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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 .
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 Philippine economy contracted by 0.2% in the first quarter of 2020, for the first time since 1998, due to the COVID-19 pandemic and resulting lockdown. [196] Fitch Ratings downgraded its outlook on the Philippines to factor in the impact of the global health crisis brought about by the coronavirus disease 2019 (COVID-19). [197]
Because of this growth, the Western Visayas economy increased its contribution to the gross domestic product in 2009 to 7.6 percent from the 7.3 percent in 2008. [49] In Central Visayas, the long-term goal is for it to be the leading growth center in the country, that would steer the Philippine economy into greater heights.
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 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.
Around 95% of the issues reported were with watching videos, per DownDetector. Complaints about problems on YouTube peaked around 7:23 p.m. ET before they substantially tapered off by 8:30 p.m ...
January 20 – The International Monetary Fund upgrads its economic growth forecasts for the Philippines. In the said forecast, the country's economic growth in 2015 is expected to be at 6.3%, and 6.2% in 2016. [161] In the 2nd quarter report, the forecast slightly raises to 6.7% percent compared to 6.6% due to higher government spending. [162]