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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2025, the Philippine economy is estimated to be at ₱29.66 trillion ($507.6 billion), making it the world's 31st largest by nominal GDP and 11th largest in Asia according to the International Monetary Fund .
President Marcos signs into law Republic Act No. 12022 or the Anti-Agricultural Economic Sabotage Act, designating the smuggling, hoarding, and cartel activities affecting agricultural products as economic sabotage. [266] The first driverless bus system in the Philippines is launched in New Clark City. [267] September 27:
In conclusion, climate change is a significant issue in the Philippines that is already causing significant economic, social, and environmental impacts. The country is particularly vulnerable to the impacts of climate change due to its location and its high population density.
The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. [13] As a newly industrialized country, [375] [376] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.
From 2006 to 2013, the Philippines experienced a total of 75 disasters that cost the agricultural sector $3.8 billion in loss and damages. [1] Typhoon Haiyan alone cost the Philippines' agricultural sector an estimated US$724 million after causing 1.1 million tonnes of crop loss and destroying 600,000 ha of farmland. [31]
Despite the averted Sugar Order No. 4, President Marcos in mid-August still raised the possibility of importing sugar to the Philippines to address the sugar crisis. [31] [32] He said that around 150,000 MT of sugar could be imported to address the country's needs for the rest of 2022 and projected the current supply to last until October. [32]
Uzbekistan expressed its support for the Philippines' bid to gain observer status in the OIC and its hopes for the resolution of the Muslim insurgency mainly affecting the southern part of the Philippines. The Philippines highlighted untapped potential, despite remote geographical position, for developing trade and economic cooperation ...
2023 in the Philippines details notable events that occurred in the Philippines in 2023. On July 21, 2023, President Bongbong Marcos announced that the government will formally lift the COVID-19 state of public health emergency, marking the end of the three years of the pandemic. The emergency was officially lifted the following day.