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According to World Bank Country Director Motoo Konishi, the Philippines had become a "rising tiger" in East Asia. However, at the same time, during the 2010–2011 fiscal year, the increase in the wealth of the richest families in the Philippines, amounting to 47.39%, comprised 76.5% of the GDP increase for that year. [4]
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 .
According to the 2012 World Wealth Report, the Philippines was the fastest growing economy in the world in 2010 with a GDP growth of 7.3% driven by the growing business process outsourcing and overseas remittances. [89] The country slipped to 3.6% in 2011 after the government placed less emphasis on exports and spent less on infrastructure.
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People living in poverty in the Philippines are most likely self-employed farmers, fisherfolk, or other agricultural workers. Three-quarters of these people live in severe disaster-risk areas that are highly rural. In 2015, about 58 percent of poor households have more than six members.
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