Central & SE Asia / Australasia

Philippines flag
Summary | Profile

Country profile: Philippines

Location: Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam
Climate: tropical marine; northeast monsoon (November to April); southwest monsoon (May to October)
Terrain: mostly mountains with narrow to extensive coastal lowlands
Size: 300000 sq. km total (Land area: 298170 sq. km  Water area: 1830 sq.km)
Population: 92,681,453 (July 2008 est.)
Languages: Filipino (official; based on Tagalog) and English (official); eight major dialects - Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan
Government: republic
Capital city: Manila
Legal system: based on Spanish and Anglo-American law; accepts compulsory ICJ jurisdiction with reservations
Currency: Philippine peso (PHP)

Country profile

Under the leadership of President Gloria Macapagal Arroyo, the Philippines has undergone an economic transformation, deregulating its energy sector and offering new incentives for foreign investment. President Arroyo came into power when former President Joseph Estrada was forced to resign in 2001, and in May 2004, she was reelected to another six-year term. Her tenure has not been without controversy, however. Most recently, in February 2006, President Arroyo decided to invoke a week-long state of emergency after an apparent coup attempt. President Arroyo has also survived two impeachment attempts over alleged corruption.

Despite some political instability, the Philippines has experienced strong economic growth over the last two years. Real gross domestic product (GDP) grew at 5.0 percent in 2005, down somewhat from the 15-year high growth rate of 6.2 percent seen in 2004. The country is currently experiencing a minor cyclical downturn, driven by high global oil prices and a slowing world economy. However, growth remains strong, with the Philippine economy growing an estimated 5.5 percent during the first half of 2006. A key driver of continued economic growth is overseas workers’ remittances, which help sustain strong private consumption in the Philippines. During 2005, total remittances from approximately seven million overseas workers stood at $10.7 billion, or about 11 percent of nominal GDP.

The Philippines is one of the claimants, along with China, Taiwan, Malaysia, and Vietnam, to the Spratly Islands, located in the South China Sea. Potential oil and natural gas reserves surrounding the islands have sparked the interest of all the littoral states. In September 2004, the Chinese and Philippine governments reached an agreement to jointly pursue seismic survey work in the Spratlys, but without giving up their respective territorial claims. Vietnam joined the agreement in March 2005, and it was formalized with a memorandum of understanding between the three governments.

Energy production and consumption

Oil Gas
Production: 24,310 bbl/day (2005 est.) 2 billion cu m (2005 est.)
Consumption: 340,000 bbl/day (2005 est.) 2 billion cu m (2005 est.)
Exports: 34,900 bbl/day (2004 est.)  
Imports: 353,700 bbl/day (2004 est.)  
Reserves: 152 million bbl (31 December 2006) 107 billion cu m (1 January 2006 est.)
Major fields:

Philippines - recent news

11 Mar 24
Philippines: Mainstream Renewable Power awarded development rights for 440 MW of onshore wind in the Philippines
Mainstream Renewable Power, the global pure-play renewable energy company, has signed two Wind Energy Service Contracts ('WESCs') with the Department of Energy in the Philippines for the development rights for two onshore wind farms with a combined capacity of 440 MW. The contracts represent Mainstream’s first fully-owned WESCs in the Philippines and it is one of the first 100% foreign-owned companies to secure the contracts.
02 Jan 24
Philippines: DOF Group secures major contract extension with Prime Energy
DOF Group has announced that Prime Energy has extended the contract for provision of the MPSV Skandi Hawk to the end of 2027. DOF has been providing MPSV and subsea services to Prime Energy in support of the Malampaya gas field operations offshore Philippines since April 2015 and subsea support and IRM services for 13 years prior to that.
27 Jun 23
Philippines: Coro Energy announces successful Philippines WESC award
Coro Energy, the South East Asian energy company with a natural gas and clean energy portfolio, has announced that its application for the Philippines Department of Energy's Wind Energy Service Contract ('WESC') in respect of an area of interest for the onshore Oslob Wind Power Project has now been approved and a WESC formally awarded.
25 Apr 23
Philippines: Coro Energy provides update on Philippines WESC application
Coro Energy has announced that, further to previous announcements, it has now capitalised the local Philippine subsidiary and re-submitted its application for the Philippines Department of Energy's Wind Energy Service Contract ('WESC') in respect of an area of interest for the onshore Oslob Wind Power Project in Oslob, Cebu.
24 Mar 23
Philippines: PETRONAS partners with Phoenix Petroleum to explore opportunity in the Phillipines
PETRONAS and Phoenix Petroleum have signed a Memorandum of Understanding (MOU) to jointly explore a partnership opportunity in the Philippines in the area of downstream marketing business and associated technology solutions.

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