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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 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 .
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Poverty in the Philippines has been linked to bad governance, corruption, and a political system dominated by political dynasties. [24] [25] The country's poorest provinces are ruled by political dynasties. [26] [27] Additionally, there are the problem of extractive institutions that hinder the country's economic growth. [28]
Because of this growth, the Western Visayas economy increased its contribution to the gross domestic product in 2009 to 7.6 percent from the 7.3 percent in 2008. [49] In Central Visayas, the long-term goal is for it to be the leading growth center in the country, that would steer the Philippine economy into greater heights.
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 ]
Action for Economic Reforms (AER) is a Philippine non-government organization engaged in research and advocacy. [1] It was founded in 1996 by a group of progressive scholars and activists as an "independent, reform-oriented and activist policy group".
On March 31, 2018, the Financial Times reported that the export of the Philippines has continued its drastic drop for the fifth month in a row, [15] while the Philippine Statistics Authority reported that the trade deficit of the country has widened to 47.6%, endangering further the country's local economies.
And given that China currently accounts for roughly 35% of global GDP growth, that could mean a whole new era for the global economy, too. From 1980 to today, McKenna noted, the global economy has ...