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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.
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.
Similarly, wage and salary workers were hit significantly. Surprisingly, the poorest 20% did not suffer the same fate they suffered in crises past. The global economic crisis put a halt on the highly promising growth trend of the Philippine economy and forced 2 million Filipinos into poverty. [94]
The Philippine economy took a big hit during the 1973 oil crisis, but the commodities boom kept the economy afloat. [ 7 ] Manufactured exports became a significant growth area, growing at twice the rate of the agricultural exports which had been the Philippines’ traditional export products. [ 15 ]
According to World Bank data, the Philippines' gross domestic product (GDP) quadrupled from $8 billion in 1972 to $32.45 billion in 1980, for an inflation-adjusted average growth rate of 6% per year. [40] Indeed, according to the U.S.-based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980.
Since the 1970s, a significant shift has occurred in the commercial economic sector of the Philippines, whereby numerous Filipino enterprises previously owned by Americans and Spaniards came under the control of the Chinese, who have collectively emerged and established themselves as the country's most dominant economic force.
Filipino women often fill "the demand for unskilled, low-paid domestic work in high-income countries". [23] They are encouraged to take these overseas jobs due to high unemployment rates in the Philippines and the economy benefiting from remittances. [25] [26]
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.