Philippines

The Republic of the Philippines (Filipino: Republika ng Pilipinas), or the Philippines (Filipino: Pilipinas), is a nation in Southeast Asia. It lies 1,210 km (750 mi) away from mainland Asia and consists of 7,107 islands that form part of the Malay Archipelago.

Economy

In 1998 the economy — a mixture of agriculture, light industry, and supporting services — deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to 0.6% in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 4% in 2000. The government has promised to continue its economic reforms to help match the pace of development in the newly industrialised countries of East Asia. Heavy debt (public debt at 77% of GDP), is hampering efforts to improve the economic situation. Budget allocation for servicing of debt is higher than the budget for the Department of Education and for the military combined.

Related Topics:
1998 - Agriculture - Asian financial crisis - 1997 - 1999 - 2000 - East Asia

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The strategy includes improving infrastructure, overhauling the tax system to bolster government revenues, furthering deregulation and privatisation of the economy, and increasing trade integration with the region. Prospects for the future depend heavily on the economic performance of the two major trading partners, the United States and Japan, and a more accountable administration and consistent government policies.

Related Topics:
Infrastructure - Tax - Privatisation - United States - Japan

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The Philippines is a member of the Asian Development Bank.

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