| variable | 1980-1989 | 1990-1999 | 2000-2007 | 2008-2009 | 2010-2019 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| real gdp growth | 1.8 | 2.95 | 4.92 | 4.35 | 4.71 | 5.5 | 5.7 | 4.4 | 4.1 | 5.8 |
| CPI % | 13.68 | 9.02 | 4.79 | 3.95 | 2.9 | 6.0 | 3.2 | 1.7 | 4.3 | 3.2 |
| Unemployment rate | 10.13 | 9.68 | 9.97 | 7.4 | 6.62 | 4.4 | 3.8 | 4.2 | 4.7 | 4.6 |
| Debt/GDP % | - | 59.06 | 61.16 | 48.7 | 41.62 | 56.5 | 56.6 | 59.4 | 60.2 | 59.9 |
| Current account balance/GDP % | -3.12 | -2.77 | 1.52 | 4.1 | 1.38 | -2.8 | -4.0 | -3.3 | -4.4 | -3.5 |
Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here
The Philippine Islands became a Spanish colony during the 16th century; they were ceded to the US in 1898 following the Spanish-American War. Led by Emilio AGUINALDO, the Filipinos conducted an insurgency against US rule from 1899-1902, although some fighting continued in outlying islands as late as 1913. In 1935, the Philippines became a self-governing commonwealth. Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition. The islands fell under Japanese occupation during World War II, and US forces and Filipinos fought together during 1944-45 to regain control. On 4 July 1946 the Republic of the Philippines attained its independence. Twenty-one years of authoritarian rule under Ferdinand MARCOS ended in 1986, when a "people power" movement in Manila ("EDSA 1") forced him into exile and installed Corazon AQUINO as president. Several coup attempts hampered her presidency, and progress on political stability and economic development faltered until Fidel RAMOS was elected president in 1992. The US closed its last military bases on the islands the same year. Joseph ESTRADA was elected president in 1998. His vice-president, Gloria MACAPAGAL-ARROYO, succeded him in 2001 after ESTRADA's stormy impeachment trial on corruption charges broke down and another "people power" movement ("EDSA 2") demanded his resignation. MACAPAGAL-ARROYO was elected president in 2004. Corruption allegations marred her presidency, but the Philippine economy was one of the few to avoid contraction after the 2008 global financial crisis. Benigno AQUINO III was elected as president in 2010, followed by Rodrigo DUTERTE in 2016. During his term, DUTERTE pursued a controversial drug war that garnered international criticism for alleged human rights abuses. Ferdinand MARCOS, Jr. was elected president in 2022 with the largest popular vote in a presidential election since his father's ouster. For decades, the country has been challenged by armed ethnic separatists, communist rebels, and Islamic terrorist groups, particularly in the southern islands and remote areas of Luzon.
Area: 300,000 sq km km2
Climate: tropical marine; northeast monsoon (November to April); southwest monsoon (May to October)
Natural resources: timber, petroleum, nickel, cobalt, silver, gold, salt, copper
Groups: Tagalog 26%, Bisaya/Binisaya 14.3%, Ilocano 8%, Cebuano 8%, Illonggo 7.9%, Bikol/Bicol 6.5%, Waray 3.8%, Kapampangan 3%, Maguindanao 1.9%, Pangasinan 1.9%, other local ethnicities 18.5%, foreign ethnicities 0.2% (2020 est.)
Languages: Tagalog 39.9%, Bisaya/Binisaya 16%, Hiligaynon/Ilonggo 7.3%, Ilocano 7.1%, Cebuano 6.5%, Bikol/Bicol 3.9%, Waray 2.6%, Kapampangan 2.4%, Maguindanao 1.4%, Pangasinan/Panggalato 1.3%, other languages/dialects 11.2%, unspecified 0.4% (2020 est.)
Religions: Roman Catholic 78.8%, Muslim 6.4%, Iglesia ni Cristo 2.6%, other Christian 3.9%, other 8.2%, none/unspecified <0.1 (2020 est.)
Capital: Manila
Government type: presidential republic
Chief of state: President Ferdinand "BongBong" MARCOS, Jr. (since 30 June 2022)
Head of government: President Ferdinand "BongBong" MARCOS, Jr. (since 30 June 2022)
Description: Congress (Kongreso) - bicameral
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
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
GDP by sector: Agriculture: 9.1% (2024 est.), Industry: 27.7% (2024 est.), Services: 63.2% (2024 est.)
Export partners: China 19%, USA 13%, Hong Kong 12%, Japan 11%, Germany 5% (2023)
Export commodities: integrated circuits, machine parts, gold, insulated wire, semiconductors (2023)
Import partners: China 25%, Indonesia 8%, Japan 8%, S. Korea 6%, USA 6% (2023)
Import commodities: integrated circuits, refined petroleum, cars, crude petroleum, coal (2023)
Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam
Military expenditure: 2024: 1.7% of GDP (2024 est.)
Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.