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The Philippine Islands became a Spanish colony during the 16th century; they were ceded to the US in 1898 following the Spanish-American War. 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. In 1942 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. A 20-year rule by Ferdinand MARCOS ended in 1986, when a "people power" movement in Manila ("EDSA 1") forced him into exile and installed Corazon AQUINO as president. Her presidency was hampered by several coup attempts that prevented a return to full political stability and economic development. Fidel RAMOS was elected president in 1992. His administration was marked by increased stability and by progress on economic reforms. In 1992, the US closed its last military bases on the islands. Joseph ESTRADA was elected president in 1998. He was succeeded by his vice-president, Gloria MACAPAGAL-ARROYO, in January 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 to a six-year term as president in May 2004. Her presidency was marred by several corruption allegations but the Philippine economy was one of the few to avoid contraction following the 2008 global financial crisis, expanding each year of her administration. Benigno AQUINO III was elected to a six-year term as president in May 2010 and was succeeded by Rodrigo DUTERTE in May 2016.

Location

Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam

Natural Resources

timber, petroleum, nickel, cobalt, silver, gold, salt, copper

Population - distribution

population concentrated where good farmlands lie; highest concentrations are northwest and south-central Luzon, the southeastern extension of Luzon, and the islands of the Visayan Sea, particularly Cebu and Negros; Manila is home to one-eighth of the entire national population

99900177
Filipino (official; based on Tagalog) and English (official); eight major dialects - Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan
MANILA (capital) 12.946 million; Davao 1.63 million; Cebu City 951,000; Zamboanga 936,000 (2015)
Conventional long form
Republic of the Philippines
Conventional short form
Philippines
Local long form
Republika ng Pilipinas
Local short form
Pilipinas
presidential republic
Name
Manila
Geographic coordinates
14 36 N, 120 58 E
Time difference
UTC+8 (13 hours ahead of Washington, DC, during Standard Time)
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. During 2016, the current account balance narrowed to its lowest level since the 2008 global financial crisis, but nevertheless mustered a surplus for a 14th consecutive year. International reserves remain at comfortable levels and the banking system is stable.
Inflation
1.767%
External debt stocks
US$ 77,725,096,000
Total tax rate (% of commercial profits)
42.9%
Real Interest Rate
3.918%
Manufacturing, value added (% of GDP)
19.646%
Current Account Balance
US$ 600,675,839
Labor Force, Total
45,504,070
Employment in Agriculture
29.15%
Employment in Industry
16.20%
Employment in Services
54.65%
Unemployment Rate
5.88%
Imports of goods and services
US$ 112,613,337,262
Exports of goods and services
US$ 85,267,069,625
Total Merchandise Trade
46.77%
FDI, net inflows
US$ 7,933,059,815
Commercial Service Exports
US$ 31,339,797,356
rice, fish, livestock, poultry, bananas, coconut/copra, corn, sugarcane, mangoes, pineapple, cassava
semiconductors and electronics assembly, 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
Commodities
semiconductors and electronic products, machinery and transport equipment, wood manufactures, chemicals, processed food and beverages, garments, coconut oil, copper concentrates, seafood, bananas/fruits
Partners
Japan 21.1%, US 15%, China 10.9%, Hong Kong 10.6%, Singapore 6.2%, Germany 4.5%, South Korea 4.3% (2015)
Commodities
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Partners
China 16.2%, US 10.8%, Japan 9.6%, Singapore 7%, South Korea 6.5%, Thailand 6.4%, Malaysia 4.8%, Indonesia 4.4% (2015)
Country Risk Rating
A4
A somewhat shaky political and economic outlook and a relatively volatile business environment can affect corporate payment behavior. Corporate default probability is still acceptable on average.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • Economy reputed for its electronic industry (more than 40% of exports)
  • Household consumption and external accounts are benefiting from expatriate's workers remittances
  • Thriving business process outsourcing (BPO) sector
  • Low level of investment, particularly in infrastructure
  • Governance shortcomings
  • Inequalities and strong demographic growth are impacting economic performances

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