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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 history of the Philippines dates from the earliest hominin activity in the archipelago at least by 709,000 years ago. [1] Homo luzonensis, a species of archaic humans, was present on the island of Luzon [2] [3] at least by 134,000 years ago. [4] The earliest known anatomically modern human was from Tabon Caves in Palawan dating about 47,000 ...
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.
1984 and 1985 saw the worst recession in Philippine history, with the economy contracting by 7.3% for two successive years. [1] Data from the Philippine Statistics Authority for 1985 showed that poverty incidence in families was at 44.2%—4.3 percentage points higher than in 1991 during the presidency of Corazon Aquino. [37]
Although the Philippines had been prohibited from trading with nations other than Spain, the demand led Spain, under Governor-General José Basco, to open the ports to international trade as both as a source of raw materials and as a market for manufactured goods. Following the opening of Philippine ports to world trade in 1834, [76] shifts ...
Like other Southeast Asian ports, the Chinese coinage flooded trading ports in the Philippine Islands starting as early as the 13th century and continuing into the Qing Dynasty period. One issue of coinage, the Wanli Tongbao, which was issued during the Wanli period of the Ming Dynasty, frequently bear post-mint chopmarks on the rims.
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. [1] A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a ...
The Philippines, [g] officially the Republic of the Philippines, [h] is an archipelagic country in Southeast Asia. In the western Pacific Ocean , it consists of 7,641 islands , with a total area of roughly 300,000 square kilometers, which are broadly categorized in three main geographical divisions from north to south: Luzon , Visayas , and ...