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The country was having sound economic indicators before the 2008 economic crisis. Average income per capita was increasing while poverty incidence showed a downward trend. Average income per capita rose by 2% in 2007 and 2008, whereas poverty incidence dropped from 33.0% in 2006 to 31.8% in 2007 and 28.1% in 2008.
Before Marcos became President in 1965, the Philippines was the 7th largest economy in Asia, and 30th largest economy worldwide. [ 22 ] From the 1960s until the declaration of martial law, the Philippine economy was primarily agricultural . 60% of the labor force worked in agriculture in 1957 and 1964.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [30] 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 .
According to World Bank data, the Philippines' gross domestic product (GDP) quadrupled from $8 billion in 1972 to $32.45 billion in 1980, for an inflation-adjusted average growth rate of 6% per year. [40] Indeed, according to the U.S.-based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980.
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.
Overall responsiveness of the tax system to changes in economic activity improved from an average of 0.9% from 1980–1985 to an average of 1.5% from 1986 to 1991. The buoyancy coefficient for import duties rose from an average of 0.5% before the reform to an average of 1.89% from 1986 to 1991. [22]
Before the arrival of Spanish colonial powers the Philippines did not actually exist. Southeast Asia is classified as part of the Indosphere [ 3 ] [ 4 ] and the Sinosphere . [ 5 ] [ 6 ] The archipelago has direct contact with China during Song dynasty (960-1279) [ 7 ] and has been a part of the Srivijaya and Majapahit empires.
"The first manifestation of Philippine nationalism followed in the decades of the 1880s and the 1890s, with a reform or propaganda movement, conducted both in Spain and in the Philippines, for the purpose of "propagandizing" Philippine conditions in the hopes that desired changes in the social, political and economic life of the Filipinos would ...