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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund .
The Philippines has long had long-term structural problems that interfere with sustainable economic development. The country has been dominated by a sequence of growth spurts, brief and mediocre, followed by sharp to very-sharp, severe, and extended downturns—a cycle that came to be known as the boom-bust cycle .
The underemployment rate eased to 26.2 percent in 2012 from 28 percent in 2010, but is still much higher than the end-of-plan target of 20 percent. Employment in the region has increased by 2.79 percent between 2010 and 2012, a bit higher than the national average of 2.16 percent.
Philippine lawmakers are considering efforts to amend the country's constitution to ease restrictive provisions on economic ownership, a top congressional leader said on Monday. "We want to lift ...
In 2023, official government statistics reported that the Philippines had a poverty rateof 15.5%,[1][2](or roughly 17.54 million Filipinos), significantly lower than the 49.2 percent recorded in 1985 through years of government poverty reduction efforts.[3] From 2018 to 2021, an estimated 2.3 million Filipinos fell into poverty amid the ...
Economic history of the Philippines (1965–1986) Real GDP per capita development of the Philippines, 1965 to 1986. The 21-year period of Philippine economic history during Ferdinand Marcos’ regime – from his election in 1965 until he was ousted by the People Power Revolution in 1986 – was a period of significant economic lows. [1] [2] [3 ...
The exclusive economic zone of the Philippines (Philippine EEZ ), per the mandate of the United Nations Convention on the Law of the Sea (UNCLOS), consists of four subzones. [1] It covers 2,263,816 square kilometers (874,064 sq mi) of sea. The Philippines has 7,641 islands comprising the Philippine archipelago. [2]
v. t. e. The 1969 Philippine balance of payments crisis was a currency crisis experienced by the Philippine economy as a result of heavy government spending linked to Ferdinand Marcos' campaign for his second presidential term in 1969. [1] [2] [3] It was notable for being the first major economic crisis of the Marcos Administration, and for ...