Economy of the Philippines
Newly industrialized, service-oriented economy in the Asia-Pacific.
The economy of the Philippines is an emerging market and a newly industrialized country in the Asia-Pacific region.
- World rank by nominal GDP
- 35th largest
- Asia rank by nominal GDP
- 14th largest
- Average annual growth rate (since 2010)
- around 6 percent
- Major trading partners
- Japan, China, United States, Singapore, South Korea, Netherlands, Hong Kong, Germany, Taiwan, Thailand
- Primary exports
- semiconductors, electronic products, transport equipment, garments, chemical products, copper, nickel, abaca, coconut oil, fruits
Lore & Background
The Philippines is a founding member of the United Nations, ASEAN, APEC, East Asia Summit, and the WTO. The Asian Development Bank is headquartered in Mandaluyong, Metro Manila. The country has been named one of the Tiger Cub Economies alongside Indonesia, Malaysia, Vietnam, and Thailand. Major problems remain, including income and growth disparities, corruption, and infrastructure needs.
Reader's Guide
The Philippine economy exhibits one of the highest economic densities in Southeast Asia, ranking third in GDP per square kilometer after Singapore and Brunei. The Luzon Economic Corridor project is underway, and the Philippines became the first country to put its entire national budget under blockchain technology. Agriculture employs 24% of the workforce and accounts for 8.9% of GDP. The country is the world's third largest producer of coconuts and pineapples, and the seventh largest rice producer. Electronics, automotive parts, and aerospace components are key industrial exports.
Did You Know?
- The Philippines is the world's third largest producer of coconuts and the largest exporter of coconut products.
- The Philippines is the first country to put its entire national budget under blockchain technology.
Frequently Asked Questions
Who is Economy of the Philippines?
Economy of the Philippines is an emerging-market, newly industrialized economy situated in the Asia-Pacific region. It currently sits at 35th globally and 14th within Asia when ranked by nominal GDP.
What are Economy of the Philippines's powers/role?
Its core strengths combine a service-oriented sector with manufacturing, exporting semiconductors, electronic goods, transport equipment, garments, chemical products, copper, nickel, abaca, coconut oil, and tropical fruits. This mix of high-tech and agricultural output defines its role in regional and global supply chains.
Who are Economy of the Philippines's main allies?
Its closest trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Together these nations form the backbone of its international commerce network.
How does Economy of the Philippines's story end?
The narrative is still unfolding rather than reaching a fixed conclusion. Since 2010 the economy has maintained an average annual growth rate of roughly six percent, continuing its arc as a newly industrialized, service-driven player in the region.
Why is Economy of the Philippines important?
As the 14th-largest economy in Asia by nominal GDP, it anchors critical flows of electronics, minerals, and agricultural goods into global markets. Its sustained ~6% growth since 2010 makes it one of the more dynamic mid-tier stories in the Asia-Pacific economic landscape.
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