany 5% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

China 25%, Indonesia 8%, Japan 8%, S. Korea 6%, USA 6% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$9,500 (2022 est.)

Real GDP per capita 2023

$9,900 (2023 est.)

Real GDP per capita 2024

$10,400 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

7.6% (2022 est.)

Real GDP growth rate 2023

5.5% (2023 est.)

Real GDP growth rate 2024

5.7% (2024 est.)

Agricultural products

sugarcane, rice, coconuts, maize, bananas, vegetables, tropical fruits, plantains, pineapples, cassava (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

integrated circuits, machine parts, gold, insulated wire, semiconductors (2023)

note: top five export commodities based on value in dollars

Imports - commodities

integrated circuits, refined petroleum, cars, crude petroleum, coal (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

-$18.261 billion (2022 est.)

Current account balance 2023

-$12.387 billion (2023 est.)

Current account balance 2024

-$17.514 billion (2024 est.)

Taxes and other revenues

14.1% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$461.618 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

76.1% (2024 est.)

government consumption

14.5% (2024 est.)

investment in inventories

0.1% (2024 est.)

investment in fixed capital

23.6% (2024 est.)

exports of goods and services

25.8% (2024 est.)

imports of goods and services

-40.1% (2024 est.)

Population below poverty line

15.5% (2023 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

37.3% of household expenditures (2023 est.)

on alcohol and tobacco

1.9% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

5.8% (2022 est.)

Inflation rate (consumer prices) 2023

6% (2023 est.)

Inflation rate (consumer prices) 2024

3.2% (2024 est.)

Industrial production growth rate

5.6% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$1.078 trillion (2022 est.)

Real GDP (purchasing power parity) 2023

$1.137 trillion (2023 est.)

Real GDP (purchasing power parity) 2024

$1.202 trillion (2024 est.)

Youth unemployment rate (ages 15-24)

male

5.6% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

6.6% (2024 est.)

female

8.3% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$96.04 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$103.742 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$106.195 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

27.7% (2024 est.)

services

63.2% (2024 est.)

agriculture

9.1% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.9% (2023 est.)

highest 10%

31.6% (2023 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2023

39.3 (2023 est.)