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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.
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.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [30] 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 Philippines is an emerging market and a developing and newly industrialized country, whose economy is transitioning from being agricultural to service- and manufacturing-centered. Its location as an island country on the Pacific Ring of Fire and close to the equator makes it prone to earthquakes and typhoons .
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.
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.
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.
Before the arrival of Spanish colonial powers the Philippines did not actually exist. Southeast Asia is classified as part of the Indosphere [ 3 ] [ 4 ] and the Sinosphere . [ 5 ] [ 6 ] The archipelago has direct contact with China during Song dynasty (960-1279) [ 7 ] and has been a part of the Srivijaya and Majapahit empires.