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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 .
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 system traces its origins to the Spanish colonial period where Filipinos were forced to obtain the consent of the Spanish or a wealthy fellow Filipino, usually a friar, to occupy a government position or to improve their social or economic status. [1] The Padrino System has been the source of many controversies and corruption.
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.
The differences between the wealthy and the poor go well beyond the size of their paychecks. In addition to making more money, people who are rich are typically better at managing their money and...
At some point, the wealthy need to be held accountable for the climate crisis—and that could mean paying to address it, says Laurence Tubiana, French economist and a key architect of the 2015 ...
Corazon Aquino began her presidency on February 25, 1986, following the People Power Revolution as the 11th president of the Philippines, succeeding Ferdinand Marcos.Aquino's relatively peaceful ascension to the Philippine presidency signaled the end of authoritarian rule of Ferdinand Marcos in the Philippines, and drew her and the Filipino people international acclaim and admiration.
These two generations were also more likely to say they're currently wealthy, with about 12% of millennials saying they're already rich, versus 8% for baby boomers.