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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.
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.
Economic history of the Philippines (1965–1986) The 21-year period of Philippine economic history during Ferdinand Marcos’ regime – from his election in 1965 until he was ousted by the People Power Revolution in 1986 – was a period of significant economic lows. [1][2][3][4] The early part of Ferdinand Marcos ' administration continued ...
National Historical Commission of the Philippines. Museum of Philippine Economic History ( Hiligaynon: Museo sang Kasaysayan sang Ekonomiya sang Pilipinas; Filipino: Museo ng Kasaysayan ng Ekonomiya ng Pilipinas) is a museum in Iloilo City, Philippines. It is located on the historic street of Calle Real in Iloilo City Proper.
The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. [11] As a newly industrialized country, [365] [366] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.
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 1969 Philippine balance of payments crisis was a currency crisis experienced by the Philippine economy as a result of heavy government spending linked to Ferdinand Marcos' campaign for his second presidential term in 1969. [ 1][ 2][ 3] It was notable for being the first major economic crisis of the Marcos Administration, and for triggering ...
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]