The authority of the president, Gloria Macapagal Arroyo, will remain fragile over the forecast period. However, her strengthened position in the lower house will make it difficult for the opposition to impeach her, and as a result she is likely to remain in power until the end of her term in 2010. Private consumption will remain the main driver of the economy, although GDP growth will slow from 6.8% in 2007 to an average of 5.5% in 2008-09. Annual consumer price inflation will remain low, but will increase slightly to an average of 3.4% over the forecast period. Buoyant remittances from Filipinos working overseas will ensure that the current account remains in surplus. |
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| Key Reports Available for Philippines |
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| Land area | | 300,179 sq km | | Population | | 88.57m (August 2007 census) | | Main towns | | Population in '000 (2007) | | Metropolitan Manila Davao 1,363 | | (National Capital Region) 11,553 Cebu 799 | | Manila (capital) 1,661 Zamboanga 774 | | Quezon City 2,679 Cagayan de Oro 554 | | Kalookan 1,379 General Santos City 530 | | Pasig 617 Bacolod 499 | | Taguig City 613 Iloilo 419 | | Valenzuela 569 | | Paranaque 553 | | Las Pinas 532 | | Climate | | Tropical | | Weather in Manila (altitude 14 metres) | | Hottest month, May, 24-34°C; coldest month, January, 21-30°C (average daily minimum and maximum); driest month, February, 13 mm average rainfall; wettest month, July, 432 mm average rainfall | | Languages | | Filipino (Tagalog), English and Spanish; many local dialects | | Weights and measures | | Metric system; also some local units | | Currency | | Peso (P)=100 centavos. Average exchange rate in 2007: P46.1:US$1. Exchange rate on August 16th 2008: P46.2:US$1 | | Time | | Eight hours ahead of GMT | | Fiscal year | | January-December | | Public holidays | | January 1st; March 20th (Maundy Thursday); March 21st (Good Friday); April 9th; May 1st (Labour Day); June 12th (Independence Day); August 31st (National Heroes' Day); November 1st (All Saints' Day); November 30th (Bonifacio Day); December 25th (Christmas Day); December 30th (Rizal Day) | | SOURCE: Country Profile |
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