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The Philippine economy took a big hit during the 1973 oil crisis, but the commodities boom kept the economy afloat. [7] Manufactured exports became a significant growth area, growing at twice the rate of the agricultural exports which had been the Philippines’ traditional export products. [15]
The Philippines was affected by the crisis in a decline in three aspects: exports, remittances from overseas Filipino workers, and foreign direct investments. Heavily dependent on electronic and semiconductor exports, the Philippines saw a downward trend in its export earnings as countries in demand of these exports entered recession.
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.
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.
Agriculture in the Philippines is a major sector of the economy, ranking third among the sectors in 2022 behind only Services and Industry. Its outputs include staples like rice and corn, but also export crops such as coffee , cavendish banana , pineapple and pineapple products, coconut , sugar , and mango . [ 1 ]
A Philippine trade official told the AP that several shipments of apparel to the U.S. by just one Philippines-based company since November had not been released by the U.S. Customs and Border ...
[citation needed] According to Philippine Government data, 16% of the Philippines' imports in 2006 came from the U.S., and about 18% of its exports were bound for America. [citation needed] The Philippines ranks as the 26th-largest export market and the 30th-largest supplier of the United States.
The Philippines' farm ministry said on Wednesday it has banned poultry imports from California and Ohio in the United States because of several outbreaks there of highly pathogenic avian influenza.