inflation rate

Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.7% in 2011. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration. Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The government has had little difficulty issuing debt, both locally and internationally, to finance the deficits. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade. However, the lack of government spending, especially on infrastructure, was one of several factors which slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasized education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency, rather than imposing new taxes, as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers.

GDP (purchasing power parity):

$389.8 billion (2011 est.) country comparison to the world: 33 $375.9 billion (2010 est.) $349.2 billion (2009 est.) note: data are in 2011 US dollars

GDP (official exchange rate):

$216.1 billion (2011 est.)

GDP - real growth rate:

3.7% (2011 est.) country comparison to the world: 111 7.6% (2010 est.) 1.1% (2009 est.)

GDP - per capita (PPP):

$4,100 (2011 est.) country comparison to the world: 158 $4,000 (2010 est.) $3,800 (2009 est.) note: data are in 2011 US dollars

GDP - composition by sector:

agriculture: 12.3% industry: 33.3% services: 54.4% (2011 est.)

Labor force:

39.81 million (2011 est.) country comparison to the world: 15

Labor force - by occupation:

agriculture: 33% industry: 15% services: 52% (2010 est.)

Unemployment rate:

7.2% (2011 est.) country comparison to the world: 83 7.3% (2010 est.)

Population below poverty line:

32.9% (2006 est.)

Household income or consumption by percentage share:

lowest 10%: 2.4% highest 10%: 31.2% (2006)

Distribution of family income - Gini index:

45.8 (2006) country comparison to the world: 38 46.6 (2003)

Investment (gross fixed):

19.8% of GDP (2011 est.) country comparison to the world: 123

Budget:

revenues: $31.99 billion expenditures: $36.71 billion (2011 est.)

Taxes and other revenues:

14.8% of GDP (2011 est.) country comparison to the world: 189

Budget surplus (+) or deficit (-):

-2.2% of GDP (2011 est.) country comparison to the world: 83

Public debt:

49.4% of GDP (2011 est.) country comparison to the world: 53 52.4% of GDP (2010 est.) note: data cover central government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions.

Inflation rate (consumer prices):

5.3% (2011 est.) country comparison to the world: 128 3.8% (2010 est.)

Central bank discount rate:

3.8% (31 December 2010 est.) country comparison to the world: 95 3.5% (31 December 2009 est.)

Commercial bank prime lending rate:

7.3% (31 December 2011 est.) country comparison to the world: 127 7.673% (31 December 2010 est.)

Stock of narrow money:

$32.09 billion (31 December 2011 est.) country comparison to the world: 57 $29.08 billion (31 December 2010 est.)

Stock of broad money:

$105.7 billion (31 December 2011 est.) country comparison to the world: 52 $97.35 billion (31 December 2010 est.)

Stock of domestic credit:

$108.7 billion (31 December 2011 est.) country comparison to the world: 50 $98.22 billion (31 December 2010 est.)

Market value of publicly traded shares:

$202.3 billion (31 December 2010) country comparison to the world: 37 $130.5 billion (31 December 2009) $85.63 billion (31 December 2008)

Agriculture - products:

sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish

Industries:

electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing

Industrial production growth rate:

6% (2011 est.) country comparison to the world: 54

Electricity - production:

59.19 billion kWh (2009 est.) country comparison to the world: 44

Electricity - consumption:

54.4 billion kWh (2009 est.) country comparison to the world: 45

Electricity - exports:

0 kWh (2009 est.)

Electricity - imports:

0 kWh (2009 est.)

Oil - production:

33,110 bbl/day (2010 est.) country comparison to the world: 67

Oil - consumption:

310,000 bbl/day (2010 est.) country comparison to the world: 40

Oil - exports:

60,460 bbl/day (2009 est.) country comparison to the world: 75

Oil - imports:

338,400 bbl/day (September 2010 est.) country comparison to the world: 31

Oil - proved reserves:

138.5 million bbl (1 January 2011 est.) country comparison to the world: 65

Natural gas - production:

3.15 billion cu m (2009 est.) country comparison to the world: 54

Natural gas - consumption:

3.15 billion cu m (2009 est.) country comparison to the world: 71

Natural gas - exports:

0 cu m (2009 est.) country comparison to the world: 167

Natural gas - imports:

0 cu m (2009 est.) country comparison to the world: 118

Natural gas - proved reserves:

98.54 billion cu m (1 January 2011 est.) country comparison to the world: 55

Current account balance:

$7.044 billion (2011 est.) country comparison to the world: 31 $8.465 billion (2010 est.)

Exports:

$54.17 billion (2011 est.) country comparison to the world: 58 $50.68 billion (2010 est.)

Exports - commodities:

semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

Exports - partners:

China 19%, US 13.4%, Singapore 13.2%, Japan 12.8%, Hong Kong 7.6%, Germany 4.2%, South Korea 4.1% (2010)

Imports:

$68.84 billion (2011 est.) country comparison to the world: 47 $61.07 billion (2010 est.)

Imports - commodities:

electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic

Imports - partners:

Japan 14.1%, China 13.6%, US 9.9%, Singapore 9.3%, Thailand 6.5%, South Korea 5.6%, Indonesia 4.1% (2010)

Reserves of foreign exchange and gold:

$72.3 billion (31 December 2011 est.) country comparison to the world: 27 $62.37 billion (31 December 2010 est.)

Debt - external:

$62.41 billion (31 December 2011 est.) country comparison to the world: 53 $62.62 billion (31 December 2010 est.)

Stock of direct foreign investment - at home:

$27.37 billion (31 December 2011 est.) country comparison to the world: 63 $25.27 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad:

$7.002 billion (31 December 2011 est.) country comparison to the world: 55 $6.582 billion (31 December 2010 est.)

Exchange rates:

Philippine pesos (PHP) per US dollar - 43.44 (2011 est.) 45.11 (2010 est.) 47.68 (2009) 44.439 (2008) 46.148 (2007)

Fiscal year:

calendar year

SOURCE: https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html

The inflation rate in the Philippines during Arroyo's term increased. Even though our GDP is increasing every year still the prices are also increasing. In 2010,a 1 peso coin can buy a single candy or a big plastic size of ice water, in the incoming years the 1 peso coin can't buy a single candy nor the ice water. You can see also the difference between 2010 and 2011 inflation rates. When the inflation rate increases,the goods also increases. Many people had said that Aquino's term or time as a President , the goods and services increased. I recommend that it is okay that they will increase the inflation rate, but they should also help the poor people in our country.

Economic Crisis

Aquino Takes Charge

By Carl H. Lande and Richard Hooley

Summer 1986

Article Summary and Author Biography

As Corazon Aquino begins the tasks of reuniting a divided Filipino people, rebuilding the institutions destroyed by a discredited dictatorship and reviving a devastated economy, she has chosen to combine the spirit of reconciliation with measures to place her new government in firm control.

In view of the Marcos legacy, her task will not be an easy one. Ferdinand Marcos divided Philippine society. In a country accustomed to frequent and peaceful alternation of power among competing political groups, Marcos and his followers used corruption, violence and fraud to entrench themselves as a permanent ruling group. Their opponents remained outside, in embittered frustration. Now that the tables are turned, bitterness is on the other side. It will not be easy to restore good feeling.

Marcos also leaves a legacy of institutional decay. Repeated constitutional changes, devised by the former president and pushed through by means of questionable legality, produced a presidentially dominated system of rule. Under Marcos, a clever lawyer adept at using legalistic forms to distort the spirit of the law, the system became a self-serving autocracy.

Long established and respected institutions were turned into caricatures. The Commission on Elections, once an impartial guardian of honest elections, became an instrument for the subversion of the electoral process on behalf of the regime. In the armed forces, heirs to the American tradition of nonpartisanship, major elements were transformed into a praetorian guard whose main task was to protect the president against his countrymen rather than the country against its enemies.

Other institutions lost their independence. The judiciary, including the Supreme Court, became a pliable instrument of the president’s will. Civil servants lost both security of tenure and the right to vote as they pleased. The financial agencies of the government, no longer subject to full accounting, became milch cows for members of the presidential circle, who appropriated huge sums for their private purposes. In a most cynical example of the president’s willingness to corrupt his countrymen, public school teachers, who traditionally serve as polling officials because of their presumed integrity and impartiality, were bribed in 1986 to help defraud the opposition. Thus these underpaid and overworked professionals were robbed of one of the few rewards of their calling, the respect of their pupils...

http://www.foreignaffairs.com/articles/41066/carl-h-lande-and-richard-hooley/aquino-takes-charge

When Cory Aquino became the President, the Philippines economy became higher than before. Many people loves her and they voted her as a President of the Philippines. The people voted Cory's son Noynoy Aquino to follow her footsteps. But many people were complaining that Noynoy Aquino doesn't make his duties as the President of the Philippines.