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Current Account Dynamics and the Philippine Economy: Developments and Prospects Chapter 3: Diversification and Structural Transformation

Author

Listed:
  • Karl Robert L. Jandoc

    (University of the Philippines)

  • Benjamin E. Radoc, Jr.

    (Bangko Sentral ng Pilipinas)

  • Avin Raiel P. Abelardo

    (Bangko Sentral ng Pilipinas)

  • Christian Kenneth R. Collado

    (Bangko Sentral ng Pilipinas)

Abstract

This chapter analyzes the structural transformation in the Philippine economy over the past few decades and its implications for the current account (CA) dynamics. A significant change did occur in the Philippine economy, but it diverged from the traditional trajectory experienced by developed Asian economies. The labor exiting the agriculture, fishery, and forestry (AFF) sector shifted to the services sector instead of the industrial sector due to the stagnation of the manufacturing sector over the past decades. Since 1950, the shares of the AFF and industrial sectors in GDP have declined, whereas the services sector’s share has consistently risen.

Suggested Citation

  • Karl Robert L. Jandoc & Benjamin E. Radoc, Jr. & Avin Raiel P. Abelardo & Christian Kenneth R. Collado, "undated". "Current Account Dynamics and the Philippine Economy: Developments and Prospects Chapter 3: Diversification and Structural Transformation," BSP Special Publications ch-03, Bangko Sentral ng Pilipinas.
    • Handle: RePEc:bhd:spcpub:ch-03
    as

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    File URL: https://www.bsp.gov.ph/Media_And_Research/Special%20Publications/BSP-Book-Current-Account-Dynamics-and-The-Philippine-Economy.pdf
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