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The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity and prompted the ...
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 coronavirus outbreak will likely send the Philippine economy into its first annual contraction in more than two decades this year, before it pulls back up for a U-shaped recovery in 2021, the ...
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
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 ]
AmBisyon Natin 2040 (literally "Our Ambition 2040") is the twenty-five-year long term vision developed by the Philippine government as a guide for development planning. [1] [2] It is designed to overcome the challenges brought by the Philippines' current political system, which is bound to the limits of the country's six-year presidential terms. [3]
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]
CANBERRA (Reuters) -China is stepping up pressure on the Philippines to concede its sovereign rights in the South China Sea, Manila's Defense Secretary Gilberto Teodoro said on Tuesday after ...