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

Karl Robert Jandoc, Benjamin Radoc, Avin Raiel Abelardo and Christian Kenneth Collado
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Karl Robert Jandoc: University of the Philippines
Benjamin Radoc: Bangko Sentral ng Pilipinas
Avin Raiel Abelardo: Bangko Sentral ng Pilipinas
Christian Kenneth Collado: Bangko Sentral ng Pilipinas

BSP Special Publications from 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.

Pages: 57 pages Creation Date: 2026-03
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Published as a BSP Special Publication, March 2026

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Persistent link: https://EconPapers.repec.org/RePEc:bhd:spcpub:ch-03

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