Central & SE Asia / Australasia

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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)
Licensing:

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

09 Jan 20
Philippines: Jadestone Energy announces award of damages in respect of Philippines arbitration
Jadestone Energy has announced an award of monetary damages, plus a portion of the legal costs and expenses, as a result of an arbitration action between its wholly owned subsidiary Mitra Energy (Philippines SC-56) and Total E&P Philippines.
14 Nov 19
Philippines: Udenna acquires Chevron’s 45 percent interest in Malampaya
Udenna Corp has signed a Sale and Purchase Agreement to acquire 100 percent of the shares of Chevron Malampaya, a wholly-owned subsidiary of Chevron Philippines, which holds Chevron’s entire 45 percent non-operated interest in the Malampaya gas field in the Philippines.
26 Sep 19
Philippines: Excelerate Energy receives Notice to Proceed from the Philippines for floating LNG terminal
Excelerate Energy has received the Notice to Proceed from the Philippine Department of Energy to develop a floating liquefied natural gas (LNG) import terminal in the Bay of Batangas.
11 Jan 19
Philippines: Phoenix Petroleum gets green light for US2 bln LNG terminal
Philippines firm Phoenix Petroleum has won government approval to build the nation’s first liquefied natural gas (LNG) import terminal for $2 billion, in partnership with China National Offshore Oil Corp (CNOOC).
05 Sep 18
Philippines: Israel's Ratio Oil signs Philippines exploration deal
Israel’s Ratio Oil Exploration has signed a long-awaited deal to search for oil and gas in the Philippines. The Company was initially awarded the East Palawan block back in 2015.

Philippines - more news

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