Philippines - Income
The US Central Intelligence Agency (CIA) reports that in 2001 the Philippines' gross domestic product (GDP) was estimated at $335 billion. The per capita GDP was estimated at $4,000. The annual growth rate of GDP was estimated at 2.8%. The average inflation rate in 2001 was 6%. The CIA defines GDP as the value of all final goods and services produced within a nation in a given year and computed on the basis of purchasing power parity (PPP) rather than value as measured on the basis of the rate of exchange. It was estimated that agriculture accounted for 17% of GDP, industry 30%, and services 53%.
The World Bank reports that in 2001 per capita household consumption (in constant 1995 US dollars) was $875. Household consumption includes expenditures of individuals, households, and nongovernmental organizations on goods and services, excluding purchases of dwellings. It was estimated that for the same period private consumption grew at an annual rate of 1%. Approximately 37% of household consumption was spent on food, 11% on fuel, 1% on health care, and 14% on education. The richest 10% of the population accounted for approximately 36.6% of household consumption and the poorest 10% approximately 2.3%. It was estimated that in 2001 about 40% of the population had incomes below the poverty line.According to the United Nations, in 2000 remittances from citizens working abroad totaled $125 million or about $2 per capita and accounted for approximately 0.2% of GDP. Worker remittances in 2001 totaled $122 million. Foreign aid receipts amounted to about $7 per capita and accounted for approximately 1% of the gross national income (GNI).