The Philippines and the Economy
The Philippines: General Economy
and Export Industry
The Philippine economy prides itself in having been resilient during the global financial crisis of 2008. until now, the Bangko Sentral ng Pilipinas (BSP) says that the country has a well-insulated economy, characterized by steady remittances, robsust private consumptioj and capital formation, and lastly, a well-maintained services sector and a booming industrial base.
The Gross Domestic Product (GDP) grew by 6.9 percent in the First Quarter of 2016, growing faster than the economies of China, Vietnam, Indonesia and Malaysia at 6.7, 5.5, 4.9 and 4.2 percent, respectively, in the said period.
According to the Philippine Statistics Authority (PSA), the "main driver of GDP growth was the services sector which accelerated to 7.9 percent from 5.5 percent while industry grew by 8.7 percent from 5.3 percent" from last year. On the other hand, the agriculture sector remained in a dire state as it continued to decline-this quarter by 4.4 percent representing "its fourth consecutive quarterly decline since the second quarter of 2015." Meanwhile, Services still had the largest portion of GDP at 56.8 percent, followed by Industry and by Agriculture, Hunting, FOrestry and Fishing (AHFF) at 34 and 9.2 percent, respectively.
Per capita GDP expanded by 5.2 percent as compared to 3.2 percent
Source: Philippine Export Development Plan 2015-2017
Upcoming EventsImport Documentation Seminar
A seminar on Import and Export Procedures on Customs Common Bonded Warehouse (CCBW).