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The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity and prompted the ...
The coronavirus outbreak will likely send the Philippine economy into its first annual contraction in more than two decades this year, before it pulls back up for a U-shaped recovery in 2021, the ...
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 .
In late November 2022, seven lawmakers in the Philippine House of Representatives, including Martin Romualdez and Sandro Marcos, filed House Bill No. 6398, [b] proposing the creation of a sovereign wealth fund for the Philippines to be known as the Maharlika Wealth Fund (MWF), inspired from South Korea's sovereign wealth fund.
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:
The Phividec Industrial Estate in Misamis Oriental Special Economic Zone (PIEMO-SEZ) [2] is an industrial park spanning the municipalities of Tagoloan and Villanueva in the province of Misamis Oriental, Philippines and is one of the largest industrial estates in the country. It is under the Philippine Veterans Investment Development Corporation ...
After several more reforms such as the Ease of Doing Business law, [239] the Philippines' ease-of-doing-business ranking improved from 124th to 95th, according to the World Bank's 2020 Doing Business Report. [343] In 2020, the COVID-19 pandemic caused the Philippine economy to enter a recession following government lockdowns and restrictions.
AmBisyon Natin 2040 (literally "Our Ambition 2040") is the twenty-five-year long term vision developed by the Philippine government as a guide for development planning. [1] [2] It is designed to overcome the challenges brought by the Philippines' current political system, which is bound to the limits of the country's six-year presidential terms. [3]