The administration of President Benigno S. Aquino III aims to implement stable economic policies, substantially reduce red tape and level the playing field. It is of the belief that government is an enabler and not an impediment to business. Its “Daylight” strategy is to move forward, in unison, in broad daylight where business transactions are clear, swift and transparent. Transparency takes precedence to ensure a level playing field.
It is the Aquino administration's thrust during its six-year term to reach for high growth, providing equal opportunities to Filipinos and foreigners alike, with an annual average of 7 to 8% from 2011 to 2016. This means more jobs and new opportunities to improve employment and, in the process, reduce poverty incidence.
The national economy of the Philippines is the 45th largest in the world, with an estimated 2011 gross domestic product (nominal) of $216 billion. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Its unit of currency is the Philippine peso (₱ or PHP).
The Economy of the Philippines is the 43rd largest in the world, according to 2011 World Bank statistics. According to the CIA Factbook, the estimated 2011 gross domestic product (purchasing power parity) was $411.9 billion (2011 est.) The Goldman Sachs estimates that by the year 2050, it will be the 14th largest economy in the world and one in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. As a newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing.
The Philippines is one of the Tiger Cub Economies in Southeast Asia together with Indonesia, Malaysia and Thailand.
1 Macroeconomic trend
2 Government budget
3 Private sector
3.3 Mining and natural resources
4 Economic indicators and international rankings
6 See also
8 Further reading
9 External links