Economy of the Philippines
Template:Short description Template:Pp-pc Template:Pp-pc Template:Use mdy dates Template:Use Philippine English Template:Infobox economy The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region.<ref>Template:Cite web</ref> In 2025, the Philippine economy is estimated to be at ₱28.50 trillion ($497.5 billion), making it the world's 32nd largest by nominal GDP and 9th largest in Asia according to the International Monetary Fund.
The Philippine economy is a service-oriented economy, with relatively more modest contributions from the manufacturing and agriculture sectors. It has experienced significant economic growth and transformation in the past, posting one of the highest GDP growth rates in Asia. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world.<ref>Template:Cite web</ref> The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization.<ref>Template:Cite web</ref> The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.
The country's primary exports include semiconductors and electronic products, transport equipment, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand.
In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.<ref>Template:Cite web</ref> By 2035, the Filipino economy is predicted to be the 22nd largest in the world.<ref>Template:Cite news</ref>
The Philippines has been named as one of the Tiger Cub Economies, alongside Indonesia, Malaysia, Vietnam, and Thailand. However, major problems remain, mainly related to alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.
In 2024, the World Economic Forum chief Børge Brende said that “there is a real opportunity for this country to become a $2-trillion economy.”<ref>Template:Cite news</ref>
Overview
[edit]
The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2014 reported it as the 39th largest economy in the world. The Philippines posted a high GDP growth rate of 7.6 percent in 2022.<ref>Template:Cite news</ref> However, the country is not a part of the Group of 20 nations; instead, it is grouped in a second tier for emerging markets or newly industrialized countries.
Notes for economic growth (1980-2023):
1980-82: Slower economic growth due to mismanagement
1983-86: Recession due to factors like corruption
1987-90: Recovery from 1984 crisis
1991-1992: Inflation and natural disasters (notably Mount Pinatubo eruption) caused slower growth
1993-97: Fast growth
1998: Minor recession due to the 1997 Asian Financial Crisis
1999-2001: Recovery
2002: Recession due to the EDSA II Protest
1999-2001: Recovery
2002-2008: Post-EDSA II recovery
2009: Effects of the Great Recession
2010-2019: Philippines as a Tiger Economy
2020: Coronavirus Outbreak
2021-2023: Rebound
A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.<ref name=imf>International Monetary Fund. (April 2012). World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2017]. Retrieved 2012-06-23 from the World Economic Outlook Database.</ref><ref name="imf2phus">Template:Cite web</ref>
Composition by sector
[edit]
As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, the country's service industry has expanded recently.<ref>Template:Citation</ref> Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.
Filipinos who go abroad to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting in investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.<ref name="King del Rosario">Template:Cite web</ref> From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,<ref>Template:Cite book</ref> this significantly increased to a record US$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.<ref>Template:Cite news</ref>
Agriculture
[edit]Template:As of, agriculture employs 24 percent of the Filipino workforce<ref>Template:Cite press release</ref> accounting for 8.9 percent of the total GDP.<ref>Template:Cite web</ref> The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.
The Philippines is the world's third largest producer of coconuts, and the world's largest exporter of coconut products.<ref>Template:Cite book</ref> Coconut production is generally concentrated in medium-sized farms.<ref name="HayamiQuisumbing1990">Template:Cite book</ref> The Philippines is also the world's third largest producer of pineapples, producing Template:Convert in 2021.<ref>Template:Cite web</ref>
Rice production in the Philippines is important to the food supply in the country and economy. The Philippines is the 8th largest rice producer in the world Template:As of, accounting for 2.5 percent of global rice production.<ref>Template:Cite web</ref> Rice is the most important food crop, a staple food in most of the country;<ref>Template:Cite book</ref> it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, Soccsksargen, and Ilocos Region.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
The Philippines is one of the largest producers of sugar in the world.<ref>Template:Cite web</ref> At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which the Negros Island Region accounts for half of the country's total production. As of Crop Year 2012–2013, 29 mills are operational divided as follows: 13 mills in Negros, 6 mills in Luzon, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.<ref>Template:Cite web</ref> A range from Template:Convert are devoted to sugarcane production. The largest sugarcane areas are found in the Negros Island Region, which accounts for 51 percent of sugarcane areas planted. This is followed by Mindanao which accounts for 20 percent; Luzon with 17 percent; Panay with 7 percent and Eastern Visayas with 4 percent.<ref name="PHILSURIN2010">Template:Cite book</ref>
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A coconut grove in Dapitan
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A banana plantation in Padada
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A rice field in Bulacan
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Pineapples in a market in Laguna
Automotive and aerospace
[edit]The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 467,252 in 2024 from 429,807 units a year prior.<ref name="pnaAuto">Template:Cite news</ref> Toyota sells the most vehicles in the country followed by Mitsubishi, Ford, Nissan, and Suzuki.<ref name="pnaAuto"/> Honda and Suzuki produce motorcycles in the country.<ref>Template:Cite web</ref> Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio; the company produces aircraft actuators in their manufacturing facility.<ref>Template:Cite tech report</ref> Total export output of aerospace products in the Philippines reached US$780 million in 2019.<ref>Template:Cite news</ref>
Electronics
[edit]
A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.<ref>Template:Cite news</ref><ref>Template:Cite press release</ref> Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world.<ref>Template:Cite news</ref> Toshiba hard disk drives are manufactured in Santa Rosa, Laguna.<ref>Template:Cite news</ref> Printer manufacturer Lexmark has a factory in Cebu City.<ref>Template:Cite web</ref> Electronics and other light industries are concentrated in Laguna, Cavite, Batangas and other Calabarzon provinces with sizable numbers found in Southern Philippines that account for most of the country's export.<ref>Template:Cite report</ref>
The Philippine Electronics Industry is classified into (73%) Semiconductor Manufacturing Services (SMS) and (27%) Electronics Manufacturing Services (EMS) according to SEIPI, the largest organization of foreign and Filipino electronics companies in the Philippines.<ref>Template:Cite web</ref> Electronic products continued to be the country's top export with total earnings of US$45.66 billion and accounted for 57.8 percent of the total export of goods in 2022.<ref name="extIntTrade-2022">Template:Cite press release</ref>
Mining and extraction
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The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced Template:Convert of electricity from geothermal sources ({{#expr:1928 / 25531 * 100 round 2}}% of total electricity production).<ref name="DOEGovPH-2019Power">Template:Cite report</ref> A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas-powered plants.<ref>Template:Cite book</ref> Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist.
About 60 percent of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58 percent.Template:Citation needed Philippine mineral exports amounted to US$4.22 billion in 2020.<ref>Template:Cite news</ref> Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.Template:Citation needed
The industry rebounded starting in late 2004 when the Supreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.<ref>Template:Cite news</ref> In 2019, the country was the 2nd largest world producer of nickel<ref>Template:Cite report</ref> and the 4th largest world producer of cobalt.<ref>Template:Cite report</ref> According to Philippine Statistics Authority, the total monetary value of four key metallic minerals which were appraised to Class A namely: copper, chromite, gold and nickel were valued at US$9.01 billion in 2022.<ref>Template:Cite press release</ref> Class A mineral resources are commercially recoverable that could contribute to economy annually.
Offshoring and outsourcing
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Business process outsourcing (BPO) and the call center industry contribute to the Philippines' economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S&P.<ref name="King del Rosario" /> In 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO).<ref>IBM Global Business Services. (October 2008). Global Location Trends – 2008 Annual ReportTemplate:Dead link</ref><ref>Balana, Cynthia D. and Lawrence de Guzman. (December 5, 2008). It's official: Philippines bests India as No. 1 in BPO Template:Webarchive. The Philippine Daily Inquirer.</ref> The industry generated 100,000 jobs, and total revenues were placed at US$960 million for 2005. In 2011, BPO sector employment ballooned to over 700,000 people<ref>Template:Cite news</ref> and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.<ref>Template:Cite book</ref> BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines:<ref>Philippine Economic Zone Authority.Template:Cite web</ref> Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas with significant presence of the BPO industry include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna.<ref>Template:Cite news</ref> The majority of the top ten BPO firms of the United States operate in the Philippines.<ref>Template:Cite news</ref>
Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business-to-business support. The Philippines is considered as a location of choice due to its many outsourcing benefits such as less expensive operational and labor costs, the high proficiency in spoken English of a significant number of its people, and a highly educated labor pool.<ref>Template:Cite book</ref><ref>Template:Cite book</ref>
The growth in the BPO industry is promoted by the Philippine government. The industry is highlighted by the Philippines Development Plan as among the 10 high potential and priority development areas. The government provides incentive programs such as tax holidays, tax exemptions, and simplified export and import procedures. Additionally, training is also available for BPO applicants.<ref name=":5">Template:Cite news</ref>
Renewable energy resources
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The Philippines has significant potential in solar energy; however, Template:As of, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.<ref>Template:Cite journal</ref><ref>Template:Cite AV media</ref> The country produced Template:Convert of renewable energy in 2019.<ref name="DOEGovPH-2019Power" />
On November 15, 2022, the renewable energy sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The Department of Energy is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent.<ref>Template:Cite news</ref> Danish firm Copenhagen Infrastructure Partners (CIP) is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of Template:Convert; it will be located in Camarines Norte and Camarines Sur (1000 MW), Northern Samar (650 MW), Pangasinan and La Union (350 MW).<ref>Template:Cite news</ref> In 2022, the share of RE in the energy mix was at 22.8 percent.<ref>Template:Cite news</ref>
Shipbuilding and repair
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The Philippines is a significant player in the global shipbuilding industry<ref>Template:Cite report</ref> with 118 registered shipyards in 2021<ref>Template:Cite news</ref> distributed in Subic, Cebu,<ref>Template:Cite news</ref> Bataan, Navotas and Batangas.<ref>Template:Cite web</ref><ref>Template:Cite news</ref> As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.<ref>Template:Cite report</ref> Subic-made cargo vessels are exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.<ref>Template:Cite web</ref> Bulk carriers, container ships and big passenger ferries are built in the country's shipyards. General Santos' shipyard is mainly for ship repair and maintenance.<ref>Template:Cite web</ref>
Surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.<ref>Template:Cite news</ref> Shipbuilding is part of Philippines' maritime heritage;<ref>Template:Cite news</ref> employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.<ref>Template:Cite press release</ref><ref>Template:Cite press release</ref>
Tourism
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Regional accounts
[edit]For the year 2022, all economies of the 17 regions in the Philippines recorded positive growths; Western Visayas had the highest growth (9.3 percent), followed by Cordillera Administrative Region (8.7 percent), and Davao Region (8.15 percent).<ref>Template:Cite press release</ref>
According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2019.
Provincial Accounts
[edit]According to the Philippine Statistics Authority (PSA), Provincial Product Account (PPA) is GDP measured at provincial levels. Figures below are for the year 2022.
| # | Province | Region | 2022 PPA GDP
(PHP) |
2020
Popn. |
PPA GDP
per capita (PHP) |
|---|---|---|---|---|---|
| 1 | Metro Manila | Metro Manila | 6,265,608,000,000 | 13,484,462 | 464,654 |
| 2 | Laguna | Calabarzon | 990,690,000,000 | 3,382,193 | 292,914 |
| 3 | Cebu (incl. Cebu City, Lapu-Lapu City & Mandaue) | Central Visayas | 937,750,000,000 | 5,151,274 | 182,042 |
| 4 | Cavite | Calabarzon | 731,390,000,000 | 4,344,829 | 168,336 |
| 5 | Pampanga (incl. Angeles City) | Central Luzon | 658,070,000,000 | 2,900,637 | 226,871 |
| 6 | Batangas | Calabarzon | 615,810,000,000 | 2,908,494 | 211,728 |
| 7 | Bulacan | Central Luzon | 604,710,000,000 | 3,708,890 | 163,043 |
| 8 | Davao del Sur (incl. Davao City) | Davao Region | 599,000,000,000 | 2,457,430 | 243,751 |
| 9 | Misamis Oriental (incl. Cagayan de Oro) | Northern Mindanao | 419,220,000,000 | 1,685,302 | 248,751 |
| 10 | Negros Occidental (incl. Bacolod) | Western Visayas | 379,200,000,000 | 3,223,955 | 117,620 |
| 11 | Pangasinan | Ilocos Region | 352,930,000,000 | 3,163,190 | 111,574 |
| 12 | Iloilo (incl. Iloilo City) | Western Visayas | 351,050,000,000 | 2,509,525 | 139,887 |
| 13 | Rizal | Calabarzon | 340,630,000,000 | 3,330,143 | 102,287 |
| 14 | Nueva Ecija | Central Luzon | 298,570,000,000 | 2,310,134 | 129,244 |
| 15 | Leyte (incl. Tacloban) | Eastern Visayas | 296,950,000,000 | 2,028,728 | 146,373 |
| 16 | Quezon (incl. Lucena) | Calabarzon | 264,460,000,000 | 2,229,383 | 118,625 |
| 17 | South Cotabato (incl. General Santos) | Soccsksargen | 263,830,000,000 | 1,672,791 | 157,718 |
| 18 | Bataan | Central Luzon | 256,890,000,000 | 853,373 | 301,029 |
| 19 | Bukidnon | Northern Mindanao | 248,750,000,000 | 1,541,308 | 161,389 |
| 20 | Zamboanga del Sur (incl. Zamboanga City) | Zamboanga Peninsula | 241,000,000,000 | 2,027,902 | 118,842 |
| 21 | Benguet (incl. Baguio) | Cordillera | 233,810,000,000 | 827,041 | 282,707 |
| 22 | Camarines Sur | Bicol Region | 194,840,000,000 | 2,068,244 | 94,206 |
| 23 | Tarlac | Central Luzon | 193,290,000,000 | 1,503,456 | 128,564 |
| 24 | Isabela | Cagayan Valley | 188,890,000,000 | 1,697,050 | 111,305 |
| 25 | Palawan (incl. Puerto Princesa) | Mimaropa | 180,320,000,000 | 1,246,673 | 144,641 |
| 26 | Bohol | Central Visayas | 171,090,000,000 | 1,394,329 | 122,704 |
| 27 | Davao del Norte | Davao Region | 168,610,000,000 | 1,125,057 | 149,868 |
| 28 | Negros Oriental | Central Visayas | 166,460,000,000 | 1,432,990 | 116,163 |
| 29 | Cagayan | Cagayan Valley | 148,780,000,000 | 1,268,603 | 117,279 |
| 30 | Albay | Bicol Region | 145,130,000,000 | 1,374,768 | 105,567 |
| 31 | Zambales (incl.Olongapo) | Central Luzon | 140,630,000,000 | 909,932 | 154,550 |
| 32 | Lanao del Norte (incl. Iligan) | Northern Mindanao | 136,850,000,000 | 1,086,017 | 126,011 |
| 33 | Cotabato | Soccsksargen | 120,350,000,000 | 1,490,618 | 80,738 |
| 34 | Misamis Occidental | Northern Mindanao | 119,380,000,000 | 617,333 | 193,380 |
| 35 | La Union | Ilocos Region | 118,600,000,000 | 822,352 | 144,220 |
| 36 | Zamboanga del Norte | Zamboanga Peninsula | 114,620,000,000 | 1,047,455 | 109,427 |
| 37 | Oriental Mindoro | Mimaropa | 109,400,000,000 | 908,339 | 120,440 |
| 38 | Agusan del Norte (incl. Butuan) | Caraga | 96,070,000,000 | 760,413 | 126,339 |
| 39 | Ilocos Norte | Ilocos Region | 93,100,000,000 | 609,588 | 152,726 |
| 40 | Davao de Oro | Davao Region | 93,100,000,000 | 767,547 | 121,296 |
| 41 | Ilocos Sur | Ilocos Region | 90,240,000,000 | 706,009 | 127,817 |
| 42 | Masbate | Bicol Region | 80,180,000,000 | 908,920 | 88,215 |
| 43 | Surigao del Norte | Caraga | 78,380,000,000 | 534,636 | 146,604 |
| 44 | Maguindanao del Norte | Bangsamoro | 78,010,000,000 | 943,500 | 82,682 |
| 45 | Sorsogon | Bicol Region | 74,560,000,000 | 828,655 | 89,977 |
| 46 | Capiz | Western Visayas | 74,380,000,000 | 804,952 | 92,403 |
| 47 | Agusan del Sur | Caraga | 74,220,000,000 | 739,367 | 100,383 |
| 48 | Lanao del Sur | Bangsamoro | 71,790,000,000 | 1,195,518 | 60,049 |
| 49 | Sultan Kudarat | Soccsksargen | 71,510,000,000 | 854,052 | 83,730 |
| 50 | Antique | Western Visayas | 70,690,000,000 | 612,974 | 115,323 |
| 51 | Aklan | Western Visayas | 63,570,000,000 | 615,475 | 103,286 |
| 52 | Surigao del Sur | Caraga | 63,190,000,000 | 642,255 | 98,388 |
| 53 | Zamboanga Sibugay | Zamboanga Peninsula | 60,390,000,000 | 669,840 | 90,156 |
| 54 | Camarines Norte | Bicol Region | 60,200,000,000 | 629,699 | 95,601 |
| 55 | Samar | Eastern Visayas | 57,860,000,000 | 793,183 | 72,947 |
| 56 | Nueva Vizcaya | Cagayan Valley | 57,790,000,000 | 497,432 | 116,177 |
| 57 | Davao Oriental | Davao Region | 55,450,000,000 | 576,343 | 96,210 |
| 58 | Occidental Mindoro | Mimaropa | 52,560,000,000 | 525,354 | 100,047 |
| 59 | Sarangani | Soccsksargen | 47,960,000,000 | 558,946 | 85,804 |
| 60 | Sulu | Bangsamoro | 44,970,000,000 | 1,000,108 | 44,965 |
| 61 | Northern Samar | Eastern Visayas | 44,340,000,000 | 639,186 | 69,369 |
| 62 | Southern Leyte | Eastern Visayas | 43,010,000,000 | 429,573 | 100,123 |
| 63 | Maguindanao del Sur | Bangsamoro | 38,230,000,000 | 723,758 | 52,822 |
| 64 | Davao Occidental | Davao Region | 37,900,000,000 | 317,159 | 119,498 |
| 65 | Basilan (incl. Isabela) | Bangsamoro | 34,240,000,000 | 556,586 | 61,518 |
| 66 | Eastern Samar | Eastern Visayas | 33,990,000,000 | 477,168 | 71,233 |
| 67 | Aurora | Central Luzon | 33,990,000,000 | 235,750 | 139,597 |
| 68 | Romblon | Mimaropa | 29,030,000,000 | 308,985 | 93,953 |
| 69 | Catanduanes | Bicol Region | 28,800,000,000 | 271,879 | 105,929 |
| 70 | Kalinga | Cordillera | 27,130,000,000 | 229,570 | 118,177 |
| 71 | Ifugao | Cordillera | 25,770,000,000 | 207,498 | 124,194 |
| 72 | Tawi-Tawi | Bangsamoro | 24,780,000,000 | 440,276 | 56,283 |
| 73 | Abra | Cordillera | 24,570,000,000 | 250,985 | 97,894 |
| 74 | Marinduque | Mimaropa | 21,650,000,000 | 239,207 | 90,507 |
| 75 | Quirino | Cagayan Valley | 21,140,000,000 | 203,828 | 103,715 |
| 76 | Biliran | Eastern Visayas | 16,190,000,000 | 179,312 | 90,290 |
| 77 | Guimaras | Western Visayas | 16,130,000,000 | 187,842 | 85,870 |
| 78 | Mountain Province | Cordillera | 14,890,000,000 | 158,200 | 94,121 |
| 79 | Siquijor | Central Visayas | 12,020,000,000 | 103,395 | 116,253 |
| 80 | Dinagat Islands | Caraga | 12,000,000,000 | 128,117 | 93,664 |
| 81 | Apayao | Cordillera | 11,500,000,000 | 124,366 | 92,469 |
| 82 | Camiguin | Northern Mindanao | 11,100,000,000 | 92,808 | 119,602 |
| 83 | Batanes | Cagayan Valley | 4,570,000,000 | 18,831 | 242,685 |
source: Philippine Statistics Authority<ref>Template:Cite web</ref>
City Accounts
[edit]Figures below are Provincial Product Accounts (PPA) for Highly Urbanized Cities (HUC) or Independent Cities. No data available for cities within Metro Manila.
| # | City | Province | Region | Island
Group |
2022 PPA GDP
(PHP) |
2020
Popn. |
PPA GDP
per Capita (PHP) |
|---|---|---|---|---|---|---|---|
| 1 | Davao City | Davao del Sur | Davao Region | Mindanao | 495,310,000,000 | 1,776,949 | 278,742 |
| 2 | Cebu City | Cebu | Central Visayas | Visayas | 288,640,000,000 | 964169 | 299,367 |
| 3 | Cagayan de Oro | Misamis Oriental | Northern Mindanao | Mindanao | 261,780,000,000 | 728402 | 359,389 |
| 4 | Baguio | Benguet | Cordillera | Luzon | 155,030,000,000 | 366,358 | 423,165 |
| 5 | Lapu-Lapu | Cebu | Central Visayas | Visayas | 151,420,000,000 | 497,604 | 304,298 |
| 6 | Iloilo City | Iloilo | Western Visayas | Visayas | 145,050,000,000 | 457,626 | 316,962 |
| 7 | Zamboanga City | Zamboanga del Sur | Zamboanga Peninsula | Mindanao | 139,470,000,000 | 977,234 | 142,719 |
| 8 | Bacolod | Negros Occidental | Western Visayas | Visayas | 132,810,000,000 | 600,783 | 221,062 |
| 9 | Angeles | Pampanga | Central Luzon | Luzon | 132,420,000,000 | 462,928 | 286,049 |
| 10 | General Santos | South Cotabato | Soccsksargen | Mindanao | 129,020,000,000 | 697,315 | 185,024 |
| 11 | Mandaue | Cebu | Central Visayas | Visayas | 109,580,000,000 | 364,116 | 300,948 |
| 12 | Iligan | Lanao del Norte | Northern Mindanao | Mindanao | 77,020,000,000 | 363,115 | 212,109 |
| 13 | Butuan | Agusan del Norte | Caraga | Mindanao | 57,370,000,000 | 372,910 | 153,844 |
| 14 | Puerto Princesa | Palawan | Mimaropa | Luzon | 53,080,000,000 | 307,079 | 172,855 |
| 15 | Olongapo | Zambales | Central Luzon | Luzon | 52,260,000,000 | 260,317 | 200,755 |
| 16 | Tacloban | Leyte | Eastern Visayas | Visayas | 51,530,000,000 | 251,881 | 204,581 |
| 17 | Lucena | Quezon | Calabarzon | Luzon | 46,620,000,000 | 278,924 | 167,142 |
| 18 | Isabela | Basilan | Bangsamoro | Mindanao | 11,760,000,000 | 130,379 | 90,199 |
source: Philippine Statistics Authority<ref>Template:Cite web</ref>
International comparisons
[edit]Statistics
[edit]Template:See also Template:Clear
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|
| Template:Small | |||||||
| Population Template:Small |
111.9 | 110.9 | 110.1 | 109.2 | 107.3 | 105.8 | 104.2 |
| Poverty Template:Small | - | - | 18.1 | - | - | 16.6 | - |
| Labor Force Template:Small |
51.2 | 49.0 | 47.7 | 43.9 | 42.4 | 41.2 | 40.3 |
| Unemployment Template:Small | 4.3 | 5.4 | 7.8 | 10.3 | 5.1 | 5.3 | 5.7 |
| Wage Rates Template:Small |
610.00 | 570.00 | 537.00 | 537.00 | 537.00 | 537.00 | 512.00 |
| Inflation Rate Template:Small |
6.0 | 5.8 | 3.9 | 2.4 | 2.4 | 5.2 | 2.9 |
| Template:Small | |||||||
| Trade Balance Template:Small |
-65,778 | -69,701 | -52,806 | -33,775 | -49,312 | -50,972 | -40,215 |
| Export of Goods Template:Small |
55,316 | 57,710 | 54,228 | 48,212 | 53,477 | 51,977 | 51,814 |
| Import of Goods Template:Small |
121,104 | 127,412 | 107,034 | 81,987 | 102,788 | 102,949 | 92,029 |
| Current Account Template:Small |
-11,206 (-2.6) | -18,261 (-4.5) | -5,943 (-1.5) | 11,578 (3.2) | -3,047 (0.8) | -8,877 (-2.6) | -2,143 (-0.7) |
| External Debt Template:Small |
125,394 (28.7) | 111,268 (27.5) | 106,428 (27.0) | 98,488 (27.2) | 83,618 (22.2) | 78,960 (22.8) | 73,098 (22.3) |
| Personal Remittances Template:Small |
37,210 | 36,136 | 34,884 | 33,194 | 33,467 | 32,213 | 31,288 |
| Foreign Reserves Template:Small |
103,725 | 96,130 | 108,794 | 110,115 | 87,836 | 79,189 | 81,567 |
| FDI Flows Template:Small |
8,900 | 9,200 | 10,518 | 6,822 | 8,671 | 9,949 | 10,236 |
| FDI Stock Template:Small |
118,985 | 112,965 | 113,711 | 103,193 | 94,593 | 82,997 | 73,016 |
| Template:Small | |||||||
| Budget Balance Template:Small |
-1,512 (-6.2) | -1,614 (-7.3) | -1,670 (-8.6) | -1,371 (-7.6) | -660 (-3.4) | -558 (-3.1) | -351 (-2.1) |
| Revenues Template:Small |
3,824 (15.7) | 3,546 (16.1) | 3,006 (15.5) | 2,856 (15.9) | 3,137 (16.1) | 2,850 (15.6) | 2,473 (14.9) |
| Expenditures Template:Small |
5,336 (21.9) | 5,160 (23.4) | 4,676 (24.1) | 4,227 (23.5) | 3,798 (19.5) | 3,408 (18.7) | 2,824 (17.1) |
| BSP Rates Template:Small |
0.16 | -5.03 | -1.10 | -0.57 | 2.01 | -1.58 | 0.10 |
| Public Debt Template:Small |
14,616 (60.1) | 13,419 (60.9) | 11,729 (60.4) | 9,795 (54.6) | 7,731 (39.6) | 7,293 (39.9) | 6,652 (40.2) |
| Peso-Dollar Rate Template:Small |
55.630 | 54.478 | 49.225 | 49.624 | 51.796 | 52.661 | 50.404 |
| Sources: Bangko Sentral ng Pilipinas<ref name="SEFIPH"/> and UNCTAD<ref name="PHWIR2024"/> | |||||||
GDP-related data can be found here:
- Industries: electronics assembly, aerospace, agribusiness, automotive, IT and business process outsourcing, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, financial services, food processing, petrochemical, metalcasting and mining, real estate, textile, tourism<ref name="Manufacturing"/><ref name="auto"/>
- Electricity – production: 106,115 GWh (2021)<ref>Template:Cite report</ref>
- Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish<ref name="CIAfactbookPhilEcon">CIA World Factbook, Philippines, Retrieved May 15, 2009.</ref>
- Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper, nickel, petroleum products, coconut oil, fruits<ref name="CIAfactbookPhilEcon" />
- Imports – commodities/products: electronic products, machinery, telecommunication and transport equipment, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits<ref name="CIAfactbookPhilEcon" />
- Manufacturing Growth: 5.9% (April 2024)<ref>Template:Cite press release</ref>
- PMI Manufacturing: 52.2 (April 2024)<ref>Template:Cite reportTemplate:Dead link</ref>
- Yield Curve: 10-Year Bond 6.70% (June 2024)<ref>Template:Cite web</ref>
- Net International Investment Position: –$51.317 billion (2023 est.)<ref>Template:Cite web</ref>
Government budget
[edit]The national government budget for 2025 has set the following budget allocations:<ref>Template:Cite press release</ref>Template:Efn
| Budget allocation | (PHP, billions) | (USD, billions) | Difference from F.Y. 2024 |
|---|---|---|---|
| Department of Education | 977.6 | 16.78 | Template:Increase 0.89% |
| Department of Public Works and Highways | 900.0 | 15.44 | Template:Decrease 10.88% |
| Department of Health | 297.6 | 5.11 | Template:Decrease 0.36% |
| Department of the Interior and Local Government | 278.4 | 4.78 | Template:Increase 5.33% |
| Department of National Defense | 256.1 | 4.39 | Template:Increase 6.05% |
| Department of Social Welfare and Development | 230.1 | 3.95 | Template:Decrease 0.78% |
| Department of Agriculture | 211.3 | 3.60 | Template:Decrease 0.49% |
| Department of Transportation | 180.9 | 3.10 | Template:Decrease 59.15% |
| The Judiciary | 63.6 | 1.09 | Template:Increase 5.35% |
| Department of Labor and Employment | 40.6 | 0.70 | Template:Increase 5.91% |
See also
[edit]- Bamboo network
- Emerging markets
- List of companies of the Philippines
- List of largest companies in the Philippines
- Newly industrialized country
- Tiger Cub Economies
References
[edit]Notes
[edit]Further reading
[edit]- Template:Cite book
- Template:Cite book
- Bhagwati, Jagdish and Anne Krueger. (1974). Foreign Trade Regimes and Economic Development. National Bureau of Economic Research.
- Hawes, Gary, And Ruth T. Mcvey. (2018) "Marcos, His Cronies, and the Philippines' Failure to Develop." Southeast Asian Capitalists (Cornell University Press, 2018) pp. 145–160.
- Template:Cite book
- Template:Cite book
- Krinks, Peter. The economy of the Philippines: Elites, inequalities and economic restructuring (Routledge, 2003_.
- Villegas, Bernardo. (2010). The Philippine Advantage (3rd ed.). Manila: University of Asia and the Pacific.
- Yang, Lan, et al. "Can an island economy be more sustainable? A comparative study of Indonesia, Malaysia, and the Philippines." Journal of Cleaner Production 242 (2020): 118572.
- Template:Cite book
- State of the Philippine Islands (1821) online
- Philippines – Asia's new tiger economy
- Philippines' opportunity point
External links
[edit]- Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
- Department of Trade and Industry
- Department of Finance Template:Webarchive
- Philippine Stock Exchange
- Department of Tourism
- Philippine Economic Zone Authority
- Trade
Template:Economy of the Philippines Template:Philippines topics Template:Asia in topic Template:World Trade Organization