Photo from National Statistical Coordination Board
The Philippines emerged as the fifth biggest economy among the 10-member states of the Association of Southeast Nations in 2013, based on the country’s gross domestic product (GDP) at current prices which stood at $269 billion, data from the Asean showed.
In terms of international merchandise trade and foreign direct investment inflow, the Philippines ranked sixth in Asean neighbors, after generating a total trade of $119.1 billion and attracting $3.86 billion worth of investments last year, statistics further disclosed.
According to data from the Asean, Indonesia emerged as the biggest economy in the region, with $863 billion (measured in terms of GDP at current prices), followed by Thailand at $388 billion; Malaysia with $312 billion; and Singapore $297.9 billion.
Singapore, however, topped the rankings in terms of total international merchandise trade last year with $783 billion, and foreign direct investment inflow with $60.6 billion. The country likewise posted the highest GDP per capita (at current prices) among the 10 member states at $55,183, followed by Brunei Darussalam at $39,677.
The Philippines GDP per capita stood at only $2,707, the sixth highest in the region.
As a region, the Asean economy grew by 5.1 percent with international merchandise trade and FDI inflow posting an increase of 1.4 percent and 7.1 percent, respectively.
In terms of nominal GDP, Asean GDP grew to $2.4 trillion in 2013 from $2.3 trillion in 2012, with the per capita GDP reaching $3,837 in 2013 from the $3,761 recorded in 2012.
In 2013, Asean international merchandise trade amounted to $2.5 trillion, with total export receipts of $1.3 trillion and import payments of $1.2 trillion.
Trade among the 10 Asean member states represented 24.2 percent of the region’s total trade during the same period.
The region’s biggest trade partner is China, which cornered 12 percent of exports and 16 percent of imports. Other leading trade partners included the European Union, Japan and the United States.
According to Asean data, electrical machinery and equipment were the top export earner at $277 billion while mineral fuels, mineral oils and product of their distillation were the highest imported commodity products at $274 billion.
Inflow of FDI in Asean rose to $122 billion in 2013 from $114 billion in 2012. Intra-Asean investments grew steadily in recent years although its share to total Asean FDI inflows remained at around 17 percent. During the period 2011-2013, Asean received the highest FDI from European Union and Japan, accounting for almost 40 percent of the total investment inflows.
For 2013 alone, the EU’s FDI represented 22 percent of total inflows to the Asean, followed by Japan, with an 18.7 percent share.