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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 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 .
Provinces based on income classification. Provinces are classified according to average annual income based on the previous 4 calendar years. Effective July 29, 2008, the thresholds for the income classes for cities are: [3] [needs update]
May 11 – Irha Mel Alfeche of Matanao, Davao del Sur is crowned Miss Philippines Earth 2024 in the pageant's coronation event held in Talakag, Bukidnon. [420] May 22: Chelsea Manalo of Bulacan is crowned Miss Universe Philippines 2024 in the pageant's coronation night held at the SM Mall of Asia Arena in Pasay. [421]
A contributing factor to income inequality in the Philippines is the taxation system for it focuses on consumption taxes which are based on how much a person consumes or purchases, regardless of income. [64] Since the low-income classes have to spend more to meet their day-to day needs, then they end up paying more on consumption taxes, unlike ...
The Human Rights Measurement Initiative (HRMI) [122] finds that the Philippines is fulfilling 79.0% of what it should be for the right to education based on the country's income level. [123] HRMI breaks down the right to education by examining the rights to both primary and secondary education.
But before RA 11964, the classifications weren't updated that often. Heck, some cities still have their old municipal income class even though they've been cities for a long time like Cabuyao (city since 2012 but income class is still 1st municipal). —seav 03:18, 7 December 2024 (UTC)
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Poverty incidence of Ilog 10 20 30 40 2006 27.00 2009 39.05 2012 24.20 2015 19.18 2018 16.89 2021 28.22 Source: Philippine Statistics Authority References ^ Municipality of Ilog | (DILG) ^ "2015 Census of Population, Report No. 3 – Population, Land Area, and Population Density" (PDF). Philippine Statistics Authority. Quezon City, Philippines. August 2016. ISSN 0117-1453. Archived (PDF) from ...