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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.
In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there were improvements in the last few years of the first decade of the 21st century. [2] The Philippine government's main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and ...
To respond to the financial crisis, the Philippine government, through the Department of Finance and National Economic and Development Authority (NEDA), crafted a PhP 330-billion fiscal package, formally known as the Economic Resiliency Plan (ERP
In the Philippines, monetary policy is the way the central bank, the Bangko Sentral ng Pilipinas, controls the supply and availability of money, the cost of money, and the rate of interest. With fiscal policy (government spending and taxes), monetary policy allows the government to influence the economy, control inflation, and stabilize currency.
According to the ADB, the Philippines has heavily relied on the ADB for development assistance, borrowing a total of $19.3 billion in the last decade. [2] [failed verification] The Philippines has been commended by the ADB for being a fast-growing economy despite increasing inflation and a plummeting global economy. [3]
The Department of Budget and Management (DBM; Filipino: Kagawaran ng Badyet at Pamamahala) [1] is an executive body under the Office of the President of the Philippines.It is responsible for the sound and efficient use of government resources for national development and also as an instrument for the meeting of national socio-economic and political development goals.
The Philippines has remained generally unsusceptible to global economic shocks. [10] This is because of less exposure to problematic international securities, lower export dependence, stable domestic consumption, large remittances from overseas Filipinos, and a quickly growing service industry. [11]
Developing countries such as the Philippines were highly indebted, and the rate increase made debt service difficult. [1] The Kilusang Kabuhayan at Kaunlaran (Movement for Livelihood and Progress) started in September 1981. It aimed to promote economic development of the barangays by encouraging residents to engage in their own projects. [47]