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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.
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:
[22] [23] Imee Marcos accused House Speaker Martin Romualdez of spearheading the initiative for Charter change and questioned the initiative's motives, saying the restrictive economic provisions have already been addressed in the past Congress through the enactment of the Retail Trade Act, Foreign Investments Act, and Public Service Act. [17]
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]
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 faced six back to back typhoons in just 23 days last month, an unprecedented onslaught of storms that scientists say were fueled by unusually hot oceans and higher air humidity ...
Following the Asian economic crisis in 1997, the 2008 crisis imposed new challenges to the Philippines as a developing country. The following are expositions of the macroeconomic impacts of the crisis on the Philippines, its implications in the prevalent poverty scenario, and policies and programs undertaken by the government in response to the ...
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