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Filipino Girls on Cams in Philippines

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Economic Situation of Philippines
by Supanya Srichaphan

During the 1998 Asian financial crisis the Philippines were one of the lucky countries that were not affected to adversely. They were able to avoid major problems due to their high annual remittances from workers holding jobs overseas, as well as no huge problems with foreign debt.

The gross domestic product (GDP) of the Philippines grew approximately 5% from the year 2002 up until 2005. This was largely possible due to the improved number of exports.

One of the biggest problems that the Philippines economy is facing is how they are going to keep up with the increased annual population growth. 

The country also faces a very large budget deficit, which has in turn produced a very high debt level that they are having trouble controlling. They are progressing very slowly with the privatization of business, which has contributed to the government’s overall debt.

At this time the Philippines are trying to contend with very high oil prices, as well as very high interest rates on the money that they borrow. In addition to these problems, the country is also trying to control inflation. 

Currently, the service industry is accounting for about half of the GDP, and the agricultural and industry sectors are making up the rest. 


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