Economic Statistics Of The Philippines
The president, Gloria Macapagal Arroyo, has withstood a series of opposition challenges to her hold on power and is likely to remain in office until the end of her term in June 2010. Ms Macapagal Arroyo retains the loyalty of the army’s most senior generals, and her coalition has a two-thirds majority in the House of Representatives (the lower house of Congress). Most people would like the vice-president, Noli De Castro, to become the next president, according to opinion polls, followed by senators Loren Legarda and Manny Villar.
Economic growth will average 3% per year in 2009-13. Private consumption will be the main driver of the economy in the forecast period. External demand is likely to be weak as the turmoil besetting international financial markets translates into a sustained period of slow global economic growth.
After six years of improvement in government finances, when the budget deficit and public debt declined as a proportion of GDP, the government will face wider deficits owing to slower economic growth, which will depress tax revenue. The finance minister has conceded that it will be difficult to achieve the official target of a balanced budget by 2010.
As of some news, Philippines owe the U.S.A. 3 trillion dollars. And as of this very moment, Philippines continues to import world products through tradings. Every unit of materials imported inside the country raised costs by approximately 25% compared to local products.
In this kind of trading, this proves that the Philippines will have a long period in order to improve and develope its economic conditions. The current account will remain in surplus in the forecast period, owing to inward flows of remittances from Filipino workers overseas. These inflows, together with a positive balance on the services account, will support the recovery of the peso against the US dollar from 2012.