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However, income tax also becomes a factor to income inequality because according to the Tax Management Association of the Philippines, Filipino workers pay the highest income tax in the entire Association of South-East Asian Nations (ASEAN) region. [69] An average Filipino worker is taxed 32% as long as he is earning more than the minimum wage.
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 ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
This is a list of regions and highly urbanized cities of the Philippines by GDP and GDP per capita according to the data by the Philippine Statistics Authority. [ 1 ] [ 2 ] Data for 2023 estimates (international US$ using 2023 PPP conversion factor from the International Monetary Fund ).
In October 2018, the World Bank downgraded the economic outlook of the Philippines for 2018, but expects it to remain strong. [17] FMIC and UA&P expect the economy to improve in the second half of 2018. [18] On October 24, the Philippines improved its ranking by 29 places in the Ease of Doing Business rankings. [19]
The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF's definitive data for the past year and estimates for the current year are published twice a year in ...
Demography of the Philippines records the human population, including its population density, ethnicity, education level, health, economic status, religious affiliations, and other aspects. The Philippines annualized population growth rate between the years 2015–2020 was 1.53%. [ 6 ]
According to the Census Bureau’s Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level ...
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...