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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, [375] [376] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.
Margaux Salcedo is an undersecretary of the Department of Budget and Management in the Philippines. [1] [2] [3] [4]She is part of the Philippine economic team that conducted the Post-SONA Economic Briefing in 2023 [5] and moderated the Philippine Economic Briefing in New York [6] and other major cities around the world as well as the Philippine Economic Briefings in key cities in the Philippines.
Poverty in the Philippines is a complex issue influenced by various factors, including economic inequality, corruption, and inadequate access to education. The disparity in income across different regions and sectors creates significant barriers for many Filipinos, limiting their opportunities for upward mobility.
The Philippines consumes an average of 17,000 metric tons of onion per month. [7] In August 2022, the country was predicted to experience a shortage of onion and garlic. [8] The price of red onion in 2021 ranged between ₱90 and ₱120. [6]
The Philippine president said Monday his administration has no plan to give the United States access to more Philippine military bases and stressed that the American military's presence in several ...
President Marcos signs into law Republic Act No. 12022 or the Anti-Agricultural Economic Sabotage Act, designating the smuggling, hoarding, and cartel activities affecting agricultural products as economic sabotage. [266] The first driverless bus system in the Philippines is launched in New Clark City. [267] September 27:
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 ]