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Previously, the Philippines was seen as a trading post for international trade but in the nineteenth century it was developed both as a source of raw materials and as a market for manufactured goods. The economy of the Philippines rose rapidly and its local industries developed to satisfy the rising demands of an industrializing Europe.
According to World Bank Country Director Motoo Konishi, the Philippines had become a "rising tiger" in East Asia. However, at the same time, during the 2010–2011 fiscal year, the increase in the wealth of the richest families in the Philippines, amounting to 47.39%, comprised 76.5% of the GDP increase for that year. [4]
Poverty in the Philippines is a complex issue influenced by various factors, including economic inequality, corruption, and inadequate access to education. The disparity in income across different regions and sectors creates significant barriers for many Filipinos, limiting their opportunities for upward mobility.
The Philippines' exports income had begun growing in the early 1970s due to an increased global demand for raw materials, including coconut and sugar, [1] [15] and the increase in global market prices for these commodities coincided with the declaration of martial law, allowing GDP growth to peak at nearly 9 percent in the years immediately ...
The Marcos era includes the final years of the Third Republic (1965–1972), the Philippines under martial law (1972–1981), and the majority of the Fourth Republic (1981–1986). By the end of the Marcos dictatorial era, the country was experiencing a debt crisis, extreme poverty, and severe underemployment. [2] [3]
While economic globalization has been in expanding since the emergence of trans-national trade, it has grown at an increased rate due to improvements in the efficiency of long-distance transportation, advances in telecommunication, the importance of information rather than physical capital in the modern economy, and by developments in science ...
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 population was sparse due to warfare and also due to the common frequency of typhoons and the Philippines' location on the Pacific ring of fire. [183] The multiple states competing over the limited territory and people of the islands simplified Spanish colonialization by allowing its conquistadors to effectively employ a strategy of divide ...