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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 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 .
The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. [13] As a newly industrialized country, [376] [377] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.
In October 2018, the World Bank downgraded the economic outlook of the Philippines for 2018, but expects it to remain strong. [17] FMIC and UA&P expect the economy to improve in the second half of 2018. [18] On October 24, the Philippines improved its ranking by 29 places in the Ease of Doing Business rankings. [19]
MANILA (Reuters) - Philippine lawmakers are considering efforts to amend the country's constitution to ease restrictive provisions on economic ownership, a top congressional leader said on Monday.
MANILA (Reuters) -Philippines President-elect Ferdinand Marcos gave strong indications that he will maintain continuity in economic policy through his picks for central bank governor and finance ...
This is a list of regions and highly urbanized cities of the Philippines by GDP and GDP per capita according to the data by the Philippine Statistics Authority. [ 1 ] [ 2 ] Data for 2023 estimates (international US$ using 2023 PPP conversion factor from the International Monetary Fund ).
2023 in the Philippines details notable events that occurred in the Philippines in 2023. On July 21, 2023, President Bongbong Marcos announced that the government will formally lift the COVID-19 state of public health emergency, marking the end of the three years of the pandemic.
Agriculture in the Philippines is a major sector of the economy, ranking third among the sectors in 2022 behind only Services and Industry. Its outputs include staples like rice and corn, but also export crops such as coffee , cavendish banana , pineapple and pineapple products, coconut , sugar , and mango . [ 1 ]