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{{Short description|none}} {{pp-pc}} {{pp-pc|small=yes}} {{Use mdy dates|date=January 2024}} {{Use Philippine English|date=January 2024}} {{Infobox economy | image = Makati City Lights (Jopet Sy) - Flickr.jpg | image size = 335px | caption = [[Metro Manila]], the economic center of the [[Philippines]] | currency = [[Philippine peso]] ([[Filipino language|Filipino]]: '''''piso'''''; [[currency sign|sign]]: β±; [[ISO 4217|code]]: '''PHP''') | year = Calendar year | organs = [[Asian Development Bank|ADB]], [[AIIB]], [[ASEAN Free Trade Area|AFTA]], [[APEC]], [[ASEAN]], [[East Asia Summit|EAS]], [[Group of 24|G-24]], [[RCEP]], [[WTO]] and others | group = {{plainlist| * [[Developing country|Developing/Emerging]]<ref name="IMFWEO">{{Cite report |title=World Economic Outlook, April 2025: A Critical Juncture amid Policy Shifts |url=https://www.imf.org/-/media/Files/Publications/WEO/2025/April/English/ch1.ashx |page=57 |access-date=April 22, 2025 |website=[[International Monetary Fund]]}}</ref> * [[List of countries by GNI (nominal) per capita|Lower-middle income economy]]<ref>{{Cite web |title=World Bank Country and Lending Groups |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |access-date=September 29, 2019 |website=[[World Bank]]}}</ref> * [[Newly industrialized country]] }} | population = {{plainlist| {{Increase}} 114,120,000 <br>(2025)<ref name="PSA_2025 Population">{{Cite press release |last=Mapa |first=Dennis |author-link1=Dennis Mapa |date=July 7, 2021|title=By 2025, the Philippine population is projected to be about 114.12 million|url=https://psa.gov.ph/content/philippine-population-projected-be-around-13867-million-2055-under-scenario-2|publisher=[[Philippine Statistics Authority]]}}</ref>}} | gdp = {{plainlist| *{{increase}} $497.49 billion ([[GDP (nominal)|nominal]]; 2025 est.)<ref name="IMFWEO-202504">{{Cite web |title=World Economic Outlook Database, April 2025 |url=https://www.imf.org/imf/weodatabase/downloadreport?c=566,&s=NGDP_R,NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,&sy=2024&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1&wsid=54365389-a1e3-43c5-98bc-616885acb02f |access-date=April 25, 2025 |website=[[International Monetary Fund]]}}</ref> *{{increase}} $1.479 trillion ([[Purchasing power parity|PPP]]; 2025 est.)<ref name="IMFWEO-202504" /> }} | gdp rank = {{plainlist| * [[List of countries by GDP (nominal)|32nd (nominal; 2025 est.)]] * [[List of countries by GDP (PPP)|30th (PPP; 2025 est.)]] }} | growth = {{plainlist| * {{Increase}} 5.7% (2024)<ref name="IMFWEO"/> * {{Increase}} 5.5% (2025p)<ref name="IMFWEO"/> * {{Increase}} 5.8% (2026p)<ref name="IMFWEO"/> }} | per capita = {{plainlist| *{{increase}} $4,350 (nominal; 2025 est.){{r|IMFWEO-202504}} *{{increase}} $12,935 (PPP; 2025 est.){{r|IMFWEO-202504}} }} | per capita rank = {{plainlist| * [[List of countries by GDP (nominal) per capita|124th (nominal; 2025 est.)]] * [[List of countries by GDP (PPP) per capita|114th (PPP; 2025 est.)]] }} | sectors = {{plainlist| * [[Primary sector of the economy|Agriculture]]: 8.0% * [[Secondary sector of the economy|Industry]]: 29.1% * [[Tertiary sector of the economy|Services]]: 62.9% * (2024)<ref name="SEFIPH">{{Cite web |title=PHILIPPINES: SELECTED ECONOMIC AND FINANCIAL INDICATORS |url=https://www.bsp.gov.ph/statistics/keystat/sefi.pdf |url-status=live |archive-url=https://web.archive.org/web/20250330223856/https://www.bsp.gov.ph/statistics/keystat/sefi.pdf |archive-date=March 30, 2025 |website=[[Bangko Sentral ng Pilipinas]]}}</ref>}} | components = {{plainlist| * Household consumption 72.5% * Government consumption 14.5% * Gross capital formation 23.6% * Exports of goods and services 26.9% * Less: Imports of goods and services 37.5% * Other source 12.6% * (2024){{r|SEFIPH}}}} | average gross salary = [[List of Asian countries by average wage|β±18,423 / US$338]] monthly (2022)<ref>{{Cite press release |last=Mapa |first=Dennis |author-link1=Dennis Mapa |title=Highlights of the 2022 Occupational Wages Survey (OWS) |url=https://psa.gov.ph/content/highlights-2022-occupational-wages-survey-ows |archive-url=https://web.archive.org/web/20230925082029/https://psa.gov.ph/content/highlights-2022-occupational-wages-survey-ows |archive-date=September 25, 2023 |publisher=[[Philippine Statistics Authority]] |url-status=live}}</ref> | inflation = {{decreasePositive}} 1.4% (April 2025)<ref>{{Cite press release |last=Mapa |first=Dennis |author-link1=Dennis Mapa |title=Summary Inflation Report Consumer Price Index (2018=100): April 2025 |url=https://psa.gov.ph/content/summary-inflation-report-consumer-price-index-2018100-april-2025 |access-date=May 6, 2025 |publisher=[[Philippine Statistics Authority]]}}</ref> | poverty = {{plainlist| * {{decreasePositive}} 15.5% (2023)<ref>{{Cite press release |last=Mapa |first=Dennis |author-link1=Dennis Mapa |title=Percentage of Filipino Families Classified as Poor Declined to 10.9 percent in 2023 |url=https://psa.gov.ph/statistics/poverty |url-status=live |archive-url=https://web.archive.org/web/20240722043532/https://psa.gov.ph/statistics/poverty |archive-date=July 22, 2024 |website=[[Philippine Statistics Authority]]}}</ref> * {{steady}} 18.0% on less than $3.65/day (2021)<ref>{{Cite web |title=Poverty headcount ratio at $3.65 a day (2017 PPP) (% of population) |url=https://data.worldbank.org/indicator/SI.POV.LMIC?locations=PH |access-date=November 3, 2019 |publisher=World Bank}}</ref> }} | gini = {{decreasePositive}} 40.7 {{color|darkorange|medium}} (2023)<ref name="HDI">{{cite report |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf |title=Human Development Report 2025 - A matter of choice: People and possibilities in the age of AI |publisher=[[United Nations Development Programme]] |archive-url=https://web.archive.org/web/20250506051232/https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf |page=289 |archive-date=May 6, 2025 |url-status=live}}</ref> | hdi = {{plainlist| * {{increase}} 0.720 {{color|green|high}} (2023, [[List of countries by Human Development Index|117th]])<ref name="HDI"/> * {{increase}} 0.597 {{color|darkorange|medium}} (2023, [[List of countries by inequality-adjusted HDI|IHDI]])<ref name="HDI"/> }} | cpi = {{decrease}} 33 out of 100 points (2024, [[Corruption Perceptions Index#Legend|114th rank]]) | labor = {{plainlist| * {{decrease}} 48.02 million * {{decrease}} 62.9% participation rate * (March 2025 est.)<ref name="PSA_LFS">{{Cite press release |last=Mapa |first=Dennis |author-link1=Dennis Mapa |title=Employment Rate in March 2025 was Estimated at 96.1 Percent |url=https://psa.gov.ph/content/employment-rate-march-2025-was-estimated-961-percent |access-date=May 7, 2025 |publisher=[[Philippine Statistics Authority]]}}</ref> }} | occupations = {{plainlist| * [[Primary sector of the economy|Agriculture]]: 20.1% * [[Secondary sector of the economy|Industry]]: 17.9% * [[Tertiary sector of the economy|Services]]: 62.0% * (March 2025 est.){{r|PSA_LFS}} }} | unemployment = {{plainlist| * {{increaseNegative}} 3.9% * {{decreasePositive}} 1.93 million unemployed * (March 2025 est.){{r|PSA_LFS}} }} | industries = {{hlist |[[Consumer electronics|Electronics assembly]] | [[aerospace|aerospace/parts]] | [[agribusiness]] | [[Automotive industry in the Philippines|automotive/parts]] | [[Business process outsourcing in the Philippines|IT and business process outsourcing]] | [[food processing]] | [[furniture]]s | [[pharmaceuticals]] | [[petrochemical]]s | [[metal casting]] and [[mining]] | [[shipbuilding]] |[[textile industry|textile]] | [[Tourism in the Philippines|tourism]]<ref name="Manufacturing">{{Cite web|url=https://industry.gov.ph/category/manufacturing/|title=Manufacturing|website=Industry.gov.ph|publisher=[[Department of Trade and Industry (Philippines)|Department of Trade and Industry]]|access-date=February 25, 2023|archive-date=February 25, 2023|archive-url=https://web.archive.org/web/20230225153730/https://industry.gov.ph/category/manufacturing/|url-status=dead}}</ref><ref name="auto">{{cite web |title=Census of Philippine Business and Industry (CPBI) |url=https://psa.gov.ph/statistics/census/business-and-industry/index |website=[[Philippine Statistics Authority]]}}</ref> }} | exports = $116.52 billion (2023)<ref name="oec.world">{{Cite web|url=https://oec.world/en/profile/country/phl|title=Philippines (PHL) Exports, Imports, and Trade Partners |website=[[The Observatory of Economic Complexity]]}}</ref>{{r|SEFIPH}}{{efn|group=note|name=trade|Goods and services at current prices.}} | export-goods = {{ublist| [[Consumer electronics|Electronic products]] 53.4%| [[Agricultural|Agricultural products]] 10.6%| [[Finished goods|Manufactured goods]] 6.4%| [[Minerals|Mineral products]] 4.1%| | [[Machine]]ry and [[Transport| Transport equipment]] 3.5% | [[Ignition system|Ignition wirings]] 3.1%| Other 18.9% (2024)<ref name="extIntAgriTrade-2024">{{Cite press release |last=Del Prado |first=Divina Gracia |title=International Merchandise Trade Statistics of the Philippines for Agricultural Commodities, 2024 |url=https://psa.gov.ph/content/international-merchandise-trade-statistics-philippines-agricultural-commodities-2024 |access-date=March 27, 2025 |website=[[Philippine Statistics Authority]]}}</ref><ref name="extIntTrade-2024">{{Cite press release |last=Del Prado |first=Divina Gracia |title=International Merchandise Trade Statistics of the Philippines 2024 |url=https://psa.gov.ph/content/international-merchandise-trade-statistics-philippines-2024 |access-date=March 26, 2025 |website=[[Philippine Statistics Authority]]}}</ref> }} | export-partners = {{ublist| {{flag|United States}} 16.6%| {{flag|ASEAN}} 15.0%| {{flag|Japan}} 14.1%| {{flag|Hong Kong}} 13.1%| {{flag|China}} 12.9%| {{flag|European Union}} 11.0%| Other 16.3% (2024){{r|extIntTrade-2024}} }} | imports = $159.29 billion (2022){{r|oec.world}}{{r|SEFIPH}}{{efn|group=note|name=trade}} | import-goods = {{ublist|Electronic products 21.5% |Agricultural products 15.3% |Mineral products 14.9% |Transport equipment 8.9% [[Machine industry|Industrial machinery]] 4.5% |[[Iron]] and [[steel]] 4.1% |Other 30.8% (2024){{r|extIntAgriTrade-2024}}{{r|extIntTrade-2024}} }} | import-partners = {{ublist| {{flag|ASEAN}} 28.2%| {{flag|China}} 25.7%| {{flag|Japan}} 7.9%| {{flag|South Korea}} 7.5%| {{flag|United States}} 6.4%| {{flag|European Union}} 5.8%| Other 18.5% (2024){{r|extIntTrade-2024}} }} | savings = {{increase}} β±6.60 trillion (2023)<ref>{{cite press release |last=Mapa |first=Dennis |author-link1=Dennis Mapa |title=The country's total gross saving in 2023 expands to PhP 6.60 trillion |url=https://psa.gov.ph/content/countrys-total-gross-saving-2023-expands-php-660-trillion |url-status=live |archive-url=https://archive.today/20240627064433/https://psa.gov.ph/content/countrys-total-gross-saving-2023-expands-php-660-trillion |archive-date=June 27, 2024 |website=[[Philippine Statistics Authority]]}}</ref> | debt = {{plainlist | * β±16.05 trillion * ($280.15 billion) * {{increaseNegative}} 60.7% of GDP (2024){{r|SEFIPH}}}} | gross external debt = {{plainlist | * {{increaseNegative}} $137.63 billion * {{increaseNegative}} 29.8% of GDP (2024p)<ref name="SEFIPH"/>}} | revenue = {{plainlist | * β±4.42 trillion * ($77.13 billion) * 16.7% of GDP (2024){{r|SEFIPH}} }} | expenses = {{plainlist | * β±5.92 trillion * ($103.42 billion) * 22.4% of GDP (2024){{r|SEFIPH}} }} | balance = {{plainlist | * -β±1.51 trillion * (-$26.28 billion) * β5.7% of GDP (2024){{r|SEFIPH}} }} | reserves = {{decrease}} $106.67 billion (March 2025)<ref name="BSP-SDDS">{{Cite web |title=Special Data Dissemination Standards, Economic and Financial Data for the Philippines |url=https://www.bsp.gov.ph/pages/Statistics/SpecialDataDisseminationStandards.aspx |access-date=July 23, 2022 |website=[[Bangko Sentral ng Pilipinas]]}}</ref><ref>{{Cite web |title=Gross International Reserves |url=https://www.bsp.gov.ph/Statistics/sdds/table12_data.aspx |access-date=January 1, 2023 |website=[[Bangko Sentral ng Pilipinas]]}}</ref> | current account = {{plainlist| * {{decreasePositive}} -$17.51 billion * {{decreasePositive}} -3.8% of GDP (2024)<ref name="BSP-SDDS"/><ref>{{Cite web |title=PHILIPPINES: BALANCE OF PAYMENT |url=https://www.bsp.gov.ph/Statistics/External/table1_data.aspx |website=[[Bangko Sentral ng Pilipinas]] |access-date= March 28, 2024}}</ref>}} | FDI = {{plainlist| * {{increase}} $118.98 billion (Inward, 2023)<ref name="PHWIR2024">{{Cite report |title=World Investment Report 2024: Philippines |url=https://unctad.org/system/files/non-official-document/wir_fs_ph_en.pdf |url-status=live |archive-url=https://web.archive.org/web/20240622055822/https://unctad.org/system/files/non-official-document/wir_fs_ph_en.pdf |archive-date=June 22, 2024 |website=[[United Nations Conference on Trade and Development]]}}</ref> * {{increase}} $68.27 billion (Outward, 2023){{r|PHWIR2024}} }} | aid = ''recipient'': $1.67 billion (2011)<ref>{{Cite news |date=March 5, 2012 |title=NEDA: Foreign aid releases slightly increased in 2011 | Inquirer Business |url=http://business.inquirer.net/47637/neda-foreign-aid-releases-slightly-increased-in-2011 |access-date=October 12, 2012 |newspaper=[[Philippine Daily Inquirer]]}}</ref> | credit = {{plainlist| * [[Japan Credit Rating Agency]]:<ref>{{Cite web |title=Philippines: Japan Credit Rating Agency, Ltd. |url=https://www.jcr.co.jp/download/e15b09c9b02504ceb98cc607d8ee3c3346cc3cbbf1bc89ce99/22i0092_f.pdf |access-date=March 10, 2023 |website=[[Japan Credit Rating Agency|JCR]]}}</ref> * Aβ (Domestic/Foreign) * Aβ (Bonds) * Outlook: Stable ---- * [[Standard & Poor's]]:<ref>{{Cite news |last=Gonzalez |first=Anna Leah |title=S&P Global Ratings raises PH credit outlook to positive |url=https://www.pna.gov.ph/articles/1238733 |access-date=November 26, 2024 |website=[[Philippine News Agency]]}}</ref> * BBB+ (Domestic/Foreign) * BBB+ (T&C Assessment) * Outlook: Positive ---- * [[Moody's]]:<ref>{{Cite news |last=Moaje |first=Marita |title=Moody's affirms PH's 'BAA2' investment-grade credit rating |url=https://www.pna.gov.ph/articles/1231837 |access-date=August 23, 2024 |website=[[Philippine News Agency]]}}</ref> * Baa2 * Outlook: Stable ---- * [[Fitch Group|Fitch]]:<ref>{{Cite web |title=Philippines |url=https://www.fitchratings.com/entity/philippines-80442253 |access-date=May 22, 2023 |website=[[Fitch Ratings]]}}</ref> * BBB (Domestic/Foreign) * BBB+ (Country Ceiling) * Outlook: Stable }} | cianame = philippines | spelling = US | country = Philippines }} The '''economy of the Philippines''' is an [[emerging market]], and considered as a [[newly industrialized country]] in the [[Asia-Pacific]] region.<ref>{{Cite web |title=The World Bank in the Philippines |url=https://www.worldbank.org/en/country/philippines/overview |access-date=March 21, 2022 |website=[[World Bank]]}}</ref> In 2025, the Philippine economy is estimated to be at β±28.50 trillion ($497.5 billion), making it the world's [[List of countries by GDP (nominal)|32nd largest by nominal GDP]] and [[Economy of Asia|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>{{cite web |title=High Growth Potential for U.S. Agricultural Exports to the Philippines |url=https://www.fas.usda.gov/data/high-growth-potential-us-agricultural-exports-philippines |website=[[USDA Foreign Agricultural Service]] |access-date=August 9, 2023 |archive-url=https://web.archive.org/web/20220613185920/https://www.fas.usda.gov/data/high-growth-potential-us-agricultural-exports-philippines |archive-date=June 13, 2022 |language=en |date=June 8, 2022 |at=Macroeconomic Perspective}}</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>{{Cite web |title=The Philippines: September 1999 |url=https://www.wto.org/english/tratop_e/tpr_e/tp114_e.htm#:~:text=Major%20Developments%20in%20Trade%20and%20Related%20Economic%20Policy&text=10.,force%20on%201%20January%201995. |date=September 20, 1999 |website=[[World Trade Organization]]}}</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 [[semiconductor]]s and [[electronics|electronic products]], [[public transport|transport equipment]], [[garment]]s, [[chemical|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>{{Cite web |title="The World in 2050." |url=https://www.pwc.com/gx/en/research-insights/economy/the-world-in-2050.html/ |access-date=February 1, 2017 |website=[[PwC]]}}</ref> By 2035, the Filipino economy is predicted to be the 22nd largest in the world.<ref>{{Cite news |title=Philippines poised to be 22nd biggest economy in the world by 2035 β CEBR |url=https://www.bworldonline.com/editors-picks/2020/12/29/336409/philippines-poised-to-be-22nd-biggest-economy-in-the-world-by-2035-cebr/ |url-status=live |archive-url=https://web.archive.org/web/20220520140647/https://www.bworldonline.com/editors-picks/2020/12/29/336409/philippines-poised-to-be-22nd-biggest-economy-in-the-world-by-2035-cebr/ |archive-date=May 20, 2022 |access-date=December 29, 2020 |work=[[BusinessWorld]]|date=December 28, 2020 }}</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 in the Philippines|corruption]], and investing in the infrastructure necessary to ensure future growth. In 2024, the [[World Economic Forum]] chief [[BΓΈrge Brende]] said that βthere is a real opportunity for this country to become a $2-trillion economy.β<ref>{{cite news |last1=Cordero |first1= Ted|title=Philippines could be a $2-trillion economy in next decade βWorld Economic Forum |url= https://www.gmanetwork.com/news/money/economy/900997/philippines-could-be-a-2-trillion-economy-in-next-decade-world-economic-forum/story/|accessdate=March 20, 2024 |publisher= [[GMA Integrated News]]|date=March 19, 2024}}</ref> ==Overview== {{further|Economic history of the Philippines}} [[File:Historical GDP growth of the Philippines.png|thumb|300px|Historical growth of the Philippine economy from 1961 to 2015]] 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>{{cite news |last1=Esmael |first1=Lisbet |title=Strongest since 1976: PH records 7.6% economic growth in 2022 |url=http://www.cnnphilippines.com/business/2023/1/26/PH-economy-Q4-2022.html |access-date=March 18, 2023 |work=[[CNN Philippines]] |date=January 26, 2023 |url-status=dead |archive-url=https://web.archive.org/web/20230126031719/http://www.cnnphilippines.com/business/2023/1/26/PH-economy-Q4-2022.html |archive-date=January 26, 2023 }}</ref> However, the country is not a part of the [[Group of 20]] nations; instead, it is grouped in a second tier for [[emerging market]]s or [[Newly industrialized country|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 [[Second EDSA Revolution|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). [http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weorept.aspx?sy=1980&ey=2017&ssm=1&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=40&pr1.y=11&c=566&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CNID_NGDP%2CNGSD_NGDP%2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CTM_RPCH%2CTMG_RPCH%2CTX_RPCH%2CTXG_RPCH%2CTXGO%2CTMGO%2CLUR%2CLP%2CGGR%2CGGR_NGDP%2CGGX%2CGGX_NGDP%2CGGXCNL%2CGGXCNL_NGDP%2CGGXONLB%2CGGXONLB_NGDP%2CGGXWDG%2CGGXWDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a=#cs1 ''World Economic Outlook Data, By Country β Philippines: [selected annual data for 1980β2017<nowiki>]</nowiki>'']. Retrieved 2012-06-23 from the World Economic Outlook Database.</ref><ref name="imf2phus">{{Cite web |date=April 2010 |title=World Economic Outlook (WEO) Database April 2010 β Report for Selected Countries and Subjects β Philippines and United States |website=[[International Monetary Fund]] |url=http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.aspx?pr.x=67&pr.y=9&sy=1980&ey=2015&ssm=1&scsm=1&ssd=1&sort=subject&ds=.&br=1&=566%2C111&=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDPDPC%2CNGAP_NPGDP%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CNID_NGDP%2CNGSD_NGDP%2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CFLIBOR6%2CLUR%2CLE%2CLP%2CGGXCNL%2CGGXCNL_NGDP%2CGGSB%2CGGSB_NPGDP%2CGGXWDN%2CGGXWDN_NGDP%2CGGXWDG%2CGGXWDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a=#sNGDP}}</ref> {{hlist | {{legend-inline|#9F9|outline=#aaa|Indicates economic growth}} | {{legend-inline|#F99|outline=#aaa|Indicates contraction / recession}} | {{legend-inline|#ADD|outline=#aaa|Indicates [[International Monetary Fund|IMF]] forecast}} }} {| class="wikitable sortable" style="text-align:right; font-size:90%;" |- !Year ! scope="col" data-sort-type="number" | GDP (in Bil. US$PPP) ! scope="col" data-sort-type="number" | GDP per capita (in US$PPP) ! scope="col" data-sort-type="number" | GDP (in Bil. PHP$nominal) ! scope="col" data-sort-type="number" | GDP (in US$nominal) ! scope="col" data-sort-type="number" | GDP per capita (in US$nominal) !GDP growth (real){{efn|name=growthrate}} !PHP:USD<br />exchange rate{{efn|[[Exchange rate#Quotations|Direct quotation]]: PHP to buy 1{{nbsp}}USD.}} |- ! scope="row" | 2025<ref name="IMFWEO-202504"/> | 1,479.4{{nbsp}}{{increase}} | 12,934{{nbsp}}{{increase}} | 28,502{{nbsp}}{{increase}} | 497.5{{nbsp}}{{increase}} | 4,349{{nbsp}}{{increase}} | style="background:#ADD;" | 5.50%{{nbsp}} | |- ! scope="row" | 2024<ref name="IMFWEO-202404">{{Cite web |title=World Economic Outlook Database, October 2024 |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=566,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2024&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=January 11, 2025 |website=[[International Monetary Fund]]}}</ref> | 1,391.8{{nbsp}}{{increase}} | 12,191{{nbsp}}{{increase}} | 26,546{{nbsp}}{{increase}} | 471.5{{nbsp}}{{increase}} | 4,130{{nbsp}}{{increase}} | style="background:#9f9;" | 5.70%{{nbsp}} |{{increasenegative}}{{thinsp}}57.29 |- ! scope="row" | 2023 | 1,278.6{{nbsp}}{{increase}} | 11,326{{nbsp}}{{increase}} | 24,276{{nbsp}}{{increase}} | 436.6{{nbsp}}{{increase}} | 3,720{{nbsp}}{{increase}} | style="background:#9f9;" | 5.60%{{nbsp}} |{{increasenegative}}{{thinsp}}55.63 |- ! scope="row" | 2022 | 1,173.1{{nbsp}}{{increase}} | 10,512{{nbsp}}{{increase}} | 22,023{{nbsp}}{{increase}} | 404.3{{nbsp}}{{increase}} | 3,623{{nbsp}}{{increase}} | style="background:#9f9;" | 7.76%{{nbsp}} |{{increasenegative}}{{thinsp}}54.47 |- ! scope="row" | 2021 | 994.6{{nbsp}}{{increase}} | 9,043{{nbsp}}{{increase}} | 19,390{{nbsp}}{{increase}} | 393.7{{nbsp}}{{increase}} | 3,579{{nbsp}}{{increase}} | style="background:#9f9;" | 5.60%{{nbsp}} |{{decreasepositive}}{{thinsp}}49.25 |- ! scope="row" | 2020{{efn|name=covid}} | 919.2{{nbsp}}{{decrease}} | 8,389{{nbsp}}{{decrease}} | 17,937.6{{nbsp}}{{decrease}} | 361.5{{nbsp}}{{decrease}} | 3,298{{nbsp}}{{decrease}} | style="background:#f99;" | β9.50%{{nbsp}} | {{decreasepositive}}{{thinsp}}49.62 |- ! scope="row" | 2019 | 1,005{{nbsp}}{{increase}} | 9,295{{nbsp}}{{increase}} | 19,514.4{{nbsp}}{{increase}} | 376.8{{nbsp}}{{increase}} | 3,485{{nbsp}}{{increase}} | style="background:#9f9;" | 6.00%{{nbsp}} | {{decreasepositive}}{{thinsp}}51.79 |- ! scope="row" | 2018 | 930.0{{nbsp}}{{increase}} | 8,720{{nbsp}}{{increase}} | 18,262.4{{nbsp}}{{increase}} | 346.8{{nbsp}}{{increase}} | 3,251{{nbsp}}{{increase}} | style="background:#9f9;" | 6.30%{{nbsp}} | {{increasenegative}}{{thinsp}}52.66 |- ! scope="row" | 2017 | 854.0{{nbsp}}{{increase}} | 8,120{{nbsp}}{{increase}} | 15,556.4{{nbsp}}{{increase}} | 328.5{{nbsp}}{{increase}} | 3,123{{nbsp}}{{increase}} | style="background:#9f9;" | 6.70%{{nbsp}} | {{increasenegative}}{{thinsp}}50.40 |- ! scope="row" | 2016 | 798.6{{nbsp}}{{increase}} | 7,703{{nbsp}}{{increase}} | 15,133.5{{nbsp}}{{increase}} | 318.6{{nbsp}}{{increase}} | 3,073{{nbsp}}{{increase}} | style="background:#9f9;" | 6.90%{{nbsp}} | {{increasenegative}}{{thinsp}}47.50 |- ! scope="row" | 2015<ref name="NSCBgdpgni">{{Cite web |title=National Accounts of the Philippines (NAP) |url=http://www.nscb.gov.ph/sna/default.asp |url-status=dead |archive-url=https://web.archive.org/web/20121113201609/http://www.nscb.gov.ph/sna/Default.asp |archive-date=November 13, 2012 |publisher=[[Philippine Statistics Authority|National Statistical Coordination Board]]}}</ref> | 741.0{{nbsp}}{{increase}} | 6,547{{nbsp}}{{decrease}} | 13,307.3{{nbsp}}{{increase}} | 292.4{{nbsp}}{{increase}} | 2,863{{nbsp}}{{increase}} | style="background:#9f9;" | 5.80%{{nbsp}} | {{increasenegative}}{{thinsp}}45.50 |- ! scope="row" | 2014<ref name="NSCBgdpgni" /> | 642.8{{nbsp}}{{increase}} | 6,924{{nbsp}}{{increase}} | 12,645.3{{nbsp}}{{increase}} | 284.8{{nbsp}}{{increase}} | 2,844{{nbsp}}{{increase}} | style="background:#9f9;" | 6.10%{{nbsp}} | {{increasenegative}}{{thinsp}}44.40 |- ! scope="row" | 2013<ref>{{Cite web |title=Report for Selected Countries and Subjects |website=[[International Monetary Fund]] |url=http://www.imf.org/external/pubs/ft/weo/2013/02/weodata/weorept.aspx?pr.x=50&pr.y=4&sy=2006&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPPPSH&grp=0&a= |access-date=March 3, 2015}}</ref> | 454.3{{nbsp}}{{increase}} | 4,660{{nbsp}}{{increase}} | 11,546.1{{nbsp}}{{increase}} | 272.2{{nbsp}}{{increase}} | 2,792{{nbsp}}{{increase}} | style="background:#9f9;" | 7.20%{{nbsp}} | {{increasenegative}}{{thinsp}}42.45 |- ! scope="row" | 2012<ref name="imfoctweo2013">{{Cite web |date=April 16, 2013 |title=Report for Selected Countries and Subjects |website=[[International Monetary Fund]] |url=http://www.imf.org/external/pubs/ft/weo/2013/01/weodata/weorept.aspx?sy=2011&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a=&pr.x=80&pr.y=15 |access-date=April 19, 2013 |publisher=Imf.org}}</ref> | 419.6{{nbsp}}{{increase}} | 4,380{{nbsp}}{{increase}} | 10,564.9{{nbsp}}{{increase}} | 250.2{{nbsp}}{{increase}} | 2,611{{nbsp}}{{increase}} | style="background:#9f9;" | 6.80%{{nbsp}} | {{decreasepositive}}{{thinsp}}42.21 |- ! scope="row" | 2011 | 386.1{{nbsp}}{{increase}} | 4,098{{nbsp}}{{increase}} | 9,706.3{{nbsp}}{{increase}} | 224.1{{nbsp}}{{increase}} | 2,379{{nbsp}}{{increase}} | style="background:#9f9;" | 3.60%{{nbsp}} | {{decreasepositive}}{{thinsp}}43.29 |- ! scope="row" | 2010 | 365.3{{nbsp}}{{increase}} | 3,945{{nbsp}}{{increase}} | 9,003.5{{nbsp}}{{increase}} | 199.6{{nbsp}}{{increase}} | 2,155{{nbsp}}{{increase}} | style="background:#9f9;" | 7.63%{{nbsp}} | {{decreasepositive}}{{thinsp}}45.09 |- ! scope="row" | 2009 | 335.4{{nbsp}}{{increase}} | 3,685{{nbsp}}{{increase}} | 8,026.1{{nbsp}}{{increase}} | 168.5{{nbsp}}{{decrease}} | 1,851{{nbsp}}{{decrease}} | style="background:#9f9;" | 1.15%{{nbsp}} | {{increasenegative}}{{thinsp}}47.58 |- ! scope="row" | 2008 | 329.0{{nbsp}}{{increase}} | 3,636{{nbsp}}{{increase}} | 7,720.9{{nbsp}}{{increase}} | 173.6{{nbsp}}{{increase}} | 1,919{{nbsp}}{{increase}} | style="background:#9f9;" | 4.15%{{nbsp}} | {{decreasepositive}}{{thinsp}}44.47 |- ! scope="row" | 2007 | 309.9{{nbsp}}{{increase}} | 3,493{{nbsp}}{{increase}} | 6,892.7{{nbsp}}{{increase}} | 149.4{{nbsp}}{{increase}} | 1,684{{nbsp}}{{increase}} | style="background:#9f9;" | 7.12%{{nbsp}} | {{decreasepositive}}{{thinsp}}46.07 |- ! scope="row" | 2006 | 283.5{{nbsp}}{{increase}} | 3,255{{nbsp}}{{increase}} | 6,271.2{{nbsp}}{{increase}} | 122.2{{nbsp}}{{increase}} | 1,405{{nbsp}}{{increase}} | style="background:#9f9;" | 5.24%{{nbsp}} | {{decreasepositive}}{{thinsp}}51.29 |- ! scope="row" | 2005 | 261.0{{nbsp}}{{increase}} | 3,061{{nbsp}}{{increase}} | 5,677.8{{nbsp}}{{increase}} | 103.1{{nbsp}}{{increase}} | 1,209{{nbsp}}{{increase}} | style="background:#9f9;" | 4.78%{{nbsp}} | {{decreasepositive}}{{thinsp}}55.06 |- ! scope="row" | 2004 | 242.7{{nbsp}}{{increase}} | 2,905{{nbsp}}{{increase}} | 5,120.4{{nbsp}}{{increase}} | 91.4{{nbsp}}{{increase}} | 1,093{{nbsp}}{{increase}} | style="background:#9f9;" | 6.70%{{nbsp}} | {{increasenegative}}{{thinsp}}56.09 |- ! scope="row" | 2003 | 222.7{{nbsp}}{{increase}} | 2,720{{nbsp}}{{increase}} | 4,548.1{{nbsp}}{{increase}} | 83.9{{nbsp}}{{increase}} | 1,025{{nbsp}}{{increase}} | style="background:#9f9;" | 4.97%{{nbsp}} | {{increasenegative}}{{thinsp}}54.32 |- ! scope="row" | 2002 | 207.8{{nbsp}}{{increase}} | 2,591{{nbsp}}{{increase}} | 4,198.3{{nbsp}}{{increase}} | 81.4{{nbsp}}{{increase}} | 1,014{{nbsp}}{{increase}} | style="background:#9f9;" | 3.65%{{nbsp}} | {{increasenegative}}{{thinsp}}51.60 |- ! scope="row" | 2001 | 197.3{{nbsp}}{{increase}} | 2,511{{nbsp}}{{increase}} | 3,888.8{{nbsp}}{{increase}} | 76.3{{nbsp}}{{decrease}} | 971{{nbsp}}{{decrease}} | style="background:#9f9;" | 2.89%{{nbsp}} | {{increasenegative}}{{thinsp}}51.20 |- ! scope="row" | 2000 | 187.5{{nbsp}}{{increase}} | 2,437{{nbsp}}{{increase}} | 3,580.7{{nbsp}}{{increase}} | 81.0{{nbsp}}{{decrease}} | 1,053{{nbsp}}{{decrease}} | style="background:#9f9;" | 4.41%{{nbsp}} | {{increasenegative}}{{thinsp}}46.44 |- ! scope="row" | 1999 | 175.8{{nbsp}}{{increase}} | 2,352{{nbsp}}{{increase}} | 3,244.2{{nbsp}}{{increase}} | 83.0{{nbsp}}{{increase}} | 1,110{{nbsp}}{{increase}} | style="background:#9f9;" | 3.08%{{nbsp}} | {{increasenegative}}{{thinsp}}42.85 |- ! scope="row" | 1998 | 168.1{{nbsp}}{{increase}} | 2,297{{nbsp}}{{decrease}} | 2,952.8{{nbsp}}{{increase}} | 73.8{{nbsp}}{{decrease}} | 1,009{{nbsp}}{{decrease}} | style="background:#f99;" | β0.58%{{nbsp}} | {{increasenegative}}{{thinsp}}40.34 |- ! scope="row" | 1997 | 167.1{{nbsp}}{{increase}} | 2,336{{nbsp}}{{increase}} | 2,688.7{{nbsp}}{{increase}} | 92.8{{nbsp}}{{decrease}} | 1,297{{nbsp}}{{decrease}} | style="background:#9f9;" | 5.19%{{nbsp}} | {{increasenegative}}{{thinsp}}32.59 |- ! scope="row" | 1996 | 156.1{{nbsp}}{{increase}} | 2,232{{nbsp}}{{increase}} | 2,406.4{{nbsp}}{{increase}} | 93.5{{nbsp}}{{increase}} | 1,336{{nbsp}}{{increase}} | style="background:#9f9;" | 5.85%{{nbsp}} | {{increasenegative}}{{thinsp}}27.15 |- ! scope="row" | 1995 | 144.8{{nbsp}}{{increase}} | 2,118{{nbsp}}{{increase}} | 2,111.7{{nbsp}}{{increase}} | 83.7{{nbsp}}{{increase}} | 1,224{{nbsp}}{{increase}} | style="background:#9f9;" | 4.68%{{nbsp}} | {{decreasepositive}}{{thinsp}}24.20 |- ! scope="row" | 1994 | 135.5{{nbsp}}{{increase}} | 2,007{{nbsp}}{{increase}} | 1,875.7{{nbsp}}{{increase}} | 71.0{{nbsp}}{{increase}} | 1,052{{nbsp}}{{increase}} | style="background:#9f9;" | 4.39%{{nbsp}} | {{decreasepositive}}{{thinsp}}24.84 |- ! scope="row" | 1993 | 127.1{{nbsp}}{{increase}} | 1,929{{nbsp}}{{increase}} | 1,633.6{{nbsp}}{{increase}} | 60.2{{nbsp}}{{increase}} | 914{{nbsp}}{{increase}} | style="background:#9f9;" | 2.12%{{nbsp}} | {{increasenegative}}{{thinsp}}28.05 |- ! scope="row" | 1992 | 121.8{{nbsp}}{{increase}} | 1,891{{nbsp}}{{increase}} | 1,497.5{{nbsp}}{{increase}} | 58.7{{nbsp}}{{increase}} | 912{{nbsp}}{{increase}} | style="background:#9f9;" | 0.34%{{nbsp}} | {{decreasepositive}}{{thinsp}}26.44 |- ! scope="row" | 1991 | 118.6{{nbsp}}{{increase}} | 1,882{{nbsp}}{{increase}} | 1,379.9{{nbsp}}{{increase}} | 50.2{{nbsp}}{{increase}} | 797{{nbsp}}{{increase}} | style="background:#f99;" | β0.49%{{nbsp}} | {{increasenegative}}{{thinsp}}27.61 |- ! scope="row" | 1990 | 115.2{{nbsp}}{{increase}} | 1,873{{nbsp}}{{increase}} | 1,190.5{{nbsp}}{{increase}} | 48.9{{nbsp}}{{increase}} | 796{{nbsp}}{{increase}} | style="background:#9f9;" | 3.04%{{nbsp}} | {{decreasepositive}}{{thinsp}}22.90 |- ! scope="row" | 1989 | 107.6{{nbsp}}{{increase}} | 1,791{{nbsp}}{{increase}} | 1,025.3{{nbsp}}{{increase}} | 47.3{{nbsp}}{{increase}} | 786{{nbsp}}{{increase}} | style="background:#9f9;" | 6.21%{{nbsp}} | {{decreasepositive}}{{thinsp}}23.03 |- ! scope="row" | 1988 | 97.6{{nbsp}}{{increase}} | 1,663{{nbsp}}{{increase}} | 885.5{{nbsp}}{{increase}} | 42.0{{nbsp}}{{increase}} | 715{{nbsp}}{{increase}} | style="background:#9f9;" | 6.75%{{nbsp}} | {{increasenegative}}{{thinsp}}23.26 |- ! scope="row" | 1987 | 88.4{{nbsp}}{{increase}} | 1,540{{nbsp}}{{increase}} | 756.5{{nbsp}}{{increase}} | 36.8{{nbsp}}{{increase}} | 641{{nbsp}}{{increase}} | style="background:#9f9;" | 4.31%{{nbsp}} | {{increasenegative}}{{thinsp}}19.07 |- ! scope="row" | 1986 | 82.4{{nbsp}}{{increase}} | 1,471{{nbsp}}{{increase}} | 674.6{{nbsp}}{{increase}} | 33.1{{nbsp}}{{decrease}} | 591{{nbsp}}{{decrease}} | style="background:#9f9;" | 3.42%{{nbsp}} | {{increasenegative}}{{thinsp}}18.42 |- ! scope="row" | 1985 | 77.9{{nbsp}}{{decrease}} | 1,426{{nbsp}}{{decrease}} | 633.6{{nbsp}}{{increase}} | 34.1{{nbsp}}{{decrease}} | 623{{nbsp}}{{decrease}} | style="background:#f99;" | β7.30%{{nbsp}} | {{decreasepositive}}{{thinsp}}17.40 |- ! scope="row" | 1984 | 81.6{{nbsp}}{{decrease}} | 1,530{{nbsp}}{{decrease}} | 581.1{{nbsp}}{{increase}} | 34.8{{nbsp}}{{decrease}} | 652{{nbsp}}{{decrease}} | style="background:#f99;" | β7.31%{{nbsp}} | {{increasenegative}}{{thinsp}}17.61 |- ! scope="row" | 1983 | 84.9{{nbsp}}{{increase}} | 1,630{{nbsp}}{{increase}} | 408.9{{nbsp}}{{increase}} | 36.8{{nbsp}}{{decrease}} | 707{{nbsp}}{{decrease}} | style="background:#9f9;" | 1.88%{{nbsp}} | {{increasenegative}}{{thinsp}}12.11 |- ! scope="row" | 1982 | 80.1{{nbsp}}{{increase}} | 1,578{{nbsp}}{{increase}} | 351.4{{nbsp}}{{increase}} | 41.1{{nbsp}}{{increase}} | 810{{nbsp}}{{increase}} | style="background:#9f9;" | 3.62%{{nbsp}} | {{increasenegative}}{{thinsp}}9.47 |- ! scope="row" | 1981 | 72.9{{nbsp}}{{increase}} | 1,471{{nbsp}}{{increase}} | 312.0{{nbsp}}{{increase}} | 39.5{{nbsp}}{{increase}} | 797{{nbsp}}{{increase}} | style="background:#9f9;" | 3.42%{{nbsp}} | {{increasenegative}}{{thinsp}}9.32 |- ! scope="row" | 1980 | 64.4{{nbsp}}{{increase}} | 1,334{{nbsp}}{{increase}} | 270.1{{nbsp}}{{increase}} | 35.9{{nbsp}}{{increase}} | 744{{nbsp}}{{increase}} | style="background:#9f9;" | 5.15%{{nbsp}} | {{increasenegative}}{{thinsp}}7.78 |- ! scope="row" | 1979 | | | | | | style="background:#9f9;" | 5.60%{{nbsp}} | |- ! scope="row" | 1978 | | | | | | style="background:#9f9;" | 5.20%{{nbsp}} | |- ! scope="row" | 1977 | | | | | | style="background:#9f9;" | 5.60%{{nbsp}} | |- ! scope="row" | 1976 | | | | | | style="background:#9f9;" | 8.00%{{nbsp}} | |- ! scope="row" | 1975 | | | | | | style="background:#9f9;" | 6.40%{{nbsp}} | |- ! scope="row" | 1974 | | | | | | style="background:#9f9;" | 5.00%{{nbsp}} | |- ! scope="row" | 1973 | | | | | | style="background:#9f9;" | 9.20%{{nbsp}} | |- ! scope="row" | 1972 | | | | | | style="background:#9f9;" | 4.80%{{nbsp}} | |- ! scope="row" | 1971 | | | | | | style="background:#9f9;" | 4.90%{{nbsp}} | |- ! scope="row" | 1970 | | | | | | style="background:#9f9;" | 4.60%{{nbsp}} | |- class="sortbottom" | colspan="8" | {{notelist|refs= {{efn|name=growthrate| GDP growth at constant 1985 prices in Philippine pesos:<ref name=imf/><ref name=imfoctweo2010>International Monetary Fund. (October 2010). The [[Philippine Stock Exchange]], It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927. It currently maintains two trading floors, one at the Ayala Tower One in the [[Makati]] Central Business District, and one at its headquarters in [[Pasig]]. The PSE is composed of a 15-man Board of Directors, chaired by Jose T. Pardo. [http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/weorept.aspx?pr.x=38&pr.y=9&sy=1980&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&c=566&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CLUR%2CLP%2CGGR%2CGGR_NGDP%2CGGX%2CGGX_NGDP%2CGGXCNL%2CGGXCNL_NGDP%2CGGXONLB%2CGGXONLB_NGDP%2CGGXWDG%2CGGXWDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a= ''World Economic Outlook Data, By Country β Philippines: [selected annual data for 1980β2015<nowiki>]</nowiki>'']. Retrieved 2011-01-31 from the World Economic Outlook Database.</ref><ref name="weo2002">{{Cite web |website=[[International Monetary Fund]] |date=April 2002 |title=The World Economic Outlook (WEO) Database April 2002 β Real Gross Domestic Product (annual percent change) β All countries |url=http://www.imf.org/external/pubs/ft/weo/2002/01/data/growth_a.csv}}</ref><ref name="SEFI">{{Cite web |title=Philippines: Selected Economic and Financial Indicators (2018=100) |url=https://www.bsp.gov.ph/statistics/keystat/sefi.pdf |url-status=live |archive-url=https://web.archive.org/web/20230306164100/https://www.bsp.gov.ph/statistics/keystat/sefi.pdf |archive-date=March 6, 2023 |access-date=March 3, 2023 |website=[[Bangko Sentral ng Pilipinas]]}}</ref> }} {{efn|name=covid|As a result of shutdown of businesses imposed by the lockdowns to contain the [[COVID-19 pandemic]].}} }} |} ==Composition by sector== [[File:Filipino Men at Work in Brunei.jpg|thumb|Filipino men at work in Brunei]] 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>{{Citation |title=Philippines |date=September 27, 2021 |url=https://www.cia.gov/the-world-factbook/countries/philippines/#economy |work=The World Factbook |access-date=October 11, 2021 |publisher=Central Intelligence Agency |language=en}}</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 workβ-known as [[Overseas Filipino Worker]]s or OFWsβare 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">{{Cite web |last=del Rosario |first=King |title=MBA Buzz: More Funds in the Philippines |url=http://e.globis.jp/article/000253.html |website=[[Globis]] |url-status=dead |archive-url=https://web.archive.org/web/20140407063110/http://e.globis.jp/article/000253.html |archive-date=April 7, 2014 |access-date=June 11, 2013 }}</ref> From more than [[United States Dollar|US$]]2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,<ref>{{Cite book |last=Starr |first=Kevin |url=https://books.google.com/books?id=fw5N5qg5BHQC&pg=PA159 |title=Coast of Dreams |date=June 22, 2011 |publisher=Knopf Doubleday Publishing Group |isbn=978-0-307-79526-7 |page=159}}</ref> this significantly increased to a record US$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.<ref>{{cite news |last=Gonzalez |first=Anna Leah |title=Remittances from overseas Filipinos hit all-time high in 2024 |work=[[Philippine News Agency]] |url=https://www.pna.gov.ph/articles/1244195 |archive-url=https://archive.today/20250217230828/https://www.pna.gov.ph/articles/1244195 |archive-date=February 17, 2025 |url-status=live}}</ref> ===Agriculture=== {{Further|Agriculture in the Philippines}} {{As of|2022}}, agriculture employs 24 percent of the Filipino workforce<ref>{{Cite press release |title=Employment situation as of December 2022 |url=https://psa.gov.ph/content/unemployment-rate-december-2022-estimated-43-percent |access-date=February 8, 2023 |website=[[Philippine Statistics Authority]]}}</ref> accounting for 8.9 percent of the total GDP.<ref>{{Cite web |title=Agriculture shared (%) of the total GDP |url=https://psa.gov.ph/national-accounts/sector/Agriculture,%20Forestry%20and%20Fishing#:~:text=The%20AFF%20accounted%20for%209.4,share%20in%20the%20previous%20year. |access-date=February 22, 2023 |website=[[Philippine Statistics Authority]]}}</ref> The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus. The Philippines is the [[List of countries by coconut production|world's third largest producer]] of [[coconut]]s, and the world's largest exporter of coconut products.<ref>{{Cite book |last1=Behnassi |first1=Mohamed |url=https://books.google.com/books?id=rXmWEAAAQBAJ |title=The Food Security, Biodiversity, and Climate Nexus |last2=Gupta |first2=Himangana |last3=Baig |first3=Mirza Barjees |last4=Noorka |first4=Ijaz Rasool |date=October 20, 2022 |publisher=[[Springer Nature]] |isbn=978-3-031-12586-7 |page=[https://books.google.com/books?id=rXmWEAAAQBAJ&pg=PA252 252] |language=en |access-date=March 3, 2023}}</ref> [[Coconut production in the Philippines|Coconut production]] is generally concentrated in medium-sized farms.<ref name="HayamiQuisumbing1990">{{Cite book |last1=Hayami |first1=YΕ«jirΕ |url=https://books.google.com/books?id=6qGEpP8nI4MC&pg=PA108 |title=Toward an alternative land reform paradigm: a Philippine perspective |last2=Quisumbing |first2=Maria Agnes R. |last3=Adriano |first3=Lourdes S. |publisher=Ateneo de Manila University Press |year=1990 |isbn=978-971-11-3096-1 |page=108 |access-date=November 15, 2011}}</ref> The Philippines is also the [[List of countries by pineapple production|world's third largest producer]] of [[pineapple]]s, producing {{convert|2862000|MT}} in 2021.<ref>{{Cite web |title=World pineapple production by Country |website=[[Statista]] |url=https://www.statista.com/statistics/298517/global-pineapple-production-by-leading-countries/ |access-date=September 27, 2020}}</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 {{as of|2019|lc=y}}, accounting for 2.5 percent of global rice production.<ref>{{cite web |title=This is how much rice is produced around the world - and the countries that grow the most |url=https://www.weforum.org/agenda/2022/03/visualizing-the-world-s-biggest-rice-producers/ |website=[[World Economic Forum]] |access-date=April 25, 2023 |archive-url=https://web.archive.org/web/20220309182049/https://www.weforum.org/agenda/2022/03/visualizing-the-world-s-biggest-rice-producers/ |archive-date=March 9, 2022 |language=en |date=March 9, 2022}}</ref> Rice is the most important food crop, a staple food in most of the country;<ref>{{Cite book |last=Narvaez-Soriano |first=Nora |url=https://books.google.com/books?id=pqBX_CDwVKsC |title=A Guide to Food Selection, Preparation and Preservation |date=1994 |publisher=[[Rex Book Store, Inc.]] |isbn=978-971-23-0114-8 |page=[https://books.google.com/books?id=pqBX_CDwVKsC&pg=PA120 120] |language=en |access-date=March 11, 2023}}</ref> it is produced extensively in [[Central Luzon]]), [[Western Visayas]], [[Cagayan Valley]], [[Soccsksargen]], and [[Ilocos Region]].<ref>{{cite news |title=Top 10 Rice Farming Regions in the Philippines |url=https://mindanaotimes.com.ph/2022/01/30/top-10-rice-farming-regions-in-the-philippines/ |access-date=April 25, 2023 |work=[[Mindanao Times]] |date=January 30, 2022 |archive-url=https://web.archive.org/web/20220131052558/https://mindanaotimes.com.ph/2022/01/30/top-10-rice-farming-regions-in-the-philippines/ |archive-date=January 31, 2022 |url-status=dead }}</ref><ref>{{cite news |last1=Agoot |first1=Liza |title=PH logs highest rice production rate at 19.44M metric tons: DA |url=https://www.pna.gov.ph/articles/1125473 |access-date=April 25, 2023 |work=[[Philippine News Agency]] |date=December 22, 2020 |archive-url=https://web.archive.org/web/20201227000109/https://www.pna.gov.ph/articles/1125473 |archive-date=December 27, 2020}}</ref> The Philippines is one of the [[Sugar industry of the Philippines|largest producers of sugar]] in the world.<ref>{{Cite web |title=ESS Website ESS : Statistics home |url=http://www.fao.org/es/ess/top/commodity.html?lang=en&item=156&year=2005 |website=[[Food and Agriculture Organization of the United Nations]] |access-date=March 3, 2015}}</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 2012β2013, 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>{{Cite web |title=Historical Statistics |url=http://www.sra.gov.ph/historical-statistics/ |website=[[Sugar Regulatory Administration]] |access-date=March 3, 2015 |archive-date=December 9, 2022 |archive-url=https://web.archive.org/web/20221209012536/https://www.sra.gov.ph/historical-statistics/ |url-status=dead }}</ref> A range from {{convert|360000|to|390000|ha}} 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">{{Cite book |title=Master Plan For the Philippine Sugar Industry |publisher=Sugar Master Plan Foundation, Inc. |year=2010 |page=7}}</ref> <gallery mode="packed"> File:Sitio Bobonao, Dapitan street.jpg|A coconut grove in [[Dapitan]] File:Banana Plantation, Padada.JPG|A banana plantation in [[Padada]] File:Sugarcane plantations Bacolod Philippines.jpg|Vast [[sugarcane]] plantations in [[Bacolod]] File:JfHallSchool9156SPutikSanIldefonsoBulfvf 05.JPG|A rice field in [[Bulacan]] File:CalauanLagunajf4387 06.JPG|[[Pineapple]]s in a market in [[Laguna (province)|Laguna]] </gallery> ===Automotive and aerospace=== {{Main|Automotive industry in the Philippines}} The [[Anti-lock braking system|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">{{cite news |last=Crismundo |first=Kris |title=PH vehicle assemblers post record-high sales in 2024 |language=en |work=[[Philippine News Agency]] |url=https://www.pna.gov.ph/articles/1241744 |access-date=January 14, 2025}}</ref> [[Toyota]] sells the most vehicles in the country followed by [[Mitsubishi Motors|Mitsubishi]], [[Ford Motor Company|Ford]], [[Nissan]], and [[Suzuki]].<ref name="pnaAuto"/> [[Honda]] and Suzuki produce motorcycles in the country.<ref>{{Cite web |last=Oslowski |first=Justin |date=March 25, 2003 |title=Automotive Production in the Philippines |url=http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html |archive-url=https://web.archive.org/web/20071208161345/http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html <!-- Bot retrieved archive --> |archive-date=December 8, 2007 |access-date=December 11, 2007 |website=[[Innovation, Science and Economic Development Canada]] |url-status=dead }}</ref> Since around the 2010s, several Chinese car brands have entered the Philippine market; these include [[Chery]] and [[Foton Motor]].<ref>{{cite news |last1=Panganiban |first1=Ira |title=Chinese cars and ride-hailing cars |url=https://www.manilatimes.net/2023/03/14/fast-times/chinese-cars-and-ride-hailing-cars/1882629 |access-date=April 7, 2023 |work=[[The Manila Times]] |date=March 14, 2023 |archive-url=https://web.archive.org/web/20230314224036/https://www.manilatimes.net/2023/03/14/fast-times/chinese-cars-and-ride-hailing-cars/1882629 |archive-date=March 14, 2023 |language=en}}</ref><ref>{{cite news |last1=Tan |first1=Alyssa Nicole O. |title=Foton plans expansion with six new dealership locations |url=https://www.bworldonline.com/corporate/2022/05/23/449988/foton-plans-expansion-with-six-new-dealership-locations/ |access-date=April 7, 2023 |work=[[BusinessWorld]] |date=May 22, 2022 |archive-url=https://web.archive.org/web/20220522215046/https://www.bworldonline.com/corporate/2022/05/23/449988/foton-plans-expansion-with-six-new-dealership-locations/ |archive-date=May 22, 2022}}</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 Inc.|Moog]] is the biggest aerospace manufacturer with base in [[Baguio]]; the company produces aircraft actuators in their manufacturing facility.<ref>{{cite tech report |last1=Bamber |first1=Penny |last2=Frederick |first2=Stacey |last3=Gereffi |first3=Gary |title=The Philippines in the Aerospace Global Value Chain |url=https://www.researchgate.net/publication/305000155_The_Philippines_in_the_Aerospace_Global_Value_Chain |website=[[ResearchGate]] |publisher=[[Duke University|Duke University Center on Globalization, Governance and Competitiveness]] |access-date=August 10, 2023 |pages=vi, 47, 50, 52, 54 |date=May 2016}}</ref> Total export output of aerospace products in the Philippines reached US$780 million in 2019.<ref>{{Cite news |date=January 27, 2022 |title=Aerospace Industry supports RCEP |work=[[Philippine Information Agency]] |url=https://pia.gov.ph/press-releases/2022/01/27/aerospace-industry-supports-rcep |access-date=March 3, 2023}}</ref> ===Electronics=== [[File:Siemens NTBBA 40 183 340-100 - Texas Instruments TNETD3100GFN-3314.jpg|thumb|A Texas Instruments integrated circuit]] A [[Texas Instruments]] plant in [[Baguio]] has been operating for 20 years and is the largest producer of [[digital signal processor|DSP chips]] in the world.<ref>{{cite news |last1=Gatdula |first1=Donnabelle |title=TransCo installs 50-MVA transformer in Benguet |url=https://www.philstar.com/business/2006/01/30/319205/transco-installs-50-mva-transformer-benguet |access-date=April 23, 2023 |work=[[The Philippine Star]] |date=January 30, 2006 |archive-url=https://web.archive.org/web/20230423144951/https://www.philstar.com/business/2006/01/30/319205/transco-installs-50-mva-transformer-benguet |archive-date=April 23, 2023}}</ref><ref>{{cite press release |last1=Chiu |first1=Rey Anthony |title=Intel Phils manager debunks negative perception |url=http://archives.pia.gov.ph/?m=12&fi=p070713.htm&no=60 |access-date=April 23, 2023 |work=[[Philippine Information Agency]] |date=July 13, 2007 |archive-url=https://web.archive.org/web/20230423145202/http://archives.pia.gov.ph/?m=12&fi=p070713.htm&no=60 |archive-date=April 23, 2023}}</ref> Texas Instruments' Baguio plant produces all the chips used in [[Nokia]] [[mobile phone|cell phones]] and 80% of chips used in [[Ericsson]] cell phones in the world.<ref>{{Cite news |title=Texas Instruments in Baguio retrenches 392 employees |date=January 9, 2009 |url=http://www.cn-c114.net/577/a376549.html |url-status=dead |archive-url=https://web.archive.org/web/20100706052822/http://www.cn-c114.net/577/a376549.html |archive-date=July 6, 2010 |access-date=October 12, 2012 |work=C114 - China Communication Network}}</ref> [[Toshiba]] [[hard disk drives]] are manufactured in [[Santa Rosa, Laguna]].<ref>{{cite news |last1=Osorio |first1=Ma. Elisa |title=Toshiba unit to expand RP operations |url=https://www.philstar.com/business/2009/02/20/441440/toshiba-unit-expand-rp-operations |access-date=April 23, 2023 |work=[[The Philippine Star]] |date=February 20, 2009 |archive-url=https://web.archive.org/web/20201126134714/https://www.philstar.com/business/2009/02/20/441440/toshiba-unit-expand-rp-operations |archive-date=November 26, 2020}}</ref> Printer manufacturer [[Lexmark]] has a factory in [[Cebu City]].<ref>{{cite web |title=Contact Lexmark |url=https://www.lexmark.com/en_ph/contact-lexmark.html |website=[[Lexmark|Lexmark Philippines]] |access-date=April 7, 2023 |archive-url=https://web.archive.org/web/20221206174820/https://www.lexmark.com/en_ph/contact-lexmark.html |archive-date=December 6, 2022 |language=en}}</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>{{cite report |editor-last1=Intarakumnerd |title=Fostering Production and Science and Technology Linkages to Stimulates Innovation in ASEAN |last1=Reyes-Macasaquit |first1=Mari-Len |url=https://www.eria.org/uploads/media/Research-Project-Report/RPR_FY2009_7-4_Chapter_4.pdf |chapter=4: Case Study of the Electronics Industry in the Philippines: Linkages and Innovation |publisher=[[Economic Research Institute for ASEAN and East Asia]] |access-date=April 23, 2023 |archive-url=https://web.archive.org/web/20190819054705/https://www.eria.org/uploads/media/Research-Project-Report/RPR_FY2009_7-4_Chapter_4.pdf |archive-date=August 19, 2019 |pages=146β147 |date=2010}}</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>{{Cite web |url=https://www.seipi.org.ph/homepage/ |website=Semiconductor and Electronics Industries in the Philippines Foundation |title=Homepage | |access-date=April 19, 2023 |archive-date=September 20, 2023 |archive-url=https://web.archive.org/web/20230920145022/https://www.seipi.org.ph/homepage/ |url-status=dead }}</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">{{Cite press release |title=Highlights of the 2022 Annual International Merchandise Trade Statistics of the Philippines|url=https://psa.gov.ph/statistics/annual-foreign-trade/node/1684041680 |url-status=live |archive-url=https://web.archive.org/web/20230803045603/https://psa.gov.ph/statistics/annual-foreign-trade/node/1684041680 |access-date=April 1, 2023 |archive-date=August 3, 2023 |website=[[Philippine Statistics Authority|PSA]]}}</ref> ===Mining and extraction=== [[File:Puhagan geothermal plant.jpg|thumb|[[Geothermal power]] station in [[Negros Oriental]]]] The Philippines is rich in mineral and [[Geothermal power in the Philippines|geothermal energy]] resources. In 2019, it produced {{convert|1928|MW}} of electricity from geothermal sources ({{#expr:1928 / 25531 * 100 round 2}}% of total [[Electricity sector in the Philippines|electricity production]]).<ref name="DOEGovPH-2019Power">{{Cite report |last=Power Planning and Development Division, Electric Power Industry Management Bureau |title=2019 Power Situation Report |url=https://www.doe.gov.ph/sites/default/files/pdf/electric_power/2019-power-situation-report.pdf?withshield=1 |access-date=February 19, 2023 |website=[[Department of Energy (Philippines)|Department of Energy]] |page=7 }}</ref> A 1989 discovery of natural gas reserves in the [[Philippine National Oil Company|Malampaya oil fields]] off the island of [[Palawan (island)|Palawan]] is being used to generate electricity in three gas-powered plants.<ref>{{Cite book |url=https://books.google.com/books?id=GZ4oDwAAQBAJ |title=The Report: Philippines 2016 |date=April 8, 2016 |publisher=Oxford Business Group |isbn=978-1-910068-55-7 |page=[https://books.google.com/books?id=GZ4oDwAAQBAJ&pg=PA122 122] |language=en |access-date=February 27, 2023}}</ref> Philippine [[gold]], [[nickel]], [[copper]], [[palladium]] and [[chromite]] deposits are among the largest in the world.<ref>{{Cite news |last=Schneider |first=Keith |date=June 8, 2017 |title=The Philippines, a nation rich in precious metals, encounters powerful opposition to mining |work=[[Mongabay]] |url=https://news.mongabay.com/2017/06/the-philippines-a-nation-rich-in-precious-metals-encounters-powerful-opposition-to-mining/ |access-date=July 18, 2020 |archive-url=https://web.archive.org/web/20170710043841/https://news.mongabay.com/2017/06/the-philippines-a-nation-rich-in-precious-metals-encounters-powerful-opposition-to-mining/ |archive-date=July 10, 2017}}</ref><ref>{{Cite news |last=Cinco |first=Maricar |date=June 3, 2016 |title=Firm sees metal costlier than gold in Romblon sea |newspaper=[[Philippine Daily Inquirer]] |url=https://newsinfo.inquirer.net/788940/firm-sees-metal-costlier-than-gold-in-romblon-sea |access-date=July 24, 2020 |archive-url=https://web.archive.org/web/20200724163335/https://newsinfo.inquirer.net/788940/firm-sees-metal-costlier-than-gold-in-romblon-sea |archive-date=July 24, 2020}}</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.{{citation needed|date=June 2011}} Philippine mineral exports amounted to US$4.22 billion in 2020.<ref>{{cite news |last1=Teves |first1=Catherine |title=Total mineral product export earnings rise |url=https://www.pna.gov.ph/articles/1124423 |access-date=April 13, 2023 |work=[[Philippine News Agency]] |date=December 11, 2020 |archive-url=https://web.archive.org/web/20201213051038/https://www.pna.gov.ph/articles/1124423 |archive-date=December 13, 2020}}</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.{{citation needed|date=June 2011}} The industry rebounded starting in late 2004 when the [[Supreme Court of the Philippines|Supreme Court]] upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.<ref>{{Cite news |last=Conde |first=Carlos H. |date=December 3, 2004 |title=Court ruling in Philippines buoys mining sector there |work=[[The New York Times]] |url=https://www.nytimes.com/2004/12/03/business/worldbusiness/court-ruling-in-philippines-buoys-mining-sector-there.html |access-date=January 15, 2021}}</ref> In 2019, the country was the 2nd largest world producer of nickel<ref>{{Cite report |last1=McRae |first1=Michele E. |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf |title=Mineral Commodity Summaries: Nickel |publisher=[[United States Geological Survey]] |date=January 2021 |archive-url=https://web.archive.org/web/20210216133809/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf |archive-date=February 16, 2021}}</ref> and the 4th largest world producer of [[cobalt]].<ref>{{Cite report |last1=Shedd |first1=Kim B. |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf |title=Mineral Commodity Summaries: Cobalt |publisher=[[United States Geological Survey]] |date=January 2021 |archive-url=https://web.archive.org/web/20210213074219/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf |archive-date=February 13, 2021}}</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>{{Cite press release |title=Philippines' Class A Gold, Copper, Nickel and Chromite Resources Valued at PhP 491.19 Billion in 2022 |url=https://psa.gov.ph/content/philippines%E2%80%99-class-gold-copper-nickel-and-chromite-resources-valued-php-49119-billion-2022 |url-status=live |archive-url=https://web.archive.org/web/20230706102336/https://psa.gov.ph/content/philippines%E2%80%99-class-gold-copper-nickel-and-chromite-resources-valued-php-49119-billion-2022 |archive-date=July 6, 2023 |access-date=July 6, 2023 |website=[[Philippine Statistics Authority|PSA]]}}</ref> Class A mineral resources are commercially recoverable that could contribute to economy annually. === Offshoring and outsourcing === {{Main| Business process outsourcing in the Philippines|Call center industry in the Philippines}} [[File:Teletech call cent BACOLOD.jpg|thumb|A business process outsourcing office in [[Cainta, Rizal]]]] [[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). [ftp://public.dhe.ibm.com/common/ssi/ecm/en/gbl03012usen/GBL03012USEN.PDF ''Global Location Trends β 2008 Annual Report'']{{dead link|date=December 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>Balana, Cynthia D. and Lawrence de Guzman. (December 5, 2008). [http://www.inquirer.net/specialfeatures/thegoodnews/view.php?db=1&article=20101204-306912 It's official: Philippines bests India as No. 1 in BPO] {{webarchive |url=https://web.archive.org/web/20120926163734/http://www.inquirer.net/specialfeatures/thegoodnews/view.php?db=1&article=20101204-306912 |date=September 26, 2012 }}. ''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>{{Cite news |last=Garcia |first=Cathy Rose A. |date=March 21, 2012 |title=BPO industry to generate 100,000 jobs this year: WB |url=https://news.abs-cbn.com/business/03/21/12/bpo-industry-generate-100000-jobs-year-wb |work=[[ABS-CBN News]]}}</ref> and is contributing to a growing [[middle class]]; this increased to around 1.3 million employees by 2022.<ref>{{Cite book |last1=Arenas |first1=Guillermo |url=https://books.google.com/books?id=dFWYEAAAQBAJ |title=A New Dawn for Global Value Chain Participation in the Philippines |last2=Coulibaly |first2=Souleymane |date=November 14, 2022 |publisher=[[World Bank Publications]] |isbn=978-1-4648-1848-6 |page=[https://books.google.com/books?id=dFWYEAAAQBAJ&pg=PA28 28β29] |language=en |access-date=February 27, 2023}}</ref> BPO facilities are concentrated in [[IT park]]s and centers in [[List of special economic zones in the Philippines|economic zones]] across the Philippines:<ref>Philippine Economic Zone Authority.{{Cite web |title=Information Technology Parks/Centers |url=http://www.peza.gov.ph/index.php/2-uncategorised/41-information-technology-parks-centers/ |website=[[Philippine Economic Zone Authority]] |url-status=dead |archive-url=https://web.archive.org/web/20190803164356/http://www.peza.gov.ph/index.php/2-uncategorised/41-information-technology-parks-centers |archive-date=August 3, 2019 |access-date=July 4, 2019}}</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]], [[DasmariΓ±as]], [[Dumaguete]], [[Lipa, Batangas|Lipa]], [[Naga, Camarines Sur|Naga]], and [[Santa Rosa, Laguna]].<ref>{{cite news |title=Bacolod still 'center of excellence' for IT-BPO |url=https://www.sunstar.com.ph/article/1862184/bacolod/local-news/bacolod-still-center-of-excellence-for-it-bpo |access-date=April 27, 2023 |work=[[SunStar]] |date=July 2, 2020 |archive-url=https://web.archive.org/web/20200808143206/https://www.sunstar.com.ph/article/1862184/bacolod/local-news/bacolod-still-center-of-excellence-for-it-bpo |archive-date=August 8, 2020 |language=en}}</ref> The majority of the top ten BPO firms of the United States operate in the Philippines.<ref>{{Cite news |title=foreign companies eye local BPO sector |url=http://business.inquirer.net/212892/100-foreign-companies-eye-local-bpo-sector |access-date=August 5, 2015 |newspaper=[[Philippine Daily Inquirer]]}}</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 language|English]] of a significant number of its people, and a highly educated labor pool.<ref>{{cite book |last1=Friginal |first1=Eric |title=The Language of Outsourced Call Centers: A Corpus-based Study of Cross-cultural Interaction |date=2009 |publisher=[[John Benjamins Publishing]] |isbn=978-90-272-2308-1 |page=[https://books.google.com/books?id=fHpj-yvHVJsC&pg=PA17 17] |url=https://books.google.com/books?id=fHpj-yvHVJsC |access-date=April 13, 2023 |language=en}}</ref><ref>{{cite book |last1=Snow |first1=Donald M. |last2=Haney |first2=Patrick J. |title=U.S. Foreign Policy: Back to the Water's Edge |date=August 2, 2017 |publisher=[[Rowman & Littlefield]] |isbn=978-1-4422-6818-0 |page=[https://books.google.com/books?id=WVksDwAAQBAJ&pg=PA262 262] |url=https://books.google.com/books?id=WVksDwAAQBAJ |access-date=April 13, 2023 |language=en}}</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">{{Cite news |title=The Philippines β Poised for Growth Through BPO |url=http://trendline.dcrworkforce.com/the-philippines-poised-for-growth-through-bpo.html |date=April 1, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20151117021050/http://trendline.dcrworkforce.com/the-philippines-poised-for-growth-through-bpo.html |archive-date=November 17, 2015 |access-date=November 10, 2015 |website=DCR TrendLine }}</ref> === Renewable energy resources === {{Main|Renewable energy in the Philippines}} [[File:BulacanSol 126.jpg|thumb|Solar module installation in [[Bulacan]]]] The Philippines has significant [[solar power in the Philippines|potential in solar energy]]; however, {{as of|2021|lc=y}}, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.<ref>{{Cite journal |last1=Overland |first1=Indra |last2=Sagbakken |first2=Haakon Fossum |last3=Chan |first3=Hoy-Yen |last4=Merdekawati |first4=Monika |last5=Suryadi |first5=Beni |last6=Utama |first6=Nuki Agya |last7=Vakulchuk |first7=Roman |date=December 2021 |title=The ASEAN climate and energy paradox |journal=Energy and Climate Change |volume=2 |page=100019 |doi=10.1016/j.egycc.2020.100019 |hdl-access=free |hdl=11250/2734506}}</ref><ref>{{Cite AV media |url=https://www.youtube.com/watch?v=j5Nnj4z45vE |title=Series of Economic Fora Session 6: Energy Services and Renewable Energy in the New Normal |publisher=[[Department of the Interior and Local Government]] (Philippines), [[Center for Research and Communication]]}}</ref> The country produced {{convert|7399|MW}} 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 (Philippines)|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>{{Cite news |title=DOE opens RE for full foreign ownership |url=https://mb.com.ph/2022/11/16/doe-opens-re-for-full-foreign-ownership/ |access-date=November 16, 2022 |work=[[Manila Bulletin]]}}</ref> Danish firm [[Copenhagen Infrastructure Partners|Copenhagen Infrastructure Partners (CIP)]] is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of {{convert|2000|MW}}; it will be located in [[Camarines Norte]] and [[Camarines Sur]] (1000 MW), [[Northern Samar]] (650 MW), [[Pangasinan]] and [[La Union]] (350 MW).<ref>{{Cite news |last=Crismundo |first=Kris |title=Danish firm investing $5-B for offshore wind projects in PH |url=https://www.pna.gov.ph/articles/1198566 |access-date=March 30, 2023 |work=[[Philippine News Agency]]}}</ref> In 2022, the share of RE in the energy mix was at 22.8 percent.<ref>{{Cite news |title=DOE to achieve renewable energy goals via reforms |url=https://www.pna.gov.ph/articles/1194356 |access-date=February 3, 2023 |work=[[Philippine News Agency]]}}</ref> ===Shipbuilding and repair=== [[File:Hanjin Subic Shipyard panoramio 114271925.jpg|thumb|[[Agila Subic Shipyard|Hanjin Subic Shipyard]] in [[Subic, Zambales]]]] The Philippines is a significant player in the global [[shipbuilding]] industry<ref>{{cite report |last1=Reyes |first1=Daniel A. |title=The Philippine Shipbuilding Industry |url=https://www.oecd.org/sti/ind/Daniel%20Reyes%20Philippines%20Shipbuilding%20Industry.pdf |website=[[Organisation for Economic Co-operation and Development]] |access-date=April 26, 2023 |archive-url=https://web.archive.org/web/20150910153311/https://www.oecd.org/sti/ind/Daniel%20Reyes%20Philippines%20Shipbuilding%20Industry.pdf |archive-date=September 10, 2015 |location=Paris, France |date=November 27, 2013}}</ref> with 118 registered [[shipyard]]s in 2021<ref>{{cite news |title=Robust shipbuilding industry key to making PHL a maritime power |url=https://www.bworldonline.com/top-stories/2023/04/18/517335/robust-shipbuilding-industry-key-to-making-phl-a-maritime-power/ |access-date=April 26, 2023 |work=[[BusinessWorld]] |date=April 17, 2023 |archive-url=https://web.archive.org/web/20230417231507/https://www.bworldonline.com/top-stories/2023/04/18/517335/robust-shipbuilding-industry-key-to-making-phl-a-maritime-power/ |archive-date=April 17, 2023}}</ref> distributed in [[Subic Bay|Subic]], [[Cebu]],<ref>{{Cite news |title=Cebu shipbuilder to deliver PHs largest vessel |url=http://business.inquirer.net/money/topstories/view/20101108-302166/Cebu-shipbuilder-to-deliver-PHs-largest-vessel |newspaper=[[Philippine Daily Inquirer]] |url-status=dead |archive-url=https://web.archive.org/web/20140806121509/http://business.inquirer.net/money/topstories/view/20101108-302166/Cebu-shipbuilder-to-deliver-PHs-largest-vessel |archive-date=August 6, 2014 |access-date=March 3, 2015}}</ref> [[Bataan]], [[Navotas]] and [[Batangas]].<ref>{{cite web |title=Registered Shipbuilding and Ship Repair Entity With Facilities, Manpower & Capitalization in Central Office (as of December 2017) |url=https://marina.gov.ph/wp-content/uploads/2018/08/List-of-registered-Shipyards-Metro-Manila.pdf |website=[[Maritime Industry Authority]] |access-date=August 9, 2023 |archive-url=https://web.archive.org/web/20220117142321/https://marina.gov.ph/wp-content/uploads/2018/08/List-of-registered-Shipyards-Metro-Manila.pdf |archive-date=January 17, 2022}}</ref><ref>{{Cite news |date=December 4, 2012 |title=Philippines Shipbuilding Hub In Asia-Pacific |url=http://ph.news.yahoo.com/philippines-shipbuilding-hub-asia-pacific-085144615.html |access-date=March 3, 2015 |work=[[Manila Bulletin]] |via=[[Yahoo! News|Yahoo! News Philippines]] |archive-url=https://web.archive.org/web/20150404072558/https://ph.news.yahoo.com/philippines-shipbuilding-hub-asia-pacific-085144615.html |archive-date=April 4, 2015}}</ref> As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.<ref>{{Cite report |title=UN Conference on Trade and Development annual report on shipbuiding, by country (2023)|url=https://unctadstat.unctad.org/datacentre/dataviewer/shared-report/573e15e1-2001-4d02-9018-5b63becaaae7 |work=[[UN Conference on Trade and Development]] }}</ref> Subic-made [[cargo vessel]]s are exported to countries where shipping operators are based. South Korea's [[Hanjin Heavy Industries and Construction Philippines|Hanjin]] started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.<ref>{{Cite web |title=New era as shipbuilding production begins in the Philippines |url=http://www.shippingtimes.co.uk/item534_hanjin_philippines.htm |url-status=dead |archive-url=https://web.archive.org/web/20070509003203/http://www.shippingtimes.co.uk/item534_hanjin_philippines.htm |archive-date=May 9, 2007 |access-date=March 3, 2015 |website=Shipping Times}}</ref> [[Bulk carrier]]s, container ships and big passenger ferries are built in the country's shipyards. [[General Santos]]' shipyard is mainly for ship repair and maintenance.<ref>{{Cite web |last=Poole |first=William |title=Big ambitions for Philippines shipbuilding |url=http://bairdmaritime.com/index.php?option=com_content&view=article&id=10917:big-ambitions-for-philippines-shipbuilding&catid=113:ports-and-shipping&Itemid=208 |url-status=dead |archive-url=https://web.archive.org/web/20150402135248/http://bairdmaritime.com/index.php?option=com_content&view=article&id=10917:big-ambitions-for-philippines-shipbuilding&catid=113:ports-and-shipping&Itemid=208 |archive-date=April 2, 2015 |access-date=March 3, 2015 |website=Baird Maritime}}</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>{{Cite news |title=Filipino firm invests P259M for shipyard in Navotas |url=http://www.businessmirror.com.ph/index.php/news/top-news/3760-filipino-firm-invests-p259m-for-shipyard-in-navotas |url-status=dead |archive-url=https://web.archive.org/web/20121216143922/http://businessmirror.com.ph/index.php/news/top-news/3760-filipino-firm-invests-p259m-for-shipyard-in-navotas |archive-date=December 16, 2012 |access-date=January 12, 2013 |work=[[BusinessMirror]] }}</ref> Shipbuilding is part of Philippines' maritime heritage;<ref>{{cite news |title=How shipbuilding contributes to PH economic growth |url=https://www.manilatimes.net/2022/03/19/public-square/how-shipbuilding-contributes-to-ph-economic-growth/1836855 |access-date=April 26, 2023 |work=[[The Manila Times]] |date=March 19, 2022 |archive-url=https://web.archive.org/web/20220326211904/https://www.manilatimes.net/2022/03/19/public-square/how-shipbuilding-contributes-to-ph-economic-growth/1836855 |archive-date=March 26, 2022 |language=en}}</ref> employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.<ref>{{Cite press release |title=2022 POESA Infographics |url=https://psa.gov.ph/sites/default/files/infographics/2022%20POESA%20Infographics.png |archive-url=https://web.archive.org/web/20231024112906/https://psa.gov.ph/sites/default/files/infographics/2022%20POESA%20Infographics.png |archive-date=October 24, 2023 |language=en |website=[[Philippine Statistics Authority|PSA]] |url-status=live}}</ref><ref>{{Cite press release |title=Ocean-based industries grew by 21.1 Percent in 2022, Accounted for 3.9 Percent of GDP |url=https://psa.gov.ph/content/ocean-based-industries-grew-211-percent-2022-accounted-39-percent-gdp |archive-url=https://web.archive.org/web/20231024113701/https://psa.gov.ph/content/ocean-based-industries-grew-211-percent-2022-accounted-39-percent-gdp |archive-date=October 24, 2023 |language=en |website=[[Philippine Statistics Authority|PSA]] |url-status=live}}</ref> ===Tourism=== [[File:Boracay White Beach - panoramio.jpg|thumb|[[Boracay]] white beach]] {{excerpt|only=paragraphs|Tourism_in_the_Philippines}} == Regional accounts == 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>{{cite press release |last1=Mapa |first1=Claire Dennis S. |title=All Economies of 17 Regions Continue to Record Positive Growths in 2022; Western Visayas was the Fastest Growing Region at 9.3 Percent |url=https://psa.gov.ph/sites/default/files/Press%20Release%20-%202022%20Regional%20Accounts%20of%20the%20Philippines.pdf |website=[[Philippine Statistics Authority]] |access-date=May 13, 2023 |archive-url=https://web.archive.org/web/20230427105814/https://psa.gov.ph/sites/default/files/Press%20Release%20-%202022%20Regional%20Accounts%20of%20the%20Philippines.pdf |archive-date=April 27, 2023 |date=April 27, 2023}}</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. <div style="overflow-y:auto"> {{mw-datatable}} {| class="wikitable sortable mw-datatable" style="font-size:90%; margin:0 auto 15px; text-align:center;" |- ! rowspan="2" | Region ! colspan="2" | {{abbr|GRDP|Gross regional domestic product}} (PHP, thousands) ! colspan="2" | Agriculture (PHP, thousands) ! colspan="2" | Industry (PHP, thousands) ! colspan="2" | Services (PHP, thousands) ! rowspan="2" | {{abbr|GRDP|Gross regional domestic product}} <br />per capita (PHP) |- ! # ! % ! # ! % ! # ! % ! # ! % |- ! scope="col" | [[Metro Manila]] | {{number and percent|6309290637|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|442597|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|1230125141|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|5078722899|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:462779}} |- ! scope="col" | [[Cordillera Administrative Region|Cordillera]] | {{number and percent|322093866|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|27045337|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|77990725|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|217057804|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:179752}} |- ! scope="col" | [[Ilocos Region]] | {{number and percent|629772047|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|104471256|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|192218332|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|333082459|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:120512}} |- ! scope="col" | [[Cagayan Valley]] | {{number and percent|397625523|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|103563850|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|115614177|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|178447496|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:109851}} |- ! scope="col" | [[Central Luzon]] | {{number and percent|2177046900|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|231995441|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|950969430|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|994082029|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:179840}} |- ! scope="col" | [[Calabarzon]] | {{number and percent|2861724791|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|154312287|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|1445358775|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|1262053729|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:181781}} |- ! scope="col" | [[Mimaropa]] | {{number and percent|377014287|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|64116478|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|125427469|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|187470340|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:120240}} |- ! scope="col" | [[Bicol Region]] | {{number and percent|560314934|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|85820150|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|202529524|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|271965260|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:92288}} |- ! scope="col" | [[Western Visayas]] | {{number and percent|916379059|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|144256702|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|194479931|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|577642425|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:116946}} |- ! scope="col" | [[Central Visayas]] | {{number and percent|1266701029|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|79478668|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|342195668|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|845026693|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:161289}} |- ! scope="col" | [[Eastern Visayas]] | {{number and percent|465694628|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|61219158|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|181914842|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|222560628|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:99492}} |- ! scope="col" class="nowrap" | [[Zamboanga Peninsula]] | {{number and percent|397206561|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|74695151|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|110467600|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|212043810|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:105798}} |- ! scope="col" | [[Northern Mindanao]] | {{number and percent|882204432|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|182955342|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|208580211|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|490668878|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:177998}} |- ! scope="col" | [[Davao Region]] | {{number and percent|922094956|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|149438384|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|233452398|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|539204175|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:176983}} |- ! scope="col" | [[Soccsksargen]] | {{number and percent|470422524|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|130802115|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|103321113|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|236299297|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:108561}} |- ! scope="col" | [[Caraga]] | {{number and percent|306308490|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|39908783|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|109464024|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|156935683|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:112489}} |- ! scope="col" | [[Bangsamoro]] | {{number and percent|254523606|19516418271|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|87689432|1722211131|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|63191105|5887300465|pad=yes|2|disp=table|%=|align=center}} | {{number and percent|103643069|11906906674|pad=yes|2|disp=table|%=|align=center}} | {{formatnum:55151}} |- class="sortbottom" ! Total ! {{number and percent|19516418271|19516418271|pad=yes|2|disp=table|%=|align=center}} ! {{number and percent|1722211131|1722211131|pad=yes|2|disp=table|%=|align=center}} ! {{number and percent|5887300465|5887300465|pad=yes|2|disp=table|%=|align=center}} ! {{number and percent|11906906674|11906906674|pad=yes|2|disp=table|%=|align=center}} ! {{formatnum:181907}} |- class="sortbottom" | colspan="10" style="text-align:left;" | Data as of October 21, 2020<ref name=":0">{{Cite web |title=Gross Regional Domestic Product |url=https://psa.gov.ph/infographics |website=PSA OpenSTAT |publisher=[[Philippine Statistics Authority]]}}</ref> |} == Provincial Accounts == According to the [[Philippine Statistics Authority]] (PSA), Provincial Product Account (PPA) is [[GDP]] measured at provincial levels. Figures below are for the year 2022. {| class="wikitable sortable" |+ !# !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 (province)|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 (province)|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 (province)|Leyte]] (incl. [[Tacloban]]) |[[Eastern Visayas]] |296,950,000,000 |2,028,728 |146,373 |- |16 |[[Quezon City|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 Administrative Region|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 (province)|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 (province)|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 (province)|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, Basilan|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 (province)|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 (province)|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 (province)|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>{{cite web | url=https://psa.gov.ph/infographics | title=Authentication challenge pages }}</ref>'' == City Accounts == Figures below are Provincial Product Accounts (PPA) for [[Cities of the Philippines|Highly Urbanized Cities]] (HUC) or Independent Cities. No data available for cities within Metro Manila. {| class="wikitable sortable" |+ !# !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 City|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 City|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|Isabela]] |Basilan |Bangsamoro |Mindanao |11,760,000,000 |130,379 |90,199 |} ''source: Philippine Statistics Authority<ref>{{cite web | url=https://psa.gov.ph/infographics | title=Authentication challenge pages }}</ref>'' </div> == International comparisons == {{further|Philippine investment climate|International rankings of the Philippines#Economics}} {| class="sortable wikitable" |- ! Organization ! Report ! As of ! Change from previous ! Ranking |- | [[Fraser Institute]] | [[Economic Freedom of the World]] | 2021 | style="text-align:center" |{{decrease}} 3 | 70 out of 144<ref>[https://www.fraserinstitute.org/resource-file?nid=15523&fid=20810 "Economic Freedom of the World: 2023 Annual Report"] {{Webarchive|url=https://web.archive.org/web/20240228100542/https://www.fraserinstitute.org/resource-file?nid=15523&fid=20810 |date=February 28, 2024 }} Fraser Institute | Retrieved February 28, 2024.</ref> |- | [[International Monetary Fund]] | [[List of countries by past and projected GDP (PPP)|GDP (PPP)]] | 2023 |style="text-align:center"|{{steady}} | 29th<ref>[[List of countries by past and projected GDP (PPP)]]</ref> |- | [[International Monetary Fund]] | [[List of countries by past and projected GDP (nominal)|GDP (nominal)]] | 2023 |style="text-align:center"|{{increase}} 5 | 34th<ref>[[List of countries by past and projected GDP (nominal)]]</ref> |- | [[International Monetary Fund]] | [[List of countries by GDP (PPP) per capita|GDP per capita (PPP)]] | 2023 |style="text-align:center"|{{increase}} 3 | 116th<ref>[[List of countries by GDP (PPP) per capita]]</ref> |- | [[International Monetary Fund]] | [[List of countries by GDP (nominal) per capita|GDP per capita (nominal)]] | 2023 |style="text-align:center"|{{increase}} 4 | 124th<ref>[[List of countries by GDP (nominal) per capita]]</ref> |- | [[International Monetary Fund]] | [[Foreign exchange reserves]] | 2023 |style="text-align:center"|{{steady}} | 28th<ref>[[List of countries by foreign-exchange reserves]]</ref> |- | [[The Heritage Foundation]]/''[[The Wall Street Journal]]'' | [[Index of Economic Freedom#Index of Economic Freedom|Index of Economic Freedom]] | 2016 |style="text-align:center"|{{increase}} 13 | 76 out of 178<ref>{{Cite web |title=Index Data 2016 |url=http://www.heritage.org/index/excel/2016/index2016_data.xls |website=[[The Heritage Foundation]] |access-date=September 10, 2017 |archive-date=February 7, 2016 |archive-url=https://web.archive.org/web/20160207175335/http://www.heritage.org/index/excel/2016/index2016_data.xls |url-status=unfit }}</ref> |- | [[The World Factbook]] | [[External debt]] | 2023 | style="text-align:center" |{{decreasePositive}} 3 | 35th<ref>External Debt [[List of countries by external debt]]</ref> |- | [[United Nations]] | [[Human Development Index]] | 2021 | style="text-align:center" |{{steady}} | 116 out of 191<ref>{{Cite web |title=Human Development Report 2021/2022 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2021-22pdf_1.pdf |access-date=February 28, 2023|publisher=[[United Nations Development Programme]]}}</ref> |- | [[World Economic Forum]] | [[Global Competitiveness Report|Global Competitiveness]] | 2019 | style="text-align:center" |{{decrease}} 8 | 64 out of 141<ref>{{Cite web |title=The Global Competitiveness Report 2019 |url=https://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf |access-date=February 28, 2023 |publisher=[[World Economic Forum]]}}</ref> |- | [[World Economic Forum]] | [[Global Enabling Trade Report]] | 2014 | style="text-align:center" |{{increase}} 8 | 64 out of 138<ref>{{Cite news |title=Phl moves up in WEF Enabling Trade Index |url=http://www.philstar.com/business/2014/04/03/1308090/phl-moves-wef-enabling-trade-index |access-date=March 3, 2015 |website=[[The Philippine Star]]}}</ref> |- | [[World Economic Forum]] | [[Financial Development Index]] | 2012 |style="text-align:center"|{{decrease}} 5 | 49 out of 60<ref>{{Cite web |title=The Financial Development Index 2012 rankings: Comparison with 2011 |url=http://www3.weforum.org/docs/FDR/2012/WEF_FDR_Rankings_2012.pdf |access-date=September 15, 2014 |publisher=[[World Economic Forum]]}}</ref> |- | [[World Bank]] | [[Ease of doing business index]] | 2014 | style="text-align:center" |{{increase}} 13 | 95 out of 183<ref>{{Cite web |title=Ease of Doing Business Report |url=http://www.doingbusiness.org/data/exploreeconomies/philippines/ |url-status=dead |archive-url=https://web.archive.org/web/20131006153219/http://www.doingbusiness.org/data/exploreeconomies/philippines |archive-date=October 6, 2013 |access-date=September 28, 2013 |website=Doing Business |publisher=[[The World Bank]]}}</ref> |} == Statistics == {{See also|Income inequality in the Philippines|Poverty in the Philippines}} {{clear}} {| class="wikitable" |- style="background-color:#E0E0E0 ! | || '''2023'''|| '''2022''' || '''2021''' || '''2020''' || '''2019''' || '''2018''' || '''2017''' |- ! colspan="8" style="background-color:#D0F4FF | {{small|Social Indicators}} |- |'''Population'''<br>''{{small|(in million)}}''<br /> || 111.9 || 110.9 || 110.1 || 109.2 || 107.3 || 105.8 || 104.2 |- |'''Poverty''' ''{{small|(%)}}'' || - || - || 18.1 || - || - || 16.6 || - |- |'''Labor Force''' <br>''{{small|(in million)}}''<br />|| 51.2 || 49.0 || 47.7 || 43.9 || 42.4 || 41.2 || 40.3 |- |'''Unemployment''' ''{{small|(%)}}'' || 4.3 || 5.4 || 7.8 || 10.3 || 5.1 || 5.3 || 5.7 |- |'''Wage Rates''' <br>''{{small|(Nominal β±: end-of-period)}}''<br />|| 610.00 || 570.00 || 537.00 || 537.00 || 537.00 || 537.00 || 512.00 |- |'''Inflation Rate'''<br>''{{small|(Constant 2018 prices; %)}}''<br /> || 6.0 || 5.8 || 3.9 || 2.4 || 2.4 || 5.2 || 2.9 |- ! colspan="8" style="background-color:#D0F4FF | {{small|External Sectors}} |- |'''Trade Balance''' <br>''{{small|(US$ million)}}''<br /> || -65,778 || -69,701 || -52,806 || -33,775 || -49,312 || -50,972 || -40,215 |- |'''Export of Goods''' <br>''{{small|(US$ million)}}''<br /> || 55,316 || 57,710 || 54,228 || 48,212 || 53,477 || 51,977 || 51,814 |- |'''Import of Goods''' <br>''{{small|(US$ million)}}''<br /> || 121,104 || 127,412 || 107,034 || 81,987 || 102,788 || 102,949 || 92,029 |- |'''Current Account''' <br>''{{small|(US$ million; % of GDP)}}''<br /> || -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''' <br>''{{small|(US$ million; % of GDP)}}''<br /> || 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''' <br>''{{small|(US$ million)}}''<br /> || 37,210 || 36,136 || 34,884 || 33,194 || 33,467 || 32,213 || 31,288 |- |'''Foreign Reserves''' <br>''{{small|(US$ million)}}''<br /> || 103,725 || 96,130 || 108,794 || 110,115 || 87,836 || 79,189 || 81,567 |- |'''FDI Flows''' <br>''{{small|(Inward; US$ million)}}''<br /> || 8,900 || 9,200 || 10,518 || 6,822 || 8,671 || 9,949 || 10,236 |- |'''FDI Stock''' <br>''{{small|(Inward; US$ million)}}''<br /> || 118,985 || 112,965 || 113,711 || 103,193 || 94,593 || 82,997 || 73,016 |- ! colspan="8" style="background-color:#D0F4FF | {{small|Public Finances}} |- |'''Budget Balance''' <br>''{{small|(β± billion; % of GDP)}}''<br /> || -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''' <br>''{{small|(β± billion; % of GDP)}}''<br /> || 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''' <br>''{{small|(β± billion; % of GDP)}}''<br /> || 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''' <br>''{{small|(Nominal; O-RRP)}}''<br /> || 0.16 || -5.03 || -1.10 || -0.57 || 2.01 || -1.58 || 0.10 |- |'''Public Debt''' <br>''{{small|(β± billion; % of GDP)}}''<br /> || 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''' <br>''{{small|(Average Period)}}''<br /> || 55.630 || 54.478 || 49.225 || 49.624 || 51.796 || 52.661 || 50.404 |- ! colspan="8" style="background-color:#E0E0E0 | ''Sources: [[Bangko Sentral ng Pilipinas]]''<ref name="SEFIPH"/> and [[UNCTAD]]<ref name="PHWIR2024"/> |- |} {{Clear}} '''GDP-related data can be found [[#Overview|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 β production:''' 106,115 GWh (2021)<ref>{{Cite report |title=2021 Power Statistics |url=https://www.doe.gov.ph/sites/default/files/pdf/energy_statistics/2021_power_statistics_01_summary.pdf |website=[[Department of Energy (Philippines)|Department of Energy]]}}</ref> * '''Agriculture β products:''' [[abaca]], [[banana]]s, [[sugarcane]], [[coconut]]s, [[durian]], [[rice]], [[maize|corn]], [[cassava]]s, [[mango]]es; [[pork]], [[egg (food)|eggs]], [[beef]], [[pineapple]]s, [[fish]]<ref name="CIAfactbookPhilEcon">[https://www.cia.gov/the-world-factbook/countries/philippines/ CIA World Factbook, Philippines], Retrieved May 15, 2009.</ref> * '''Exports β 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 β 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>{{Cite press release |title=Production Index and Net Sales Index (Monthly Integrated Survey of Selected Industries) April 2024 (2018=100) |url=https://psa.gov.ph/statistics/manufacturing/missi |access-date=June 7, 2024 |website=[[Philippine Statistics Authority]]}}</ref> * '''PMI Manufacturing:''' 52.2 (April 2024)<ref>{{Cite report |title=PHL S&P Global Philippines Manufacturing PMI |url=https://www.pmi.spglobal.com/Public/Home/PressRelease/416e32cbd0834ae399f355888cc6ac79&ved=2ahUKEwjh3oaQ0e6GAxU1rVYBHV2XBgEQFnoECBUQAQ&usg=AOvVaw0mjVGqJ_TduPYkkqLWfMRG |access-date=May 2, 2024 |website=[[S&P Global]] }}{{Dead link|date=July 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> * '''Yield Curve''': 10-Year Bond 6.70% (June 2024)<ref>{{Cite web |title=PDEX FIXED INCOME (FI) MARKET SUMMARY |url=https://www.treasury.gov.ph/ |access-date=June 20, 2024 |website=Bureau of the Treasury}}</ref> * '''Net International Investment Position''': β$51.317 billion (2023 est.)<ref>{{Cite web |title=PHL-International Investment Position (BPM6) |url=https://www.bsp.gov.ph/Statistics/External/iip_bpm6_data.aspx |access-date=October 1, 2022 |website=[[Bangko Sentral ng Pilipinas]]}}</ref> == Government budget == {{main|Fiscal policy of the Philippines}} The national government budget for 2025 has set the following budget allocations:<ref>{{Cite press release |title=Briefer on the 2025 Proposed National Budget |url=https://www.dbm.gov.ph/index.php/2025/2025-peoples-budget |archive-url=https://archive.today/20250103095549/https://www.dbm.gov.ph/wp-content/uploads/Our%20Budget/2025/FY-2025-Budget-at-a-Glance.pdf |archive-date=January 3, 2025 |publisher=[[Department of Budget and Management]] |url-status=live}}</ref>{{efn|group=note|The figures from previous national budget may not reflect the latest due to fiscal adjustments and developments.}} {| class=wikitable |- ! scope="col" | Budget allocation ! scope="col" | ([[Philippine peso|PHP]], billions) ! scope="col" | ([[USD]], billions) ! scope="col" | Difference from<br />F.Y. 2024 |- ! scope="row" | [[Department of Education (Philippines)|Department of Education]] | 977.6 | 16.78 | {{Increase}} 0.89% |- ! scope="row" | [[Department of Public Works and Highways]] | 900.0 | 15.44 | {{Decrease}} 10.88% |- !scope="row" | [[Department of Health (Philippines)|Department of Health]] | 297.6 | 5.11 | {{Decrease}} 0.36% |- ! scope="row" | [[Department of the Interior and Local Government]] | 278.4 | 4.78 | {{Increase}} 5.33% |- ! scope="row" | [[Department of National Defense (Philippines)|Department of National Defense]] | 256.1 | 4.39 | {{Increase}} 6.05% |- ! scope="row" | [[Department of Social Welfare and Development]] | 230.1 | 3.95 | {{Decrease}} 0.78% |- ! scope="row" | [[Department of Agriculture (Philippines)|Department of Agriculture]] | 211.3 | 3.60 | {{Decrease}} 0.49% |- ! scope="row" | [[Department of Transportation (Philippines)|Department of Transportation]] | 180.9 | 3.10 | {{Decrease}} 59.15% |- ! scope="row" | [[Judiciary of the Philippines|The Judiciary]] | 63.6 | 1.09 | {{Increase}} 5.35% |- ! scope="row" | [[Department of Labor and Employment (Philippines)|Department of Labor and Employment]] | 40.6 | 0.70 | {{Increase}} 5.91% |} == See also == {{portal|Economy|Philippines}} * [[Bamboo network]] * [[Emerging market]]s * [[List of companies of the Philippines]] * [[List of largest companies in the Philippines]] * [[Newly industrialized country]] * [[Tiger Cub Economies]] ==References== {{Reflist|30em}} ==Notes== {{reflist|group=note}} ==Further reading== * {{Cite book |last1=Balisacan |first1=Arsenio |url=http://www.oup.com/us/catalog/general/subject/Economics/Developmental/Regional/?view=usa&ci=9780195158984 |title=The Philippine Economy: Development, Policies, and Challenges |last2=Hal Hill |publisher=Oxford University Press |year=2003 |isbn=978-0-19-515898-4 |location=New York |page=496 |archive-url=https://web.archive.org/web/20110628195325/http://www.oup.com/us/catalog/general/subject/Economics/Developmental/Regional/?view=usa&ci=9780195158984 |archive-date=June 28, 2011 |author-link1=Arsenio Balisacan |url-status=dead }} * {{Cite book |last1=Balisacan |first1=Arsenio |url=http://www.adbi.org/files/2007.01.30.book.dynamic.regional.development.charts.pdf |title=The Dynamics of Regional Development: The Philippines in East Asia |last2=Hal Hill |publisher=Edward Elgar |year=2007 |location=Cheltenham, UK |archive-url=https://web.archive.org/web/20101208055649/http://www.adbi.org/files/2007.01.30.book.dynamic.regional.development.charts.pdf |archive-date=December 8, 2010}} * [[Jagdish Bhagwati|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. 145β160. * {{Cite book |last=Hutchcroft |first=Paul D. |url=https://books.google.com/books?id=lOyYDwAAQBAJ |title=Booty Capitalism: The Politics of Banking in the Philippines |date=1998 |publisher=Cornell University Press |isbn=9781501738630}} * {{Cite book |last1=Kang |first1=David C. |date=2002 |url=https://books.google.com/books?id=im465FAopWMC |title=Crony Capitalism β Corruption and Development in South Korea and the Philippines |publisher=[[Cambridge University Press]] |isbn=978-0-521-00408-4}} * Krinks, Peter. ''The economy of the Philippines: Elites, inequalities and economic restructuring'' (Routledge, 2003_. * [[Bernardo Villegas|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. * {{cite book |title=The Impact of Trade on Employment in the Philippines: Country Report |date=April 2019 |publisher=[[International Labour Organization]] |location=Makati City, Philippines |isbn=978-92-2-133021-9 |url=https://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_742567.pdf |archive-url=https://web.archive.org/web/20220124055119/https://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_742567.pdf |archive-date=January 24, 2022}} * ''State of the Philippine Islands'' (1821) [https://archive.org/details/dli.granth.71172 online] * [http://www.asiancenturyinstitute.com/development/149-philippines-asia-s-new-tiger-economy/ Philippines β Asia's new tiger economy] * [http://www.asiancenturyinstitute.com/development/203-philippines-opportunity-point/ Philippines' opportunity point] ==External links== {{Commons category|Economy of the Philippines}} * [http://www.bsp.gov.ph/ Bangko Sentral ng Pilipinas (Central Bank of the Philippines)] * [http://www.dti.gov.ph/ Department of Trade and Industry] * [http://www.dof.gov.ph/ Department of Finance] {{Webarchive|url=https://web.archive.org/web/20090228162510/http://www.dof.gov.ph/ |date=February 28, 2009 }} * [http://www.pse.com.ph/ Philippine Stock Exchange] * [https://web.archive.org/web/20060613081106/http://tourism.gov.ph/ Department of Tourism] * [https://web.archive.org/web/20070304140527/http://www.peza.gov.ph/ Philippine Economic Zone Authority] ;Trade * [https://wits.worldbank.org/CountryProfile/en/Country/PHL/Year/2020/Summary World Bank Summary Trade Statistics Philippines 2020] {{Economy of the Philippines}} {{Philippines topics}} {{Asia in topic|Economy of}} {{World Trade Organization}} {{DEFAULTSORT:Economy Of The Philippines}} [[Category:Economy of the Philippines| ]] [[Category:World Trade Organization member economies|Philippines]]
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