I’m responding to a reader’s inquiry on Philippine energy resources. To view the latest Philippine energy profile (sources of energy for the Philippines), click this link
This takes you to the official website of the U.S. Energy Information Administration, which shows your current and historical data on topics related to energy. A report dated November 2006 is also available by clicking this link:
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 (see the South China Sea Regional Analysis Brief for more information).