2010 in Figures

Jan 14, 2012

2010 in Figures

by Cess Celestino

The 2010 economic accounts of the Philippines indicate improvements in the economic sectors, even as the country underwent political transitions, compared to 2009 figures. The National Statistics Coordination Board (NSCB) reports that compared to 2009, the Philippine economy saw a significant increase in both the Gross Domestic Product and the Gross National Product in all the four quarters of 2010. The most recent report of GDP expansion was for the 3rd quarter of 2010, which factored in 6.5 percent growth—roughly eight times more than the 3rd quarter of 2009, which recorded only an 0.8 percent increase.

However, despite these economic triumphs, the 2010 inflation rate for all items was at 3.8 percent for the entire country, which is higher than the 2009 average of 3.2 percent. Food, beverage and tobacco industries experienced the most inflation in contrast to other areas and commodities. The inflation is especially apparent in the National Capital Region—from an average of 1.6 percent in 2009, the NCR’s inflation rate skyrocketed to 4.0 percent in 2010. Meanwhile, the inflation rate for areas outside NCR was only 3.7 percent, slightly lower than 3.9 in 2009.

On the upside, the years 2009 and 2010 both showed stability in terms of job availability. According to the Labor Force Survey of the National Statistics Office, the Philippines maintained its 92.9 percent employment rate and 7.1 percent unemployment rate. However, underemployment rate in 2010 was higher, albeit faintly, as 19.6 percent unemployment was recorded for said year, as opposed to 19.4 percent in 2009. Similarly, the numbers of employed, unemployed and underemployed people were also somewhat higher in 2010, but did not vary much from the 2009 figures for the same areas. Services also remained to be the largest major industry group in 2010, followed by agriculture and industry, respectively.

Yet along with the economy, another aspect that greatly improved in 2010 was the remittances of overseas Filipino workers. It appeared to have increased in the period January to November 2010, compared to the same period in 2009.

ECONOMIC ACCOUNTS

National Income Constant 1985 Pesos
In Million PhP

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
	2009	2010	2009	2010	2009	2010	2009	2010
GDP	381,227	413,976	413,067	444,302	402,221	432,398	458,420	—
GNP	381,227	413,976	413,067	444,302	402,221	432,398	458,420	—

Source: National Statistics Coordination Board (http://www.nscb.gov.ph/secstat/d_accounts.asp)
National Income Current Pesos
In Million PhP

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
	2009	2010	2009	2010	2009	2010	2009	2010
GDP	1,735,242	1,941,818	1,859,880	2,095,162	1,868,569	2,046,464	2,215,226	—
GNP	234,212	277,317	290,521	314,698	296,636	347,119	309,698	–

Source: National Statistics Coordination Board (http://www.nscb.gov.ph/secstat/d_accounts.asp)
GDP Growth
In Percent

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
	2009	2010	2009	2010	2009	2010	2009	2010
GDP	0.4	7.3	1.5	7.9	0.8	6.5	2.3	—

Source: National Statistics Coordination Board (http://www.nscb.gov.ph/sna/default.asp)

PRICES

YEAR-ON-YEAR INFLATION RATE BY AREA AND COMMODITY GROUP

Source: National Statistics Office (http://www.census.gov.ph/data/sectordata/2010/cp101208r.htm)

JOBS

Employment Rate
In Percent

Labor Force Survey

Year	1st Quarter (January)	2nd Quarter (April)	3rd Quarter (July)	4th Quarter (October)
2009	92.3	92.5	92.4	92.9
2010	92.7	92.0	93.1	92.9

Source: National Statistics Office, Labor Force Statistics (http://www.census.gov.ph/data/sectordata/datalfs.html)
Unemployment Rate
In Percent
Labor Force Survey

Year	1st Quarter (January)	2nd Quarter (April)	3rd Quarter (July)	4th Quarter (October)
2009	7.7	7.5	7.6	7.1
2010	7.3	8.0	6.9	7.1

Source: National Statistics Office, Labor Force Statistics (http://www.census.gov.ph/data/sectordata/datalfs.html)

 

Underemployment Rate
In Percent
Labor Force Survey

Year	1st Quarter (January)	2nd Quarter (April)	3rd Quarter (July)	4th Quarter (October)
2009	18.2	18.9	19.8	19.4
2010	19.7	17.8	17.9	19.6

Source: National Statistics Office, Labor Force Statistics (http://www.census.gov.ph/data/sectordata/datalfs.html)

 

Employed Persons by Major Industry Group
In Percent
Labor Force Survey

Sector	1st Quarter (January)		2nd Quarter (April)		3rd Quarter (July)		4th Quarter (October)
	2009	2010	2009	2010	2009	2010	2009	2010
Agriculture	34.6	32.8	35.2	32.5	33.6	33.9	34.0	33.6
Industry	14.2	14.8	14.5	15.5	14.9	14.9	14.5	14.7
Services	51.2	52.4	50.3	52.0	51.5	51.2	51.4	51.7

Source: National Statistics Office, Labor Force Survey

Number of Employed
In Millions
Labor Force Survey

Year	1st Quarter (January)	2nd Quarter (April)	3rd Quarter (July)	4th Quarter (October)
2009	34.3	35.0	35.5	35.5
2010	36.0	35.4	36.3	36.5

Source: National Statistics Office, Labor Force Statistics (http://www.census.gov.ph/data/sectordata/datalfs.html)
Number of Unemployed
In Millions
Labor Force Survey

Year	1st Quarter (January)	2nd Quarter (April)	3rd Quarter (July)	4th Quarter (October)
2009	2.9	2.8	2.9	2.7
2010	2.8	3.1	2.7	2.8

Source: National Statistics Office, Labor Force Statistics (http://www.census.gov.ph/data/sectordata/datalfs.html)

Number of Underemployed
In Millions
Labor Force Survey

Year	1st Quarter (January)	2nd Quarter (April)	3rd Quarter (July)	4th Quarter (October)
2009	6.2	6.6	7.0	6.9
2010	7.1	6.3	6.5	7.1

Source: National Statistics Office, Labor Force Statistics (http://www.census.gov.ph/data/sectordata/datalfs.html)

OFW Remittances
In Thousand U.S. Dollars

	Annual	January to November	Growth Rate (%)
2009	17,348,052	15,780,177	8.17
2010	—	17,068,871

 

	Jan	Feb	Mar	Apr	May	June
2010	1,372,788	1,413,127	1,553,492	1,520,200	1,578,938	1,623,638

 

	Jul	Aug	Sep	Oct	Nov
2010	1,616,778	1,502,887	1,600,554	1,673,725	1,612,700

Source: National Statistics Office, Overseas Filipinos’ Remittances (http://www.bsp.gov.ph/statistics/keystat/ofw.htm)

(Published in Focus on the Philippines January 2011: http://focusweb.org/oldphilippines/content/view/476/52/)