Basic economic facts:
Subject 2005
The Capital:
Official Language:
Government:
President:
Manila
Filipino official national language; English, language of government and instruction in education.
Republic
Benigno Simeon
Cojuangco Aquino III
2006 2007 2008 2009 2010 2011 forc
GDP, current prices (USD billions)
GDP per capita, current prices
(USD)
GDP based on
PPP valuation
(Current international dollar billions)
Investment (% of GDP)
Unemployment rate (% of total labor force)
98.829
1,159
250.240
14.6
11.3
117.534
1,351
272.191
14.5
8.0
144.070
1,624
300.067
15.4
7.3
166.598
1,841
317.946
15.3
7.4
161.196
1,747
324.263
14.6
7.5
188.719
2,007
351.370
15.6
7.2
202.865
2,116
372.814
15.7
7.2
Population
(millions)
Current account
(% of GDP)
PSEs brief outlook:
85.3
2.0
87.0
4.5
88.7
4.9
90.4
2.2
92.2
5.8
94.0
4.5
95.8
2.9
Public enterprises in Philippines are known as Government-owned and controlled corporations
(GOCCs), stock or non-stock corporations established by a special charter or law for the interest of everyone and subject to the test of economic viability. It is owned or controlled by the government directly, or indirectly through a parent corporation or a subsidiary corporation. The rationale for the creation of GOCCs is grounded on the idea that market failures do exist and government needs to intervene to protect public interest.
The GOCCs are directly under the Government Corporate Monitoring and Coordinating Committee which is responsible for monitoring, coordinating, and conducting performance of all GOCCs.
According to the data of the Commission of Audit, 93 GOCCs currently operates in Philippines.