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Economy of the Philippines

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Economy of the Philippines
Metro Manila, the economic center of the Philippines
CurrencyPhilippine peso (Filipino: piso; sign: ₱; code: PHP)
Calendar year
Trade organizations
ADB, AIIB, AFTA, APEC, ASEAN, EAS, G-24, RCEP, WTO and others
Country group
Statistics
PopulationNeutral increase 112,729,484 (2024)[3]
GDP
GDP rank
GDP per capita
  • Increase $4,443 (nominal; 2026 est.)[4]
  • Increase $13,639 (PPP; 2026 est.)[4]
GDP per capita rank
3.6% (2025)[5]
GDP by sector
GDP by component
  • Household consumption 72.6%
  • Government consumption 15.1%
  • Gross capital formation 22.2%
  • Exports of goods and services 27.7%
  • Less: Imports of goods and services 37.7%
  • Other source 14.4%
  • (2025)[6]
Negative increase 7.2% (September 2026)[7]
Population below national poverty line
  • Positive decrease 9.7% (2025)[8]
  • Positive decrease 17.0% on less than $4.20/day (2023)[9]
Positive decrease 39.3 medium (2023)[10]
Decrease 33 out of 100 points (2024, 114th rank)
Labor force
  • Increase 49.79 million
  • Increase 64.0% participation rate
  • (August 2026 est.)[12]
Labor force by occupation
  • Positive decrease 5.3%
  • Positive decrease 2.77 million unemployed
  • (August 2026 est.)[12]
Average gross salary
₱21,544 / US$376 monthly (2024)[13]
₱20,559 / US$358 monthly (2024)
Gross savingsIncrease ₱8.40 trillion (2025)[14]
Main industries
External
Exports$116.52 billion (2023)[17][6][note 1]
Export goods
Main export partners
Imports$159.29 billion (2022)[17][6][note 1]
Import goods
Main import partners
FDI stock
  • Increase $134.57 billion (Inward, 2025)[20]
  • Increase $74.41 billion (Outward, 2025)[20]
  • Positive decrease -$16.91 billion
  • Positive decrease -3.3% of GDP (2025)[21][22]
  • Negative increase $147.65 billion
  • Negative increase 30.3% of GDP (2025p)[6]
Public finance
  • ₱17.71 trillion
  • Negative increase 63.2% of GDP (2025)[6]
Decrease $99.997 billion (September 2026)[21][23]
  • -₱1.57 trillion
  • −5.6% of GDP (2025)[6]
  • ₱4.45 trillion
  • 15.9% of GDP (2025)[6]
  • ₱6.03 trillion
  • 21.5% of GDP (2025)[6]
Economic aidrecipient: Increase $41.84 billion (2025)[24][25][a]
  • Fitch:[29]
  • BBB (Domestic/Foreign)
  • BBB+ (Country Ceiling)
  • Outlook: Negative
All values, unless otherwise stated, are in US dollars.

The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region.[30] In 2026, the Philippine economy is estimated to be at ₱30.22 trillion ($512.22 billion), making it the world's 35th largest by nominal GDP and 14th 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.[31] 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.[32] The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipment, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.[33] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[34]

The Philippines has been named as one of the Tiger Cub Economies, alongside Indonesia, Malaysia, Vietnam, and Thailand. However, major problems remain, mainly related to alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth. In 2024, the World Economic Forum chief Børge Brende said that "there is a real opportunity for this country to become a $2-trillion economy."[35]

The Philippines exhibits one of the highest economic densities in Southeast Asia, characterized by a high concentration of economic output relative to its land area. As of 2024–2025, the Philippines ranks third among ASEAN nations in GDP Density (Nominal GDP per square kilometer), trailing only the city-state of Singapore and the resource-rich sultanate of Brunei.[36] This is so, because there is such large economic activity that is happening on such low amount of land area that's scattered amongst a fragmented archipelagic geography. This is expressed in the concept called GDP density.[37][38]

In 2025, the Philippines enacted Republic Act No. 12252, amending the Investors’ Lease Act to allow foreign investors to lease private land for up to 99 years, up from the previous limit of 75 years (50 + 25 extension). This reform aims to enhance the country's competitiveness in attracting long-term foreign direct investment by offering greater leasehold security for commercial and industrial projects.[39] A project called the "Luzon Economic Corridor" is on the works, which will further develop the Philippine economy.[40] It is the first country in the world to put its entire national budget under blockchain technology.[41]

Composition by sector

[edit]
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.[42] Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.

Filipinos who go abroad to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting in investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.[43] From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,[44] this significantly increased to a record US$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.[45]

Agriculture, aquaculture and forestry

[edit]

As of 2022, agriculture employs 24 percent of the Filipino workforce[46] accounting for 8.9 percent of the total GDP.[47] The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

The Philippines is the world's third largest producer of coconuts, and the world's largest exporter of coconut products.[48] Coconut production is generally concentrated in medium-sized farms.[49] The Philippines is also the world's third largest producer of pineapples, producing 2,862,000 metric tons (2,817,000 long tons; 3,155,000 short tons) in 2021.[50]

Rice production in the Philippines is important to the food supply in the country and economy. The Philippines is the 7th largest rice producer in the world as of the 1st half of 2026, accounting for 2 percent of global rice production.[51] Rice is the most important food crop, a staple food in most of the country;[52] it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, Soccsksargen, and Ilocos Region.[53][54]

The Philippines is one of the largest producers of sugar in the world.[55] At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which the Negros Island Region accounts for half of the country's total production. As of Crop Year 2012–2013, 29 mills are operational divided as follows: 13 mills in Negros, 6 mills in Luzon, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.[56] A range from 360,000 to 390,000 hectares (890,000 to 960,000 acres) 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.[57]

Blue economy

[edit]

As an archipelagic country, the Philippines relies heavily on the blue economy. Its main ocean-based sectors are fisheries, shipping, offshore renewable energy, and marine tourism. The blue economy made up nearly 4 percent of the country's gross domestic product (PHP1 trillion) in 2024. Although important for the country's economic growth, only 2 percent of the development aid the country receives is directed to the blue economy.[58]

Mangrove forests, which cover more than 1% of the country's land area, provide a wide range of benefits its coastal communities and blue economy. By providing food and shelter, mangroves function as breeding and nursery grounds for fish. In effect, this leads to a higher abundance of fish, crustaceans, and shellfish around these areas which local small-scale fisheries rely on for food and livelihood.[59] Mangrove forests also help mitigate climate change by absorbing carbon from the atmosphere, and offer locals protection from natural hazards such as tropical cyclones, and reduce coastal erosion by strengthening the soil.[58] 22% of mangroves in the Philippines can be found in Palawan where local livelihoods rely on them as fishing grounds, for harvesting mangrove honey, and as a site for ecotourism.[60]

Automotive and aerospace

[edit]

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 467,252 in 2024 from 429,807 units a year prior.[61] Toyota sells the most vehicles in the country followed by Mitsubishi, Ford, Nissan, and Suzuki.[61] Honda and Suzuki produce motorcycles in the country.[62] Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.[63][64]

Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio; the company produces aircraft actuators in their manufacturing facility.[65] Total export output of aerospace products in the Philippines reached US$780 million in 2019.[66]

Electronics

[edit]
A Texas Instruments integrated circuit

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.[67][68] Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world.[69] Toshiba hard disk drives are manufactured in Santa Rosa, Laguna.[70] Printer manufacturer Lexmark has a factory in Cebu City.[71] 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.[72]

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.[73] 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.[74]

Semiconductor

[edit]

The semiconductor industry plays a critical role in the Philippine economy by integrating the Philippines into the global electronics value chain. The country is primarily involved in the assembly, testing, and packaging stages of semiconductor production rather than chip design or wafer fabrication, serving as a key link in the global supply chain for electronic components.[75]

According to the Semiconductor and Electronics Industries in the Philippines Foundation (SEIPI), semiconductor manufacturing services account for the majority of the country’s electronics industry output. Semiconductor products are widely used in consumer electronics, telecommunications equipment, automotive systems, and industrial applications.[76]

Semiconductor manufacturing facilities in the Philippines are largely operated by multinational firms and are concentrated in major industrial zones, particularly in the CALABARZON region as well as parts of Central Luzon and the Visayas. The industry benefits from a skilled technical workforce, competitive production costs, and government investment incentives.

As part of the broader electronics sector, semiconductors contribute significantly to export earnings, employment generation, and foreign direct investment. The industry also supports technology transfer and skills development, reinforcing its role as one of the Philippines’ most important high-technology manufacturing sectors.[77]

Mining and extraction

[edit]

Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world.[78][79] 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] Philippine mineral exports amounted to US$4.22 billion in 2020.[80] 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]

The industry rebounded starting in late 2004 when the Supreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.[81] In 2019, the country was the 2nd largest world producer of nickel[82] and the 4th largest world producer of cobalt.[83] 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$10.23 billion in 2025.[84] Class A mineral resources are commercially recoverable that could contribute to economy annually.

Offshoring and outsourcing

[edit]
A business process outsourcing office in Cainta, Rizal
The Cebu IT Park in Cebu City

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.[43] In 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO).[85][86] 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[87] and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.[88] BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines:[89] Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas with significant presence of the BPO industry include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna.[90] The majority of the top ten BPO firms of the United States operate in the Philippines.[91]

Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business-to-business support. The Philippines is considered as a location of choice due to its many outsourcing benefits such as less expensive operational and labor costs, the high proficiency in spoken English of a significant number of its people, and a highly educated labor pool.[92][93]

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.[94]

Shipbuilding and repair

[edit]
Hanjin Subic Shipyard in Subic, Zambales

The Philippines is a significant player in the global shipbuilding industry[95] with 118 registered shipyards in 2021[96] distributed in Subic, Cebu,[97] Bataan, Navotas and Batangas.[98][99] As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.[100] Subic-made cargo vessels are exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.[101] Bulk carriers, container ships and big passenger ferries are built in the country's shipyards. General Santos' shipyard is mainly for ship repair and maintenance.[102]

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.[103] Shipbuilding is part of Philippines' maritime heritage;[104] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.[105][106]

Construction and real estate

[edit]
These paragraphs are an excerpt from Community Mortgage Program.[edit]

The Community Mortgage Program is a socialized housing initiative of the Philippine Government. By 2001, 106,273 families had found secure tenure.

Banking and finance

[edit]

Education

[edit]
These paragraphs are an excerpt from Education in the Philippines.[edit]

Education in the Philippines is compulsory at the basic education level, composed of kindergarten, elementary school (grades 1–6), junior high school (grades 7–10), and senior high school (grades 11–12).[107] The educational system is managed by three government agencies by level of education: the Department of Education (DepEd) for basic education; the Commission on Higher Education (CHED) for higher education; and the Technical Education and Skills Development Authority (TESDA) for technical and vocational education. Public education is funded by the national government.

Private schools are generally free to determine their curriculum in accordance with existing laws and regulations. Institutions of higher education are classified as public or private; public institutions are subdivided into state universities and colleges (SUCs) and local colleges and universities (LCUs).

Enrollment in basic education has increased steadily since the effectivity of the K-12 curriculum, first implemented on May 20, 2008, through its 9 years of implementation until June 5, 2017, on April 24, 2012, with over 28 million students enrolled in the 2022–2023 school year.[108] In 2020, there were approximately 32 million learners aged 5 to 24 enrolled nationwide.[109] An additional 640,000 out-of-school youth participated in the Alternative Learning System, while 1.6 million children aged 5 to 17 remained out of school as of 2023.[108] Completion rates for primary and lower secondary education are relatively high, but drop-out rates and barriers to upper secondary and tertiary education remain, particularly among lower-income students.[110]

Healthcare

[edit]
These paragraphs are an excerpt from Health care in the Philippines.[edit]

Health care in the Philippines varies with private, public and barangay health centers (many in rural municipalities). Most of the national burden of health care is provided by private health providers, with the cost shouldered by the state or by patients. The 2019 Universal Health Care Act (UHC Act) represents a significant effort to bridge the quality and accessibility gap, aiming to enroll all Filipinos in the National Health Insurance Program (PhilHealth). However, disparities persist, particularly between urban and rural areas, and funding constraints continue to impact service delivery. The Philippine healthcare system categorizes hospitals into three distinct levels, reflecting their capabilities and resources, with Level 1 representing basic care and Level 3 the most advanced. The essential criteria for each level are:[111]

Beyond these levels, Philippine hospitals are further differentiated by their ownership structure (government/public vs private) and the breadth of medical services they offer (generic vs specialised vs emergency, etc.).[111]

The Philippine healthcare system, a blend of public and private sectors, faces challenges in providing equitable and comprehensive care. Historically rooted in traditional medicine and shaped by colonial influences, the system now navigates a landscape where private providers shoulder much of the burden, with costs borne by the state or patients. Despite the UHC Act's intent to improve care for all, the system remains fragmented, with significant disparities in service quality and quantity between the wealthy and the poor. Factors contributing to this include low budgets, personnel shortages exacerbated by nurse migration, and historical neglect of underserved populations. Compared to developed nations, the Philippines allocates a comparatively small percentage of its GDP to healthcare. Addressing these challenges remains a priority for the nation.

Retail

[edit]

Tourism

[edit]
Boracay white beach
These paragraphs are an excerpt from Tourism in the Philippines.[edit]
Palawan, which includes Coron, is a UNESCO Biosphere Reserve.

Tourism is an important sector for the Philippine economy. The travel and tourism industry contributed 8.1% to the country's GDP in 2025;[112] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.[113] Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector.[114] Popular destinations among tourists include Boracay, Palawan, Cebu and Siargao. While the Philippines has encountered political and social challenges that have affected its tourism industry, the country has also taken steps to address these issues.[115] Over the past years, there have been efforts to improve political stability, enhance security measures, and promote social inclusivity, all of which contribute to creating a more favorable environment for tourism, such as the Boracay rehabilitation.[116]

As of 2025, 7.70 million Filipinos were employed in the tourism industry,[112] it generated ₱2.27 trillion (US$44.1 billion) in revenue from foreign tourists, coming mostly from South Korea, the United States and Japan.[117] The country attracted a total of 5,360,682 foreign visitors in 2015 through its tourism campaign of It's More Fun in the Philippines![118] In 2019, foreign arrivals peaked at 8,260,913.[119]The country is also home to one of the New 7 Wonders of Nature, the Puerto Princesa Subterranean River National Park, and one of the New 7 Wonders Cities, the Heritage City of Vigan. It is also home to six UNESCO World Heritage Sites scattered in nine different locations, three UNESCO biosphere reserves, three UNESCO intangible cultural heritage, four UNESCO memory of the world documentary heritage, three UNESCO creative cities, two UNESCO World Heritage cities, seven Ramsar wetland sites, and 14 ASEAN Heritage Parks.[118]

Infrastructure

[edit]

Energy

[edit]
Solar module installation in Bulacan
These paragraphs are an excerpt from Energy in the Philippines.[edit]

The Philippines relies on a mix of fossil fuels and renewable resources for its energy needs. Electricity demand is driven by population growth, urbanisation and industry. Energy policy and planning are overseen by the Department of Energy. Usage patterns vary across Luzon, the Visayas and Mindanao, reflecting differences in generation assets, grid interconnections and local demand.

The population of the Philippines is over 101 million people,[120] and as a rapidly developing nation, has seen a rapid increase in GDP, averaging 6.1% from 2011 to 2015.[121] Energy-intensive manufacturing and retail industries are the driving factors of the Philippines' economic growth.[122] Given its large population and rapidly growing economy, the country's energy needs are growing rapidly. According to the Philippines Department of Energy, the Philippines consumed 75,266 gigawatt-hours (GWh) of electricity in 2013.[123] Of this, 27.39% went to powering residential areas, 24.31% to commercial establishments and 27.46% to the industrial sector. With 72.84% of electrical energy being consumed by Luzon, 14.75% by Visayas, and 12.41% by Mindanao in 2013.

Geothermal power station in Negros Oriental

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced 1,928 megawatts (2,585,000 hp) of electricity from geothermal sources (7.55% of total electricity production).[124] A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas-powered plants.[125]

The Philippines has significant potential in solar energy; however, as of 2021, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.[126][127] The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.[124]

On November 15, 2022, the renewable energy sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The Department of Energy is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent.[128] Danish firm Copenhagen Infrastructure Partners (CIP) is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of 2,000 megawatts (2,700,000 hp); it will be located in Camarines Norte and Camarines Sur (1000 MW), Northern Samar (650 MW), Pangasinan and La Union (350 MW).[129] In 2022, the share of RE in the energy mix was at 22.8 percent.[130]

These paragraphs are an excerpt from Electricity sector in the Philippines.[edit]

The electricity sector in the Philippines provides electricity through power generation, transmission, and distribution to many parts of the country. The Philippines is divided into three electrical grids, one each for Luzon, the Visayas and Mindanao.[131]

As of June 2016, the total installed capacity in the Philippines was 20,055 megawatts (MW), of which 71.5% was on the Luzon grid. About 12% of Filipinos have no access to electricity. The Philippines is also one of the countries in the world that has a fully functioning electricity market since 2006 called the Philippine Wholesale Electricity Spot Market (WESM) and is operated by an independent market operator. By 2017, coal-powered electric energy began to comprise more than 50% of the nationwide power generation in the country.

As of 2025, the Philippines has the second-highest electricity rate in Southeast Asia after Singapore.[132]

Telecommunications

[edit]
This section is an excerpt from Telecommunications in the Philippines.[edit]

Telecommunications in the Philippines are well-developed due to the presence of modern infrastructure facilities. The industry was deregulated in 1995 when President Fidel V. Ramos signed Republic Act No. 7925 (The Public Telecommunications Policy Act of the Philippines). This law opened the sector to more private players and improved the provision of telecom services are better and fairer rates,[133] leading to the creation of many telecommunication service providers for mobile, fixed-line, Internet and other services.

Transport

[edit]
This section is an excerpt from Transportation in the Philippines.[edit]
The MRT Line 3, and EDSA Carousel alongside Epifanio de los Santos Avenue in 2024.

Transportation in the Philippines covers the transportation methods within the archipelagic nation of over 7,600 islands. From a previously underdeveloped state of transportation, the government of the Philippines has been improving transportation through various direct infrastructure projects, and these include an increase in air, sea, road, and rail transportation and transport hubs.[134] However, relative to the size of population and level of income, public transportation remains underdeveloped in the Philippines.[135]

Jeepneys are a popular and iconic public utility vehicle;[136][135] they have become a symbol of the Philippine culture.[137] Another popular mode of public transportation in the country is the motorized tricycles, especially common in smaller urban and rural areas.[138] The Philippines has four railway lines: Manila Light Rail Transit System Line 1 (LRT Line 1), LRT Line 2, MRT Line 3, and the PNR Metro Commuter Line operated by the Philippine National Railways. There are also steam engines found in the Visayas, mostly Negros island, which operate sugar mills such as Central Azucarera. Taxis and buses are also important modes of public transport in urban areas.

The Philippines has 12 international airports and more than 20 major and minor domestic airports serving the country.[139] Ninoy Aquino International Airport is the country's chief airport.[140]

Labor, income and welfare

[edit]
These paragraphs are an excerpt from Labor policy in the Philippines.[edit]

The labor policy in the Philippines is primarily defined by the Labor Code of the Philippines and other related labor laws. As of 2025, these laws apply to approximately 38 million Filipinos who are part of the labor force, including, to some extent, overseas workers. They are intended to establish the legal rights of workers and set limitations concerning the hiring process, working conditions, employee benefits, labor policymaking within companies, and employer-employee relations.

The Labor Code and other labor legislation are implemented mainly by government agencies, including the Department of Labor and Employment and the Department of Migrant Workers (formerly the Philippine Overseas Employment Administration). Non-governmental entities, such as trade unions and employer organizations, also contribute to the development and enforcement of labor standards in the country.

Regional accounts

[edit]

According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2025 at current prices.

Region GRDP in PH pesos
1 National Capital Region 8,749,999,580,000
2 Calabarzon 3,998,754,951,000
3 Central Luzon 3,040,694,422,000
4 Central Visayas 1,577,638,355,000
5 Davao Region 1,461,264,481,000
6 Northern Mindanao 1,342,414,958,000
7 Ilocos Region 925,021,342,000
8 Negros Island Region 853,026,868,000
9 Western Visayas 845,796,704,000
10 Bicol Region 789,384,125,000
11 Soccsksargen 700,694,357,000
12 Zamboanga Peninsula 672,297, 249,000
13 Eastern Visayas 645,603,173,000
14 Cagayan Valley 579,622,442,000
15 Mimaropa 538,064,872,000
16 Caraga 477,742,365,000
17 Cordillera Administrative Region 475,154,793,000
18 Bangsamoro 336,759,754,000

Provincial accounts

[edit]

According to the Philippine Statistics Authority (PSA), Provincial Product Account (PPA) is GDP measured at provincial levels. Figures below are for the year 2025 at current prices.

# Province PPA GDP (in PH Pesos)
1 Cebu (incl. Cebu City, Mandaue & Lapu-Lapu) 1,320,415,987,000
2 Laguna 1,264,542,976,000
3 Cavite 1,013,342,993,000
4 Pampanga (incl. Angeles City) 926,918,917,000
5 Davao del Sur (incl. Davao City) 908,556,268,000
6 Batangas 852,048,238,000
7 Bulacan 806,762,827,000
8 Misamis Oriental (incl. Cagayan de Oro) 612,131,375,000
9 Negros Occidental (incl. Bacolod) 585,271,749,000
10 Iloilo (incl. Iloilo City) 515,252,330,000
11 Pangasinan 491,905,703,000
12 Rizal 487,267,298,000
13 Nueva Ecija 416,862,554,000
14 Quezon (incl. Lucena) 391,553,447,000
15 South Cotabato (incl. General Santos) 371,985,238,000
16 Bataan 367,106,854,000
17 Leyte (incl. Tacloban) 363,070,392,000
18 Bukidnon 343,517,568,000
19 Zamboanga del Sur (incl. Zamboanga City) 335,063,034,000
20 Benguet (incl. Baguio) 334,315,090,000
21 Tarlac 284,165,909,000
22 Davao del Norte 266,405,703,000
23 Bohol 257,222,367,000
24 Camarines Sur 250,106,995,000
25 Negros Oriental 249,029,109,000
26 Isabela 246,121,300,000
27 Palawan (incl. Puerto Princesa) 245,103,052,000
28 Cagayan 205,289,804,000
29 Albay 200,953,654,000
30 Zambales (incl. Olongapo) 195,523,369,000
31 Lanao del Norte (incl. Iligan) 194,489,175,000
32 Misamis Occidental 175,005,575,000
33 Cotabato 168,823,070,000
34 Zamboanga del Norte 167,322,762,000
35 La Union 165,196,110,000
36 Oriental Mindoro 147,381,449,000
37 Davao de Oro 147,161,336,000
38 Agusan del Norte (incl. Butuan) 138,082,885,000
39 Ilocos Norte 136,520,166,000
40 Ilocos Sur 131,399,364,000
41 Surigao del Norte 122,894,567,000
42 Masbate 117,101,593,000
43 Maguindanao del Norte 113,453,098,000
44 Capiz 109,512,161,000
45 Agusan del Sur 105,138,329,000
46 Antique 100,994,833,000
47 Lanao del Sur 99,852,883,000
48 Sorsogon 98,851,511,000
49 Surigao del Sur 95,098,771,000
50 Aklan 94,929,880,000
51 Sultan Kudarat 93,226,490,000
52 Nueva Vizcaya 92,461,019,000
53 Zamboanga Sibugay 83,902,663,000
54 Davao Oriental 83,817,636,000
55 Camarines Norte 83,477,426,000
56 Samar 81,927,968,000
57 Sulu 70,755,260,000
58 Occidental Mindoro 70,543,691,000
59 Sarangani 66,659,558,000
60 Southern Leyte 62,401,094,000
61 Northern Samar 60,795,210,000
62 Davao Occidental 55,323,537,000
63 Maguindanao del Sur 55,073,133,000
64 Eastern Samar 53,549,849,000
65 Basilan (incl. Isabela) 47,800,619,000
66 Aurora 43,353,991,000
67 Romblon 42,538,414,000
68 Catanduanes 38,892,946,000
69 Kalinga 37,374,525,000
70 Ifugao 35,960,585,000
71 Tawi-Tawi 35,833,550,000
72 Marinduque 32,498,267,000
73 Abra 31,006,737,000
74 Quirino 28,505,750,000
75 Guimaras 25,107,500,000
76 Biliran 23,858,660,000
77 Mountain Province 21,650,370,000
78 Siquijor 18,726,010,000
79 Camiguin 17,271,266,000
80 Dinagat Islands 16,527,814,000
81 Apayao 14,847,486,000
82 Batanes 7,244,568,000

Source: Philippine Statistics Authority[141]

City accounts

[edit]

Figures below are Provincial Product Accounts (PPA) for Highly Urbanized Cities (HUC) or Independent Cities. Figures are for the year 2025.

# City GDP in PH pesos
1 Quezon City 1,696,348,927,000
2 Makati 1,544,175,801,000
3 Manila 1,276,823,437,000
4 Taguig 836,443,292,000
5 Davao City 753,087,986,000
6 Pasig 651,672,005,000
7 Pasay 457,605,006,000
8 Parañaque 456,105,409,000
9 Cebu City 410,420,766,000
10 Mandaluyong 401,097,847,000
11 Cagayan de Oro 381,637,966,000
12 Muntinlupa 339,603,060,000
13 Caloocan 310,819,868,000
14 Iloilo City 228,556,733,000
15 Valenzuela 218,433,208,000
16 Bacolod 218,406,193,000
17 Baguio 217,460,476,000
18 Lapu-Lapu City 212,722,717,000
19 Zamboanga City 189,936,321,000
20 Angeles City 186,662,786,000
21 General Santos 179,265,459,000
22 Mandaue 149,850,509,000
23 Las Piñas 147,331,987,000
24 Marikina 144,464,934,000
25 San Juan 116,888,856,000
26 Iligan 111,224,646,000
27 Malabon 88,406,839,000
28 Puerto Princesa 88,101,872,000
29 Butuan 82,738,688,000
30 Tacloban 74,985,067,000
31 Olongapo 73,912,338,000
32 Lucena 67,808,135,000
33 Navotas 51,844,385,000
34 Isabela 15,253,530,000
35 Pateros 11,934,717,000

source: Philippine Statistics Authority[141]

International comparisons

[edit]
Organization Report As of Change from previous Ranking
Fraser Institute Economic Freedom of the World 2021 Decrease 3 70 out of 144[142]
International Monetary Fund GDP (PPP) 2023 Steady 29th[143]
International Monetary Fund GDP (nominal) 2023 Increase 5 34th[144]
International Monetary Fund GDP per capita (PPP) 2023 Increase 3 116th[145]
International Monetary Fund GDP per capita (nominal) 2023 Increase 4 124th[146]
International Monetary Fund Foreign exchange reserves 2023 Steady 28th[147]
The Heritage Foundation/The Wall Street Journal Index of Economic Freedom 2016 Increase 13 76 out of 178[148]
The World Factbook External debt 2023 Positive decrease 3 35th[149]
United Nations Human Development Index 2021 Steady 116 out of 191[150]
World Economic Forum Global Competitiveness 2019 Decrease 8 64 out of 141[151]
World Economic Forum Global Enabling Trade Report 2014 Increase 8 64 out of 138[152]
World Economic Forum Financial Development Index 2012 Decrease 5 49 out of 60[153]
World Bank Ease of doing business index 2014 Increase 13 95 out of 183[154]

Statistics

[edit]
Treemap of product exports from the Philippines in 2019.Integrated circuits (machines) — 26.36% — US$ 22,822,746,393Office machine parts (machines) — 13.41% — US$ 11,610,519,928Insulated wire (machines) — 3.07% — US$ 2,661,312,519Semiconductor devices (machines) — 2.87% — US$ 2,481,208,124Electrical transformers (machines) — 2.78% — US$ 2,407,590,992Bananas (vegetable products) — 2.22% — US$ 1,925,796,168Gold (precious metals) — 1.67% — US$ 1,445,210,580Refined copper (metals) — 1.33% — US$ 1,147,702,697Blank audio media (machines) — 1.27% — US$ 1,099,286,902Electrical capacitors (machines) — 1.19% — US$ 1,026,783,717Coconut oil (animal and vegetable bi-products) — 1.14% — US$ 983,207,952Broadcasting equipment (machines) — 1.13% — US$ 977,058,805Low-voltage protection equipment (machines) — 1.11% — US$ 959,451,766Computers (machines) — 1.00% — US$ 862,219,308Passenger and cargo ships (transportation) — 0.97% — US$ 842,145,180Wood carpentry (wood products) — 0.93% — US$ 808,565,314Vehicle parts (transportation) — 0.89% — US$ 768,536,755Trunks and cases (animal hides) — 0.84% — US$ 724,552,039Broadcasting accessories (machines) — 0.80% — US$ 694,672,186Nickel ore (mineral products) — 0.75% — US$ 649,522,063Copper ore (mineral products) — 0.74% — US$ 643,591,991Nickel mattes (metals) — 0.67% — US$ 582,433,928Electric motors (machines) — 0.61% — US$ 528,748,825Printed circuit boards (machines) — 0.58% — US$ 498,444,519Optical fibers (instruments) — 0.55% — US$ 475,509,962Coal briquettes (mineral products) — 0.54% — US$ 465,416,763Other processed fruits and nuts (foodstuffs) — 0.54% — US$ 464,803,218Aircraft parts (transportation) — 0.54% — US$ 463,561,527Video displays (machines) — 0.53% — US$ 455,043,763Other measuring instruments (instruments) — 0.52% — US$ 447,386,559Processed fish (foodstuffs) — 0.51% — US$ 437,920,678Tropical fruits (vegetable products) — 0.50% — US$ 431,976,575Electromagnets (machines) — 0.47% — US$ 402,927,750Other domestic electric housewares (machines) — 0.45% — US$ 391,375,559Lignite (mineral products) — 0.45% — US$ 389,685,799Air pumps (machines) — 0.41% — US$ 352,557,607Electric heaters (machines) — 0.40% — US$ 344,090,054Electric batteries (machines) — 0.39% — US$ 340,692,668Electrical control boards (machines) — 0.39% — US$ 339,153,529Industrial printers (machines) — 0.39% — US$ 338,421,280Rubber tires (plastics and rubbers) — 0.37% — US$ 318,560,785Telephones (machines) — 0.37% — US$ 316,055,113Thermostats (instruments) — 0.35% — US$ 305,173,017Coconuts, brazil nuts, and cashews (vegetable products) — 0.35% — US$ 300,116,385Oscilloscopes (instruments) — 0.34% — US$ 292,297,425Rolled tobacco (foodstuffs) — 0.33% — US$ 289,675,118Other heating machinery (machines) — 0.33% — US$ 284,744,899Other furniture (miscellaneous) — 0.33% — US$ 283,910,805Crude petroleum (mineral products) — 0.32% — US$ 276,599,027Other electrical machinery (machines) — 0.31% — US$ 270,449,302Medical instruments (instruments) — 0.28% — US$ 240,950,882Scrap copper (metals) — 0.27% — US$ 231,702,182Refined petroleum (mineral products) — 0.27% — US$ 230,224,416Valves (machines) — 0.26% — US$ 227,257,975Ink (chemical products) — 0.26% — US$ 225,061,935Other engines (machines) — 0.26% — US$ 220,880,340Microphones and headphones (machines) — 0.25% — US$ 218,336,898Vegetable saps (vegetable products) — 0.24% — US$ 207,668,725Lcds (instruments) — 0.24% — US$ 205,977,200Processed crustaceans (foodstuffs) — 0.24% — US$ 204,912,711Non-knit women's suits (textiles) — 0.24% — US$ 203,872,248Gas turbines (machines) — 0.23% — US$ 201,823,095Knit sweaters (textiles) — 0.23% — US$ 198,735,613Other office machines (machines) — 0.23% — US$ 198,476,537Acyclic alcohols (chemical products) — 0.22% — US$ 192,434,071Revolution counters (instruments) — 0.22% — US$ 190,191,502Light fixtures (miscellaneous) — 0.21% — US$ 185,855,771Electrical resistors (machines) — 0.21% — US$ 177,929,125Other plastic products (plastics and rubbers) — 0.21% — US$ 177,680,620Knit women's suits (textiles) — 0.20% — US$ 176,800,687Base metal watches (instruments) — 0.20% — US$ 176,267,842Mirrors and lenses (instruments) — 0.20% — US$ 173,057,950Raw tobacco (foodstuffs) — 0.20% — US$ 170,329,571Calculators (machines) — 0.20% — US$ 170,190,765Navigation equipment (machines) — 0.19% — US$ 167,140,601Machinery having individual functions (machines) — 0.19% — US$ 165,766,124Leather footwear (footwear and headwear) — 0.19% — US$ 162,979,248Baked goods (foodstuffs) — 0.18% — US$ 159,590,954Video recording equipment (machines) — 0.18% — US$ 157,215,783Fruit juice (foodstuffs) — 0.18% — US$ 155,876,793Iron ore (mineral products) — 0.18% — US$ 152,652,176Scrap iron (metals) — 0.17% — US$ 150,707,727Electrical power accessories (machines) — 0.17% — US$ 150,652,739Seats (miscellaneous) — 0.17% — US$ 143,870,396Recovered paper pulp (paper goods) — 0.17% — US$ 143,209,287Activated carbon (chemical products) — 0.16% — US$ 138,214,235Photocopiers (instruments) — 0.16% — US$ 134,264,759Audio alarms (machines) — 0.15% — US$ 131,481,253Electrical lighting and signalling equipment (machines) — 0.15% — US$ 131,069,682Electric motor parts (machines) — 0.15% — US$ 130,106,759Plastic lids (plastics and rubbers) — 0.15% — US$ 127,647,933Engine parts (machines) — 0.14% — US$ 124,411,861Coal tar oil (mineral products) — 0.14% — US$ 123,195,372Orthopedic appliances (instruments) — 0.14% — US$ 122,348,329Iron fasteners (metals) — 0.14% — US$ 121,867,187Fish fillets (animal products) — 0.13% — US$ 112,008,385Scrap plastic (plastics and rubbers) — 0.13% — US$ 108,960,906Electric filament (machines) — 0.12% — US$ 106,921,915Silver (precious metals) — 0.12% — US$ 106,450,638Textile footwear (footwear and headwear) — 0.12% — US$ 106,409,661Centrifuges (machines) — 0.12% — US$ 105,926,040Transmissions (machines) — 0.12% — US$ 104,144,946Flavored water (foodstuffs) — 0.12% — US$ 103,503,131Rubber (plastics and rubbers) — 0.12% — US$ 103,431,905Non-knit men's suits (textiles) — 0.12% — US$ 103,421,033Other rubber products (plastics and rubbers) — 0.12% — US$ 103,321,402Malt extract (foodstuffs) — 0.12% — US$ 103,230,625Air conditioners (machines) — 0.12% — US$ 101,917,340Processed tobacco (foodstuffs) — 0.12% — US$ 99,654,383Non-fillet frozen fish (animal products) — 0.12% — US$ 99,629,720Cleaning products (chemical products) — 0.11% — US$ 98,543,546Sauces and seasonings (foodstuffs) — 0.11% — US$ 98,351,668Shaving products (chemical products) — 0.11% — US$ 96,572,193Propylene polymers (plastics and rubbers) — 0.11% — US$ 92,217,950Knit t-shirts (textiles) — 0.11% — US$ 91,893,447Electrical ignitions (machines) — 0.11% — US$ 91,290,804Metal mountings (metals) — 0.10% — US$ 89,657,432Non-knit men's shirts (textiles) — 0.10% — US$ 89,058,913Video and card games (miscellaneous) — 0.10% — US$ 88,765,594Audio and video recording accessories (machines) — 0.10% — US$ 87,665,803Leather apparel (animal hides) — 0.10% — US$ 84,497,610Cameras (instruments) — 0.10% — US$ 83,409,105Padlocks (metals) — 0.09% — US$ 80,818,019Knit men's suits (textiles) — 0.09% — US$ 79,638,043Live fish (animal products) — 0.09% — US$ 77,664,733Other edible preparations (foodstuffs) — 0.09% — US$ 76,481,737Ethylene polymers (plastics and rubbers) — 0.08% — US$ 73,231,507Petroleum gas (mineral products) — 0.08% — US$ 71,610,777Sawn wood (wood products) — 0.08% — US$ 70,518,539Acyclic hydrocarbons (chemical products) — 0.08% — US$ 70,454,800Other iron products (metals) — 0.08% — US$ 70,160,231Knit women's undergarments (textiles) — 0.08% — US$ 69,359,381Copper foil (metals) — 0.08% — US$ 67,984,040Precious metal scraps (precious metals) — 0.08% — US$ 66,435,794Refrigerators (machines) — 0.07% — US$ 64,874,868Other vegetable residues (foodstuffs) — 0.07% — US$ 64,537,122Models and stuffed animals (miscellaneous) — 0.07% — US$ 64,466,234Plastic housewares (plastics and rubbers) — 0.07% — US$ 64,462,387Amine compounds (chemical products) — 0.07% — US$ 63,366,553Stearic acid (animal and vegetable bi-products) — 0.07% — US$ 62,410,920Plastic building materials (plastics and rubbers) — 0.07% — US$ 62,331,581Bicycles (transportation) — 0.07% — US$ 61,814,539Other organic compounds (chemical products) — 0.07% — US$ 60,089,350Sports equipment (miscellaneous) — 0.07% — US$ 59,733,505Other women's undergarments (textiles) — 0.07% — US$ 58,689,713Plastic wash basins (plastics and rubbers) — 0.07% — US$ 58,526,351Plastic pipes (plastics and rubbers) — 0.07% — US$ 58,405,321Plywood (wood products) — 0.07% — US$ 57,706,200Mattresses (miscellaneous) — 0.07% — US$ 56,949,686Steam boilers (machines) — 0.06% — US$ 56,133,687Gas and liquid flow measuring instruments (instruments) — 0.06% — US$ 55,997,956Iron structures (metals) — 0.06% — US$ 54,941,905Other small iron pipes (metals) — 0.06% — US$ 54,378,704Cigarette paper (paper goods) — 0.06% — US$ 53,983,444Wood fiberboard (wood products) — 0.06% — US$ 53,401,144Radio receivers (machines) — 0.06% — US$ 52,487,326Scrap aluminium (metals) — 0.06% — US$ 51,367,250Cement articles (stone and glass) — 0.06% — US$ 50,341,711Crustaceans (animal products) — 0.06% — US$ 48,855,354Non-knit women's shirts (textiles) — 0.06% — US$ 48,125,898Surveying equipment (instruments) — 0.06% — US$ 47,820,643Packaged medicaments (chemical products) — 0.05% — US$ 47,526,043Molluscs (animal products) — 0.05% — US$ 46,986,418Aluminium foil (metals) — 0.05% — US$ 46,944,903Raw plastic sheeting (plastics and rubbers) — 0.05% — US$ 46,719,626Basketwork (wood products) — 0.05% — US$ 46,485,766Electrical parts (machines) — 0.05% — US$ 46,199,510Raw sugar (foodstuffs) — 0.05% — US$ 45,773,784Bi-wheel vehicle parts (transportation) — 0.05% — US$ 45,492,339Non-knit active wear (textiles) — 0.05% — US$ 45,208,850High-voltage protection equipment (machines) — 0.05% — US$ 45,170,930Narrow woven fabric (textiles) — 0.05% — US$ 44,891,104Other ores (mineral products) — 0.05% — US$ 44,381,013Wood charcoal (wood products) — 0.05% — US$ 44,298,407Unglazed ceramics (stone and glass) — 0.05% — US$ 43,984,973Confectionery sugar (foodstuffs) — 0.05% — US$ 42,163,216Chemical analysis instruments (instruments) — 0.05% — US$ 42,113,935Knit men's shirts (textiles) — 0.05% — US$ 41,736,490Vacuum flask (miscellaneous) — 0.05% — US$ 41,424,597Ball bearings (machines) — 0.05% — US$ 41,083,078Sulfuric acid (chemical products) — 0.05% — US$ 39,243,409Metalworking machine parts (machines) — 0.05% — US$ 39,152,176Knit men's undergarments (textiles) — 0.04% — US$ 38,322,645Precipitated copper (metals) — 0.04% — US$ 38,013,753Pasta (foodstuffs) — 0.04% — US$ 37,849,245Frozen fruits and nuts (vegetable products) — 0.04% — US$ 36,703,396Planes, helicopters, and/or spacecraft (transportation) — 0.04% — US$ 36,571,603Fake hair (footwear and headwear) — 0.04% — US$ 36,015,619Knit women's shirts (textiles) — 0.04% — US$ 35,875,063Non-fillet fresh fish (animal products) — 0.04% — US$ 35,346,281Aluminium structures (metals) — 0.04% — US$ 34,689,381Copper wire (metals) — 0.04% — US$ 34,283,654Coconut and other vegetable fibers (textiles) — 0.04% — US$ 34,192,736Detonating fuses (chemical products) — 0.04% — US$ 33,881,332Non-knit women's coats (textiles) — 0.04% — US$ 33,771,436Excavation machinery (machines) — 0.04% — US$ 33,741,443Iron pipe fittings (metals) — 0.04% — US$ 33,665,738Photo lab equipment (instruments) — 0.04% — US$ 33,502,091Other knit garments (textiles) — 0.04% — US$ 32,676,521Fishing and hunting equipment (miscellaneous) — 0.04% — US$ 32,203,615Industrial fatty acids, oils and alcohols (chemical products) — 0.04% — US$ 31,814,333Metal lathes (machines) — 0.04% — US$ 31,716,557Paintings (arts and antiques) — 0.04% — US$ 31,562,435Paper containers (paper goods) — 0.04% — US$ 31,026,782Knitted hats (footwear and headwear) — 0.04% — US$ 30,699,403Sand (mineral products) — 0.04% — US$ 30,629,228Jewellery (precious metals) — 0.03% — US$ 30,157,224Other inorganic acids salts (chemical products) — 0.03% — US$ 30,005,667Other footwear (footwear and headwear) — 0.03% — US$ 29,626,425Knit women's coats (textiles) — 0.03% — US$ 29,495,531Raw lead (metals) — 0.03% — US$ 28,836,045Other cloth articles (textiles) — 0.03% — US$ 28,563,840Glycerol (animal and vegetable bi-products) — 0.03% — US$ 28,545,185Non-knit men's coats (textiles) — 0.03% — US$ 28,500,898Knit gloves (textiles) — 0.03% — US$ 28,324,653Other pure vegetable oils (animal and vegetable bi-products) — 0.03% — US$ 28,122,795Raw copper (metals) — 0.03% — US$ 27,887,800Precious metal ore (mineral products) — 0.03% — US$ 27,735,676Pearls (precious metals) — 0.03% — US$ 27,453,698Eyewear frames (instruments) — 0.03% — US$ 27,439,861Milling stones (stone and glass) — 0.03% — US$ 27,118,552Antiknock (chemical products) — 0.03% — US$ 26,353,712Polyacetals (plastics and rubbers) — 0.03% — US$ 26,252,552Netting (textiles) — 0.03% — US$ 26,024,341Boiler plants (machines) — 0.03% — US$ 25,896,729Toilet paper (paper goods) — 0.03% — US$ 25,823,782Prepared cereals (foodstuffs) — 0.03% — US$ 25,414,081Knit socks and hosiery (textiles) — 0.03% — US$ 25,265,263Raw tin (metals) — 0.03% — US$ 25,241,209Imitation jewellery (precious metals) — 0.03% — US$ 25,100,433Used rubber tires (plastics and rubbers) — 0.03% — US$ 24,449,736Cyclic hydrocarbons (chemical products) — 0.03% — US$ 24,344,105Beauty products (chemical products) — 0.03% — US$ 24,086,137Party decorations (miscellaneous) — 0.03% — US$ 23,960,643Prepared explosives (chemical products) — 0.03% — US$ 23,740,459Breathing appliances (instruments) — 0.03% — US$ 23,318,177Explosive ammunition (weapons) — 0.03% — US$ 22,800,554Mixed mineral or chemical fertilizers (chemical products) — 0.03% — US$ 22,717,103X-ray equipment (instruments) — 0.03% — US$ 22,353,877Cast iron pipes (metals) — 0.03% — US$ 22,317,751Liquid pumps (machines) — 0.03% — US$ 22,055,913Footwear parts (footwear and headwear) — 0.02% — US$ 20,944,412Synthetic filament yarn woven fabric (textiles) — 0.02% — US$ 20,549,972Recovered paper (paper goods) — 0.02% — US$ 20,310,541Boat propellers (machines) — 0.02% — US$ 19,719,675Packing bags (textiles) — 0.02% — US$ 19,588,504Microscopes (instruments) — 0.02% — US$ 19,290,166Soap (chemical products) — 0.02% — US$ 19,256,590Handguns (weapons) — 0.02% — US$ 19,173,014Styrene polymers (plastics and rubbers) — 0.02% — US$ 19,086,520Pencils and crayons (miscellaneous) — 0.02% — US$ 19,009,435Lighters (miscellaneous) — 0.02% — US$ 18,710,870Concentrated milk (animal products) — 0.02% — US$ 18,198,005Cranes (machines) — 0.02% — US$ 18,053,214Hard liquor (foodstuffs) — 0.02% — US$ 17,732,008Vending machines (machines) — 0.02% — US$ 17,708,071Compasses (instruments) — 0.02% — US$ 17,399,693Other vegetables (vegetable products) — 0.02% — US$ 17,353,315Fairground amusements (miscellaneous) — 0.02% — US$ 17,251,498Cars (transportation) — 0.02% — US$ 17,049,177Rubber sheets (plastics and rubbers) — 0.02% — US$ 17,032,808Palm oil (animal and vegetable bi-products) — 0.02% — US$ 16,761,053Non-retail synthetic staple fibers yarn (textiles) — 0.02% — US$ 16,639,358Wheat flours (vegetable products) — 0.02% — US$ 16,638,518Knit babies' garments (textiles) — 0.02% — US$ 16,632,042Bricks (stone and glass) — 0.02% — US$ 16,615,398Bandages (chemical products) — 0.02% — US$ 16,300,393Shaped paper (paper goods) — 0.02% — US$ 16,148,401Balances (instruments) — 0.02% — US$ 15,954,460Wood kitchenware (wood products) — 0.02% — US$ 15,608,831Interchangeable tool parts (metals) — 0.02% — US$ 15,500,461Metal stoppers (metals) — 0.02% — US$ 15,438,299Liquid dispersing machines (machines) — 0.02% — US$ 15,323,517Other prepared meat (foodstuffs) — 0.02% — US$ 14,973,333Twine and rope (textiles) — 0.02% — US$ 14,850,249Wood ornaments (wood products) — 0.02% — US$ 14,607,067Jams (foodstuffs) — 0.02% — US$ 14,328,265Other aluminium products (metals) — 0.02% — US$ 14,120,505Copper housewares (metals) — 0.02% — US$ 14,090,024Petroleum resins (plastics and rubbers) — 0.02% — US$ 14,078,889Fork-lifts (machines) — 0.02% — US$ 13,997,343Metal molds (machines) — 0.02% — US$ 13,936,595Batteries (machines) — 0.02% — US$ 13,870,017Knit men's coats (textiles) — 0.02% — US$ 13,837,002Dictation machines (machines) — 0.02% — US$ 13,821,770Sowing seeds (vegetable products) — 0.02% — US$ 13,715,984Oxometallic or peroxometallic acid salts (chemical products) — 0.02% — US$ 13,708,925Limestone (mineral products) — 0.02% — US$ 13,669,088Hair products (chemical products) — 0.02% — US$ 13,537,180Wadding (textiles) — 0.02% — US$ 13,506,863Hydrometers (instruments) — 0.02% — US$ 13,492,107Non-knit babies' garments (textiles) — 0.02% — US$ 13,492,085Petroleum coke (mineral products) — 0.02% — US$ 13,430,201Aluminium bars (metals) — 0.02% — US$ 13,390,858Binoculars and telescopes (instruments) — 0.02% — US$ 13,346,106Hand saws (metals) — 0.02% — US$ 13,158,965Other wood articles (wood products) — 0.02% — US$ 13,008,177Industrial food preperation machinery (machines) — 0.01% — US$ 12,783,155Hydrogen (chemical products) — 0.01% — US$ 12,652,327Motorcycles (transportation) — 0.01% — US$ 12,573,274Furskin apparel (animal hides) — 0.01% — US$ 12,460,327Vinyl chloride polymers (plastics and rubbers) — 0.01% — US$ 12,447,519Carbonates (chemical products) — 0.01% — US$ 12,421,306Ink ribbons (miscellaneous) — 0.01% — US$ 12,404,338Worked ivory and bone (miscellaneous) — 0.01% — US$ 12,392,492Other plastic sheetings (plastics and rubbers) — 0.01% — US$ 12,201,227Aldehydes (chemical products) — 0.01% — US$ 12,065,684Hair trimmers (machines) — 0.01% — US$ 12,040,483Opto-electric instrument parts (instruments) — 0.01% — US$ 11,941,062Self-adhesive plastics (plastics and rubbers) — 0.01% — US$ 11,633,772Non-iron and steel slag, ash and residues (mineral products) — 0.01% — US$ 11,619,090Cathode tubes (machines) — 0.01% — US$ 11,530,059Processed fish (animal products) — 0.01% — US$ 11,034,498Coated metal soldering products (metals) — 0.01% — US$ 10,847,812Dolomite (mineral products) — 0.01% — US$ 10,844,096Chocolate (foodstuffs) — 0.01% — US$ 10,843,226Rock wool (stone and glass) — 0.01% — US$ 10,596,920Legume flours (vegetable products) — 0.01% — US$ 10,561,561Alkaline metals (chemical products) — 0.01% — US$ 10,524,978Animal meal and pellets (foodstuffs) — 0.01% — US$ 10,470,328Dashboard clocks (instruments) — 0.01% — US$ 10,389,458Other fruits (vegetable products) — 0.01% — US$ 10,387,490Glass bottles (stone and glass) — 0.01% — US$ 10,247,096Used clothing (textiles) — 0.01% — US$ 10,227,121Brooms (miscellaneous) — 0.01% — US$ 10,210,883Cocoa beans (foodstuffs) — 0.01% — US$ 10,189,670Ornamental ceramics (stone and glass) — 0.01% — US$ 9,977,728Plastic coated textile fabric (textiles) — 0.01% — US$ 9,965,127Polyamides (plastics and rubbers) — 0.01% — US$ 9,916,145Sulfate chemical woodpulp (paper goods) — 0.01% — US$ 9,815,302Glass fibers (stone and glass) — 0.01% — US$ 9,548,336Other metals (metals) — 0.01% — US$ 9,433,888Pyrophoric alloys (chemical products) — 0.01% — US$ 9,425,894Float glass (stone and glass) — 0.01% — US$ 9,369,999Washing and bottling machines (machines) — 0.01% — US$ 9,293,046Other clocks and watches (instruments) — 0.01% — US$ 9,248,927Platinum (precious metals) — 0.01% — US$ 8,684,208Non-knit gloves (textiles) — 0.01% — US$ 8,674,872Values below 0.01% (metals) — 0.19% — US$ 167,393,041Values below 0.01% (machines) — 0.15% — US$ 133,285,655Values below 0.01% (chemical products) — 0.15% — US$ 132,585,318Values below 0.01% (textiles) — 0.12% — US$ 99,713,634Values below 0.01% (foodstuffs) — 0.09% — US$ 78,968,606Values below 0.01% (stone and glass) — 0.08% — US$ 69,988,602Values below 0.01% (vegetable products) — 0.06% — US$ 50,861,615Values below 0.01% (paper goods) — 0.06% — US$ 48,436,851Values below 0.01% (instruments) — 0.06% — US$ 47,955,853Values below 0.01% (mineral products) — 0.04% — US$ 33,244,408Values below 0.01% (plastics and rubbers) — 0.04% — US$ 31,948,815Values below 0.01% (transportation) — 0.03% — US$ 26,462,022Values below 0.01% (animal and vegetable bi-products) — 0.03% — US$ 23,919,532Values below 0.01% (animal products) — 0.03% — US$ 23,172,220Values below 0.01% (footwear and headwear) — 0.03% — US$ 22,792,827Values below 0.01% (miscellaneous) — 0.02% — US$ 20,198,897Values below 0.01% (wood products) — 0.02% — US$ 19,640,416Values below 0.01% (precious metals) — 0.02% — US$ 16,856,044Values below 0.01% (animal hides) — 0.01% — US$ 9,054,457Values below 0.01% (weapons) — 0.01% — US$ 5,304,247Values below 0.01% (arts and antiques) — 0.00% — US$ 3,303,350
Exports of the Philippines by product category (2019)
  Chemical products
  Transportation
  Machines
  Mineral products
  Plastics and rubbers
  Metals
  Foodstuffs
  Precious metals
  Textiles
  Instruments
  Animal products
  Vegetable products
  Paper goods
  Footwear and headwear
  Miscellaneous
  Stone and glass
  Wood products
  Animal and vegetable bi-products
  Animal hides
  Arts and antiques
  Weapons
202520242023202220212020201920182017
Social Indicators
Population
(in million)
113.9112.9111.9110.9110.1109.2107.3105.8104.2
Poverty (%)9.7-15.5-18.1--16.6-
Labor Force
(in million)
51.851.351.149.047.743.942.441.240.3
Unemployment (%)4.23.84.45.47.810.35.15.35.7
Wage Rates
(Nominal ₱: end-of-period)
695.00645.00610.00570.00537.00537.00537.00537.00512.00
Inflation Rate
(Constant 2018 prices; %)
1.73.26.05.83.92.42.45.22.9
External Sectors
Trade Balance
(US$ million)
-66,670-68,744-66,306-69,701-52,806-33,775-49,312-50,972-40,215
Export of Goods
(US$ million)
63,41155,01255,25757,71054,22848,21253,47751,97751,814
Import of Goods
(US$ million)
130,081125,394121,292127,412107,03481,987102,788102,94992,029
Current Account
(US$ million; % of GDP)
-16,291 (-3.3)-17,512 (-3.8)-12,387 (-2.8)-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
(US$ million; % of GDP)
147,651 (30.3)137,628 (29.8)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
(US$ million)
39,61938,34137,21036,13634,88433,19433,46732,21331,288
Foreign Reserves
(US$ million)
110,814106,234103,72596,130108,794110,11587,83679,18981,567
FDI Flows
(Inward; US$ million)
9,0039,4486,4525,93910,2556,8228,6719,94910,236
FDI Stock
(Inward; US$ million)
134,574125,522118,856109,622108,049103,19394,59382,99773,016
Public Finances
Budget Balance
(₱ billion; % of GDP)
-1,577 (-5.6)-1,506 (-5.7)-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
(₱ billion; % of GDP)
4,453 (15.9)4,419 (16.7)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
(₱ billion; % of GDP)
6,030 (21.5)5,925 (22.4)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
(Nominal; O-RRP)
5.236.336.163.072.002.734.413.633.00
Public Debt
(₱ billion; % of GDP)
17,708 (63.2)16,051 (60.7)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
(Average Period)
57.50557.29155.63054.47849.22549.62451.79652.66150.404
Sources: Bangko Sentral ng Pilipinas[6] and UNCTAD[20]

GDP-related data can be found here:

  • Industries: electronics assembly, aerospace, agribusiness, automotive, IT and business process outsourcing, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, financial services, food processing, petrochemical, metalcasting and mining, real estate, textile, tourism[15][16]
  • Electricity – production: 106,115 GWh (2021)[155]
  • Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish[156]
  • Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper, nickel, petroleum products, coconut oil, fruits[156]
  • Imports – commodities/products: electronic products, machinery, telecommunication and transport equipment, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits[156]
  • Manufacturing Growth: 5.9% (April 2024)[157]
  • PMI Manufacturing: 52.2 (April 2024)[158]
  • Yield Curve: 10-Year Bond 6.70% (June 2024)[159]
  • Net International Investment Position: –$51.317 billion (2023 est.)[160]

Government budget

[edit]

The national government budget for 2025 has set the following budget allocations:[161][note 2]

Budget allocation (PHP, billions) (USD, billions) Difference from
F.Y. 2024
Department of Education 977.6 16.78 Increase 0.89%
Department of Public Works and Highways 900.0 15.44 Decrease 10.88%
Department of Health 297.6 5.11 Decrease 0.36%
Department of the Interior and Local Government 278.4 4.78 Increase 5.33%
Department of National Defense 256.1 4.39 Increase 6.05%
Department of Social Welfare and Development 230.1 3.95 Decrease 0.78%
Department of Agriculture 211.3 3.60 Decrease 0.49%
Department of Transportation 180.9 3.10 Decrease 59.15%
The Judiciary 63.6 1.09 Increase 5.35%
Department of Labor and Employment 40.6 0.70 Increase 5.91%

History

[edit]
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.[162] However, the country is not a part of the Group of 20 nations; instead, it is grouped in a second tier for emerging markets or newly industrialized countries.

Notes for economic growth (1980–2023):

1980-82: Slower economic growth due to mismanagement

1983-86: Recession due to factors like corruption

1987-90: Recovery from 1984 crisis

1991-1992: Inflation and natural disasters (notably Mount Pinatubo eruption) caused slower growth

1993-97: Fast growth

1998: Minor recession due to the 1997 Asian financial crisis

1999-2001: Recovery

2002: Recession due to the EDSA II Protest

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.[163][164]

  •   Indicates economic growth
  •   Indicates contraction / recession
  •   Indicates IMF forecast
Year GDP

(in Bil. US$PPP)

 GDP per capita

(in US$PPP)

 GDP

(in Bil. PHP nominal)

 GDP

(in US$nominal)

 GDP per capita

(in US$nominal)

 GDP growth

(real)[b]

 PHP:USD
exchange rate[c][165]
2025[166] 1,479.4 Increase 12,934 Increase 28,502 Increase 497.5 Increase 4,349 Increase 4.40%  Negative increase 58.805
2024[167] 1,391.8 Increase 12,191 Increase 26,546 Increase 471.5 Increase 4,130 Increase 5.70%  Negative increase 58.014
2023 1,278.6 Increase 11,326 Increase 24,276 Increase 436.6 Increase 3,720 Increase 5.60%  Positive decrease 55.567
2022 1,173.1 Increase 10,512 Increase 22,023 Increase 404.3 Increase 3,623 Increase 7.76%  Negative increase 56.120
2021 994.6 Increase 9,043 Increase 19,390 Increase 393.7 Increase 3,579 Increase 5.60%  Negative increase 50.774
2020[d] 919.2 Decrease 8,389 Decrease 17,937.6 Decrease 361.5 Decrease 3,298 Decrease −9.50%  Positive decrease 48.036
2019 1,005 Increase 9,295 Increase 19,514.4 Increase 376.8 Increase 3,485 Increase 6.00%  Positive decrease 50.744
2018 930.0 Increase 8,720 Increase 18,262.4 Increase 346.8 Increase 3,251 Increase 6.30%  Negative increase 52.724
2017 854.0 Increase 8,120 Increase 15,556.4 Increase 328.5 Increase 3,123 Increase 6.70%  Negative increase 49.923
2016 798.6 Increase 7,703 Increase 15,133.5 Increase 318.6 Increase 3,073 Increase 6.90%  Negative increase 49.813
2015[168] 741.0 Increase 6,547 Decrease 13,307.3 Increase 292.4 Increase 2,863 Increase 5.80%  Negative increase 47.166
2014[168] 642.8 Increase 6,924 Increase 12,645.3 Increase 284.8 Increase 2,844 Increase 6.10%  Negative increase 44.617
2013[169] 454.3 Increase 4,660 Increase 11,546.1 Increase 272.2 Increase 2,792 Increase 7.20%  Negative increase 44.414
2012[170] 419.6 Increase 4,380 Increase 10,564.9 Increase 250.2 Increase 2,611 Increase 6.80%  Positive decrease 41.192
2011 386.1 Increase 4,098 Increase 9,706.3 Increase 224.1 Increase 2,379 Increase 3.60%  Negative increase 43.928
2010 365.3 Increase 3,945 Increase 9,003.5 Increase 199.6 Increase 2,155 Increase 7.63%  Positive decrease 43.885
2009 335.4 Increase 3,685 Increase 8,026.1 Increase 168.5 Decrease 1,851 Decrease 1.15%  Positive decrease 46.356
2008 329.0 Increase 3,636 Increase 7,720.9 Increase 173.6 Increase 1,919 Increase 4.15%  Negative increase 47.485
2007 309.9 Increase 3,493 Increase 6,892.7 Increase 149.4 Increase 1,684 Increase 7.12%  Positive decrease 41.401
2006 283.5 Increase 3,255 Increase 6,271.2 Increase 122.2 Increase 1,405 Increase 5.24%  Positive decrease 49.132
2005 261.0 Increase 3,061 Increase 5,677.8 Increase 103.1 Increase 1,209 Increase 4.78%  Positive decrease 53.067
2004 242.7 Increase 2,905 Increase 5,120.4 Increase 91.4 Increase 1,093 Increase 6.70%  Negative increase 56.267
2003 222.7 Increase 2,720 Increase 4,548.1 Increase 83.9 Increase 1,025 Increase 4.97%  Negative increase 55.569
2002 207.8 Increase 2,591 Increase 4,198.3 Increase 81.4 Increase 1,014 Increase 3.65%  Negative increase 53.096
2001 197.3 Increase 2,511 Increase 3,888.8 Increase 76.3 Decrease 971 Decrease 2.89%  Negative increase 51.404
2000 187.5 Increase 2,437 Increase 3,580.7 Increase 81.0 Decrease 1,053 Decrease 4.41%  Negative increase 49.998
1999 175.8 Increase 2,352 Increase 3,244.2 Increase 83.0 Increase 1,110 Increase 3.08%  Negative increase 40.313
1998 168.1 Increase 2,297 Decrease 2,952.8 Increase 73.8 Decrease 1,009 Decrease −0.58%  Positive decrease 39.059
1997 167.1 Increase 2,336 Increase 2,688.7 Increase 92.8 Decrease 1,297 Decrease 5.19%  Negative increase 39.975
1996 156.1 Increase 2,232 Increase 2,406.4 Increase 93.5 Increase 1,336 Increase 5.85%  Negative increase 26.288
1995 144.8 Increase 2,118 Increase 2,111.7 Increase 83.7 Increase 1,224 Increase 4.68%  Negative increase 26.214
1994 135.5 Increase 2,007 Increase 1,875.7 Increase 71.0 Increase 1,052 Increase 4.39%  Positive decrease 24.418
1993 127.1 Increase 1,929 Increase 1,633.6 Increase 60.2 Increase 914 Increase 2.12%  Negative increase 27.699
1992 121.8 Increase 1,891 Increase 1,497.5 Increase 58.7 Increase 912 Increase 0.34%  Positive decrease 25.096
1991 118.6 Increase 1,882 Increase 1,379.9 Increase 50.2 Increase 797 Increase −0.49%  Positive decrease 26.650
1990 115.2 Increase 1,873 Increase 1,190.5 Increase 48.9 Increase 796 Increase 3.04%  Negative increase 28.000
1989 107.6 Increase 1,791 Increase 1,025.3 Increase 47.3 Increase 786 Increase 6.21%  Negative increase 22.440
1988 97.6 Increase 1,663 Increase 885.5 Increase 42.0 Increase 715 Increase 6.75%  Negative increase 21.335
1987 88.4 Increase 1,540 Increase 756.5 Increase 36.8 Increase 641 Increase 4.31%  Negative increase 20.800
1986 82.4 Increase 1,471 Increase 674.6 Increase 33.1 Decrease 591 Decrease 3.42%  Negative increase 20.530
1985 77.9 Decrease 1,426 Decrease 633.6 Increase 34.1 Decrease 623 Decrease −7.30%  Positive decrease 19.032
1984 81.6 Decrease 1,530 Decrease 581.1 Increase 34.8 Decrease 652 Decrease −7.31%  Negative increase 19.760
1983 84.9 Increase 1,630 Increase 408.9 Increase 36.8 Decrease 707 Decrease 1.88%  Negative increase 14.002
1982 80.1 Increase 1,578 Increase 351.4 Increase 41.1 Increase 810 Increase 3.62%  Negative increase 9.171
1981 72.9 Increase 1,471 Increase 312.0 Increase 39.5 Increase 797 Increase 3.42%  Negative increase 8.200
1980 64.4 Increase 1,334 Increase 270.1 Increase 35.9 Increase 744 Increase 5.15%  Negative increase 7.600
1979 5.60%  Negative increase 7.415
1978 5.20%  Negative increase 7.375
1977 5.60%  Positive decrease 7.370
1976 8.00%  Positive decrease 7.428
1975 6.40%  Negative increase 7.498
1974 5.00%  Negative increase 7.065
1973 9.20%  Positive decrease 6.730
1972 4.80%  Negative increase 6.781
1971 4.90%  Negative increase 6.435
1970 4.60%  Negative increase 6.435
  1. ↑ Active ODA
  2. ↑ GDP growth at constant 1985/2000/2018 prices in Philippine pesos:[163][171][172][173]
  3. ↑ Direct quotation: PHP to buy 1 USD. (Source: Bangko Sentral ng Pilipinas)
  4. ↑ As a result of shutdown of businesses imposed by the lockdowns to contain the COVID-19 pandemic.

See also

[edit]

References

[edit]
  1. 1 2 3 WORLD ECONOMIC OUTLOOK: Global Economy in the Shadow of War (PDF). International Monetary Fund (Report). p. 123. Retrieved April 30, 2026.
  2. ↑ "World Bank: Country and Lending Groups".
  3. ↑ Mapa, Dennis (July 17, 2025). "2024 Census of Population (POPCEN) Population Counts Declared Official by the President". Philippine Statistics Authority. Retrieved May 10, 2026.
  4. 1 2 3 4 "IMF: Data Explorer". International Monetary Fund. Retrieved April 30, 2026.
  5. ↑ "GDP per capita growth (annual %), World Bank Group, accessed July 2026".
  6. 1 2 3 4 5 6 7 8 9 10 "PHILIPPINES: SELECTED ECONOMIC AND FINANCIAL INDICATORS" (PDF). Bangko Sentral ng Pilipinas. Archived (PDF) from the original on March 27, 2026.
  7. ↑ Mapa, Dennis. "Summary Inflation Report Consumer Price Index (2018=100): September 2026". Philippine Statistics Authority. Retrieved October 6, 2026.
  8. ↑ Mapa, Dennis. "Proportion of Poor Families Reduced to 6.4 Percent in 2025". Philippine Statistics Authority. Retrieved August 21, 2026.
  9. ↑ "Poverty headcount ratio at $4.20 a day (2021 PPP) (% of population) - Philippines". World Bank. Retrieved November 3, 2019.
  10. ↑ GINI Report - Philippines (Report). World Bank Group.
  11. 1 2 Human Development Report 2025 - A matter of choice: People and possibilities in the age of AI (PDF) (Report). United Nations Development Programme. p. 289. Archived (PDF) from the original on May 6, 2025.
  12. 1 2 3 Mapa, Dennis. "Unemployment Rate Declined to 5.3 Percent in August 2026". Philippine Statistics Authority. Retrieved October 7, 2026.
  13. ↑ Mapa, Dennis. "Average Monthly Wage Rate of Time-Rated Workers on Full-Time Basis in the Philippines was at PhP 21,544 in 2024". Philippine Statistics Authority. Retrieved November 25, 2025.
  14. ↑ Mapa, Dennis. "The Country's Total Gross Saving in 2025 expands to PhP 8.40 trillion". Philippine Statistics Authority. Retrieved June 25, 2026.
  15. 1 2 "Manufacturing". Department of Trade and Industry. Archived from the original on February 25, 2023. Retrieved February 25, 2023.
  16. 1 2 "Census of Philippine Business and Industry (CPBI)". Philippine Statistics Authority.
  17. 1 2 "Philippines (PHL) Exports, Imports, and Trade Partners". The Observatory of Economic Complexity.
  18. 1 2 Del Prado, Divina Gracia. "International Merchandise Trade Statistics of the Philippines for Agricultural Commodities, 2025". Philippine Statistics Authority. Retrieved March 26, 2026.
  19. 1 2 3 4 Del Prado, Divina Gracia. "International Merchandise Trade Statistics of the Philippines 2025". Philippine Statistics Authority. Retrieved March 26, 2026.
  20. 1 2 3 World Investment Report 2026: Philippines (PDF) (Report). United Nations Conference on Trade and Development. Archived (PDF) from the original on July 7, 2026.
  21. 1 2 "Special Data Dissemination Standards, Economic and Financial Data for the Philippines". Bangko Sentral ng Pilipinas. Retrieved August 8, 2026.
  22. ↑ "PHILIPPINES: BALANCE OF PAYMENT". Bangko Sentral ng Pilipinas. Retrieved March 28, 2024.
  23. ↑ "Gross International Reserves". Bangko Sentral ng Pilipinas. Retrieved August 8, 2026.
  24. ↑ 2025 DEPDev Annual Report (PDF) (Report). Pasig: Department of Economy, Planning, and Development. June 2026. Retrieved August 28, 2026.[dead link]
  25. ↑ "PHL ODA portfolio tops $41B at end of 2025". BusinessWorld. Manila. July 13, 2026. Retrieved August 28, 2026.
  26. ↑ "Philippines: Japan Credit Rating Agency, Ltd" (PDF). JCR. Retrieved May 10, 2026.
  27. ↑ "Philippines Outlook Revised To Stable On External Adversities; 'BBB+' Rating Affirmed". S&P Global Ratings. Retrieved April 8, 2026.
  28. ↑ Moaje, Marita. "Moody's affirms PH's 'BAA2' investment-grade credit rating". Philippine News Agency. Retrieved August 23, 2024.
  29. ↑ "Philippines". Fitch Ratings. Retrieved May 22, 2023.
  30. ↑ "The World Bank in the Philippines". World Bank. Retrieved March 21, 2022.
  31. ↑ "High Growth Potential for U.S. Agricultural Exports to the Philippines". USDA Foreign Agricultural Service. June 8, 2022. Macroeconomic Perspective. Archived from the original on June 13, 2022. Retrieved August 9, 2023.
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Notes

[edit]
  1. 1 2 Goods and services at current prices.
  2. ↑ The figures from previous national budget may not reflect the latest due to fiscal adjustments and developments.

Further reading

[edit]
[edit]
Trade
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