COUNTRY DATA 1. Profile 1993 population (in millions) 66.5 Population growth rate (in percent) 2.4 Religions: Roman Catholic (83 pct.), Protestant (5 pct.), Islam (5 pct.), Aglipay (3 pct.), Iglesia ni Kristo (2 pct.) Government System: Presidential system. Government affairs undertaken by three branches: the legislative, executive and judicial. Languages: Various dialects, dominated by Tagalog (28 pct.), Cebuano (24 pct.), Ilocano (10 pct.) and Ilongo (9 pct.); English is normal business language. Work week: 48-hour work week 2. Domestic Economy (million USD, except where noted) 1993 1994 P/ 1995 P/ GDP (current prices) 53,745 60,563 64,651 Real GDP growth rate (pct.) 1.7 3.5 4.5 GDP per capita (USD/person) 808 888 920 National government spending as pct. of GDP 19.3 19.9 NA Inflation (pct.) 7.6 10.0 7.0 Unemployment (pct.) A/ 9.2 9.1 8.8 Forex reserves A/ 5,801 7,300 8,000 Ave. forex rate (pesos/USD) 27.12 27.40 28.70 Foreign debt 34,282 36,600 39,200 Debt service ratio (ratio of principal and interest payments to export income) A/ 18.7 19.5 19.1 U.S. economic assistance (bilateral aid, fiscal year) 125.2 69.9 55.5 A/ Philippine Government estimates P/ Projections by Philippine Government NA/ 1995 cash disbursement program not yet available 3. Trade (million USD, fob Philippine data) 1993 1994 P/ 1995 P/ Total country exports 11,375 13,044 14,864 Total country imports 17,597 19,496 21,342 Imports from U.S. 3,522 3,900 4,270 Exports to U.S. 4,371 5,000 5,650 U.S. share of host country imports (pct.) 20 20 20 3.A. Imports of Manufactured Goods (million USD) (SITC categories 5-9, minus gold) 1993 Total (from world) 13,630 From the U.S. 2,878 U.S. share of manufactured imports (pct.) 21 Manufactured goods trade balance with U.S. 853 Projected average annual growth rate from world through 1996 (pct.) 10 Projected average annual growth rate from U.S. through 1996 (pct.) 10 3.B. Imports of Agricultural Goods 1993 Total (from world) 590 From the U.S. 138 U.S. share of agricultural imports (pct.) 32 Agricultural goods trade balance with U.S. +43 3.C. Trade Balance with Three Leading Partners (million USD) 1993 United States 849 Japan (2,213) European Community 189 3.D. Principal Imports from U.S. (million USD) (top five items, by 2-digit Philippine Standard Commodity Classification Code) 1993 Aircraft, ships A/ 472 Electrical machinery, apparatus & appliances 410 Wheat 230 Telecommunications & sound recording & Reproducing apparatus and equipment 142 Special commodities and transactions B/ 810 3.E. Principal Exports to U.S. (top five items, by 2-digit Philippine Standard Commodity Classification Code): 1993 Electrical machinery, apparatus & appliances 542 Wearing apparel & clothing accessories 390 Telecommunications & sound recording & Reproducing apparatus and equipment 266 Coconut oil 174 Special commodities and transactions C/ 2,011 A/ Reflects importation of two Boeing jets B/ Largely consigned materials for the manufacture of semiconductors, electronic and electrical equipment; and, garments and accessories C/ Largely semiconductors, electronic and electrical equipment; and, garments and accessories manufactured from consigned raw materials. P/ Projections 4. Foreign Direct Investment Statistics The Securities and Exchange Commission (SEC), Board of Investment (BOI), National Economic and Development Authority (NEDA), and the Bangko Sentral each generate their respective investment statistics. The confusion created by the existence of different sets of data has prompted these government agencies to undertake a USAID-assisted project (still ongoing) which aims to come up with a standard set of investment numbers based on internationally accepted definitions. For now, Bangko Sentral data, which is readily available in dollar terms and broken down by country and by industry, is widely used as an indicator of foreign investment stock and foreign investment flows. Registration with the Bangko Sentral or a designated custodian bank is required to enable forex sourcing from the domestic banking system for profit remittances and/or capital repatriation. These statistics do not include equity investments made via debt-to-equity swap transactions. Foreign Investment Stock: Values in Tables 1 and 2 (foreign investment by investor country and by industry) refer to cumulative foreign direct investments registered with the Central from 1970 to the dates indicated. Table 1 Cumulative Foreign Equity Investments By Investor Country A/ (Source: Bangko Sentral ng Pilipinas) As of Distribution as of 1991 1992 1993 1991 1992 1993 (In Million USD) (In Percent) Total 3,683 4,011 4,389 100.0 100.0 100.0 Of Which: United States 1,846 1,902 1,937 50.0 47.4 44.1 Japan 689 844 890 18.7 21.0 20.3 HongKong 226 264 286 6.1 6.6 6.5 United Kingdom 130 132 285 3.5 3.3 6.5 Netherlands 157 162 176 4.3 4.0 4.0 Switzerland 84 92 107 2.3 2.3 2.4 Australia 68 71 72 1.8 1.8 1.6 South Korea 52 65 68 1.4 1.6 1.5 Germany 38 46 54 1.0 1.1 1.2 Canada 53 54 54 1.4 1.3 1.2 France 44 50 50 1.2 1.2 1.1 Singapore 30 38 48 0.8 0.9 1.1 Sweden 39 40 41 1.1 1.0 0.9 Taiwan 33 36 40 0.9 0.9 0.9 British Virgin Islands 1 5 35 - 0.1 0.8 Austria 28 28 28 0.8 0.7 0.6 Panama 23 23 25 0.6 0.6 0.6 Luxembourg 15 15 23 0.4 0.4 0.5 Denmark 19 19 21 0.5 0.5 0.5 Spain 5 14 14 0.1 0.3 0.3 Malaysia 11 12 14 0.3 0.3 0.3 Total FDI Stock as pct. of GDP 8.1 7.6 8.2 A/ Sum of annual foreign investments from 1970 to the year indicated. Table 2 Cumulative Foreign Equity Investments By Industry A/ (Source: Bangko Sentral ng Pilipinas) As of Distribution as of 1991 1992 1993 1991 1992 1993 (In Million USD) (In Percent) Total 3,683 4,011 4,389 100.0 100.0 100.0 Of Which: Financing 428 465 514 11.6 11.6 11.7 Manufacturing 1,892 2,074 2,331 51.3 51.7 53.1 Chemicals 476 504 539 12.9 12.6 12.3 Machinery, Appliances 324 379 405 8.8 9.4 9.2 Food Prod. 321 343 361 8.7 8.6 8.2 Petroleum and Coal 95 95 224 2.6 2.4 5.1 Metal Prod. 186 193 197 5.0 4.8 4.5 Transp Eqp. 138 178 192 3.7 4.4 4.4 Text/Garments 95 112 119 2.6 2.8 2.7 Mining B/ 884 896 898 24.0 22.3 20.5 Commerce C/ 195 213 224 5.3 5.3 5.1 Services 163 233 243 4.4 5.8 5.5 Pub Utilities D/ 43 47 96 1.2 1.2 2.2 Agriculture 54 54 54 1.5 1.3 1.2 Construction 23 28 29 0.6 0.7 0.7 Total FDI Stock as pct. of 8.1 7.6 8.2 A/ Sum of annual foreign investments from 1970 to the year indicated B/ Mostly petroleum and coal C/ Mostly trading and real estate D/ Mostly communications Annual Foreign Investment Flows: Tables 3 and 4 provide annual foreign investment flows registered with the Bangko Sentral, obtained by subtracting year-to-year investment stock figures for the countries and industries listed in Tables 1 and 2, repectively. Table 3 Annual Foreign Equity Investment Flows By Investor Country A/ (Source: Bangko Sentral ng Pilipinas) (In Million USD) 1988 1989 1990 1991 1992 1993 Total 64.0 202.8 195.9 415.3 328.0 377.7 Of Which: United States 29.2 68.8 52.8 75.1 56.1 35.6 Japan 17.2 52.0 54.2 188.7 154.4 46.2 HongKong 7.0 15.8 15.2 32.7 37.8 21.7 United Kingdom 1.0 3.3 8.6 15.2 2.1 153.2 Netherlands 1.1 16.9 3.4 3.6 5.3 13.5 Switzerland 0.4 5.1 7.2 8.4 8.1 15.0 Australia 0.1 12.9 7.7 1.5 3.1 0.6 South Korea 0.2 1.3 7.7 35.6 13.1 3.6 Germany 1.1 0.4 2.1 5.5 7.5 8.2 Canada 0.0 1.0 3.3 1.0 1.0 0.0 France 0.1 0.1 1.1 1.0 5.4 0.5 Singapore 0.8 3.6 6.2 8.6 8.4 9.4 Sweden 0.1 0.0 6.5 5.0 1.2 0.8 Taiwan 0.7 14.7 7.6 6.1 2.8 4.1 British Virgin Islands 0.0 0.1 0.0 1.1 4.2 29.7 Austria 0.0 0.0 0.0 9.5 0.1 0.0 Panama 0.0 1.0 2.3 0.0 0.0 1.2 Luxembourg 0.1 0.0 0.0 0.8 0.6 8.0 Denmark 1.5 1.3 0.8 0.6 0.0 2.1 Spain 0.0 0.0 0.0 0.6 9.8 0.0 Malaysia 1.1 0.1 0.4 0.3 0.4 2.1 Annual FDI Flow as pct. of GDP 0.2 0.5 0.4 0.9 0.6 0.7 A/ Annual flows were computed by subtracting year-to-year stock figures in Table 1 Table 4 Annual Foreign Equity Investment Flows By Industry A/ (Source: Bangko Sentral ng Pilipinas) (In Million USD) 1988 1989 1990 1991 1992 1993 Total 64.0 202.8 195.9 415.3 328.0 377.7 Of Which: Financing 1.7 16.6 24.5 30.5 36.5 48.9 Manufacturing 27.2 107.9 109.1 298.9 181.8 256.4 Chemicals 8.8 20.1 16.4 44.8 28.5 34.8 Machinery, Appliances 2.4 48.6 25.6 168.9 54.5 25.8 Food Prod. 1.6 7.5 15.6 8.8 22.1 17.7 Petroleum and Coal 0.0 0.0 0.0 12.6 0.0 129.1 Metal Prod. 0.1 0.7 1.5 14.3 7.2 4.0 Transp Eqp. 0.0 5.4 7.5 21.8 40.0 13.4 Text/Garments 3.7 8.3 9.4 14.6 16.8 6.3 Mining 10.3 42.3 30.3 30.5 12.2 2.0 Commerce 9.7 28.3 19.7 22.2 18.0 10.7 Services 13.6 5.8 4.9 29.7 69.6 10.3 Pub Utilities 0.3 1.6 1.2 1.4 4.5 48.5 Agriculture 1.1 0.3 6.0 0.5 0.2 0.3 Construction 0.0 0.0 0.1 1.5 5.1 0.7 Annual FDI Flow as pct. of GDP 0.2 0.5 0.4 0.9 0.6 0.7 A/ Annual flows were computed by subtracting year-to-year stock figures in Table 2 Major Sources of Data for Appendix A: 1992 Philippine Yearbook; National Economic and Development Authority; National Statistics Office; Department of Finance; Bangko Sentral ng Pilipinas.