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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 ₱28.05 trillion ($508.79 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund .
Poverty in the Philippines has been linked to bad governance, corruption, and a political system dominated by political dynasties. [24] [25] The country's poorest provinces are ruled by political dynasties. [26] [27] Additionally, there are the problem of extractive institutions that hinder the country's economic growth. [28]
March 20 – The Supreme Court issues a ruling banning legal officers of local government units from representing their respective officials in cases involving the Ombudsman, citing conflict of interest. [63] March 21: San Miguel Corporation begins construction of the 76.8-kilometer Pangasinan Link Expressway (PLEX) project. [64]
Several attempts to enact constitutional reform have taken place in the Philippines in 2024. This originated with President Bongbong Marcos and his allies' efforts. [1] [2] [3] The political dispute has been characterized by the conflict between the upper and lower houses of the Congress of the Philippines.
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 ...
Because of this growth, the Western Visayas economy increased its contribution to the gross domestic product in 2009 to 7.6 percent from the 7.3 percent in 2008. [49] In Central Visayas, the long-term goal is for it to be the leading growth center in the country, that would steer the Philippine economy into greater heights.
The Philippines consumes an average of 17,000 metric tons of onion per month. [7] In August 2022, the country was predicted to experience a shortage of onion and garlic. [8] The price of red onion in 2021 ranged between ₱90 and ₱120. [6]
In the Philippines, monetary policy is the way the central bank, the Bangko Sentral ng Pilipinas, controls the supply and availability of money, the cost of money, and the rate of interest. With fiscal policy (government spending and taxes), monetary policy allows the government to influence the economy, control inflation, and stabilize ...