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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 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.
This page was last edited on 20 December 2022, at 05:34 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
Location of the Philippines. The Philippines is a sovereign island country in Southeast Asia situated in the western Pacific Ocean. It is a founding member of the United Nations, World Trade Organization, Association of Southeast Asian Nations, the Asia-Pacific Economic Cooperation forum, and the East Asia Summit.
This page was last edited on 21 December 2022, at 17:20 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
The Calamba Sugar Central sugar mill on Luzon in 1929 Central Aucarera de La Carlota (a sugar mill). Sugar became the most important [according to whom?] agricultural export of the Philippines between the late eighteenth century and the mid-1970s because of two main reasons: 1) foreign exchange earned and 2) it was the basis of wealth accumulation of some Filipino elite at that time.
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 ]
The Philippines have become part of the growing revolution of the industry. The Metal Industry Research and Development Center (MIRDC) is a government agency under the Department of Science and Technology that supports the local metals and engineering industry through support services enhancing the industry's competitive advantage.