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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.
These galleries collectively narrate the evolution of the Philippine economy, highlighting significant industries and historical developments. [6] The ground level features exhibits on the history of the building itself, Iloilo's role as an economic center, and an overview of the country's economic history.
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.
History of transportation in the Philippines (2 C, 1 P) Pages in category "Economic history of the Philippines" The following 23 pages are in this category, out of 23 total.
The 1919–1922 Philippine financial crisis resulted as a consequence of an economic crisis which began in 1919 along with the mismanagement of the Philippine National Bank. Due to the Wood-Forbes Mission in 1921, there were questions among Filipino politicians on who should take responsibility.
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 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.
While Philippine ports remained open to Spanish ships for a decade following the war, the U.S. began to integrate the Philippine economy with its own. [96] In socio-economic terms, the Philippines made solid progress in this period. The 1909 U.S. Payne–Aldrich Tariff Act provided for free trade with the Philippines. [97]