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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.
The Philippines attracted 5.45 million international visitors in 2023, 30 percent lower than the 8.26 million record in pre-pandemic 2019; most tourists came from South Korea (26.4 percent), United States (16.5 percent), Japan (5.6 percent), Australia (4.89 percent), and China (4.84 percent).
According to Central Intelligence Agency, "budget surplus (+) or deficit (-) records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit).
The unemployment rate decreased from 5.2 to 0.9 percent from 1978 to 1983, while employment was a problem, the latter tripling, in the same time period, from 10.2 to 29.0 percent. Concurrently, the labor force of the Philippines grew at an average 10.47 percent in 1970–1983. [72]
Potosí's deposits were rich and Spanish American silver mines were the world's cheapest sources of it. The Spanish acquired the silver, minting it into the peso de ocho to then use it as a means of purchase; that currency was so widespread that even the United States accepted it as valid until the Coinage Act of 1857. [5]
The same coinage act also set the value of an eagle at 10 dollars, and the dollar at 1 ⁄ 10 eagle. It called for silver coins in denominations of 1, 1 ⁄ 2, 1 ⁄ 4, 1 ⁄ 10, and 1 ⁄ 20 dollar, as well as gold coins in denominations of 1, 1 ⁄ 2 and 1 ⁄ 4 eagle. The value of gold or silver contained in the dollar was then converted ...
Australian dollar: AUD Reserve Bank of Australia: 27.2 2.35 31.1 6.21 Vietnam: Vietnamese đồng: VND State Bank of Vietnam: 26.9 2.32 6.6 1.33 India: Indian rupee: INR Reserve Bank of India: 26.8 2.31 14.7 2.92 Philippines: Philippine peso: PHP Bangko Sentral ng Pilipinas: 23.2 2.00 4.4 0.87 United Arab Emirates: United Arab Emirates dirham: AED
The Congress of the Philippines (Filipino: Kongreso ng Pilipinas) is the legislature of the national government of the Philippines.It is bicameral, composed of an upper body, the Senate, and a lower body, the House of Representatives, [3] although colloquially, the term "Congress" commonly refers to just the latter.