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This Act converted Bataan Export Processing Zone/Bataan Economic Zone (BEPZ/BEZ), the first official economic zone in the Philippines located in Mariveles, Bataan, into Freeport Area of Bataan (FAB), and created Authority of the Freeport Area of Bataan (AFAB) which started the eight-month transition period of the zone's operations and ...
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] 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.
The Freeport Area of Bataan (FAB), formerly known as Mariveles Free Trade Zone from June 21, 1969 to November 20, 1972, and primarily as Bataan Export Processing Zone (BEPZ) and Bataan Economic Zone (BEZ) from November 20, 1972 to October 23, 2009 and secondarily from October 23, 2009 to June 30, 2010), is a special economic zone in Mariveles, Bataan, Philippines.
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Economic growth has been positive and stable, averaging 6.3% between 2010 and 2018 and 4.5% between 2000 and 2009. [12] Additionally, the country is expected to become an upper-middle country in the near future, as its per capita income of $3,660 USD is just below the minimum bound of $3,896 USD. [13]
The economic region of Metro Manila and many adjoining provinces incurred damages to both infrastructure and agriculture. Total damage of Ketsana as of September 28, 2009 is estimated at $100 million. [44] [48] [49] Internet cafés, entertainment plazas, banks, food stores, building agencies and stores were soaked into flood and mud. [44] [50]
In May 2009, India reported an economic growth rate of 5.8%, beating most forecasts. [43] In second quarter of 2009 the Indian economy grew by 7.9% and gave indications that the Indian economy would scale a growth rate of 7% or above in 2009 and 8-9% in 2010. In the 3rd Quarter of 2010, the economy had bounced back with a growth rate of 8.8%.
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.