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According to the 2012 World Wealth Report, the Philippines was the fastest growing economy in the world in 2010 with a GDP growth of 7.3% driven by the growing business process outsourcing and overseas remittances. [78] The country slipped to 3.6% in 2011 after the government placed less emphasis on exports and spent less on infrastructure.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
The underemployment rate eased to 26.2 percent in 2012 from 28 percent in 2010, but is still much higher than the end-of-plan target of 20 percent. Employment in the region has increased by 2.79 percent between 2010 and 2012, a bit higher than the national average of 2.16 percent.
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From late July into the first week of August, heavy rain brought on by Typhoons Saola and Haikui causes widespread flooding in many parts of the Philippines, which affected 2.4 million people. The capital Manila was the worst-affected. Many people fled their homes, and around 362,000 people sheltered in evacuation centres.
The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. [14] 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.
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 ...
Rice paddies in Balagtas, Bulacan. 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]