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Economy of the Philippines

Metro Manila, the economic center of the Philippines
Currency	Philippine peso (Filipino: piso; sign: ₱; code: PHP)
Fiscal year	Calendar year
Trade organizations	ADB, AIIB, AFTA, APEC, ASEAN, EAS, G-24, RCEP, WTO and others
Country group	Developing/Emerging Lower-middle income economy Newly industrialized country
Statistics
Population	109,035,343 (12th) (2020 census) 114,163,719 (2024 estimate)
GDP	$471.516 billion (nominal; 2024 est.) $1.392 trillion (PPP; 2024 est.)
GDP rank	32nd (nominal; 2024 est.) 28th (PPP; 2024 est.)
GDP growth	5.6% (2023) 6.2% (2024f) 6.2% (2025f)
GDP per capita	$4,130 (nominal; 2024 est.) $12,191 (PPP; 2024 est.)
GDP per capita rank	124th (nominal; 2024 est.) 113th (PPP; 2024 est.)
GDP by sector	Agriculture: 8.6% Industry: 29.1% Services: 62.3% (2023)
GDP by component	Household consumption 73.1% Government consumption 14.2% Gross capital formation 23.1% Exports of goods and services 27.4% Less: Imports of goods and services 39.2% Other source 10.6% (2023)
Inflation (CPI)	1.9% (September 2024)
Population below poverty line	15.5% (2023) 18.0% on less than $3.65/day (2021)
Gini coefficient	41.2 medium (2021)
Human Development Index	0.710 high maximum (2022, 113th) 0.590 medium real (2022, IHDI)
Corruption Perceptions Index	34 out of 100 points (2023, 115th rank)
Labor force	50.28 million 66.0% participation rate (June 2024 est.)
Labor force by occupation	Agriculture: 21.1% Industry: 20.2% Services: 58.7% (June 2024 est.)
Unemployment	3.1% 1.62 million unemployed (June 2024 est.)
Average gross salary	₱18,423 / US$338 monthly (2022)
Gross savings	₱6.60 trillion (2023)
Main industries	Electronics assembly aerospace/parts agribusiness automotive/parts IT and business process outsourcing food processing furnitures pharmaceuticals petrochemicals metal casting and mining shipbuilding textile tourism
External
Exports	$115.26 billion (2022)
Export goods	Electronic products 56.9% Agricultural products 8.7% Manufactured goods 5.4% Mineral products 4.2% Ignition wirings 3.6% Machinery and Transport equipment 3.3% Other 17.9% (2023)
Main export partners	United States 15.7%  ASEAN 15.2%  China 14.8%  Japan 14.2%  Hong Kong 12.0%  European Union 11.4% Other 16.7% (2023)
Imports	$159.29 billion (2022)
Import goods	Electronic products 21.1% Mineral fuels 15.9% Agricultural products 14.2% Transport equipment 9.9% Iron and steel 4.5% Industrial machinery 4.4% Other 30.0% (2023)
Main import partners	ASEAN 29.9%  China 23.3%  Japan 8.2%  South Korea 6.7%  United States 6.7%  European Union 6.2% Other 19.0% (2023)
FDI stock	$118.98 billion (Inward, 2023) $68.27 billion (Outward, 2023)
Current account	-$11.20 billion -2.6% of GDP (2023)
Gross external debt	$125.39 billion 28.7% of GDP (2023p)
Public finances
Government debt	₱14.62 trillion ($263.03 billion) 60.2% of GDP (2023)
Budget balance	-₱1.51 trillion (-$27.21 billion) −6.2% of GDP (2023)
Revenues	₱3.82 trillion ($68.81 billion) 15.7% of GDP (2023)
Expenses	₱5.34 trillion ($99.63 billion) 22.0% of GDP (2023)
Economic aid	recipient: $1.67 billion (2011)
Credit rating	Japan Credit Rating Agency: A− (Domestic/Foreign) A− (Bonds) Outlook: Stable Standard & Poor's: BBB+ (Domestic/Foreign) BBB+ (T&C Assessment) Outlook: Positive Moody's: Baa2 Outlook: Stable Fitch: BBB (Domestic/Foreign) BBB+ (Country Ceiling) Outlook: Stable
Foreign reserves	$107.46 billion (November 2024)
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. 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 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. 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. 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. By 2035, the Filipino economy is predicted to be the 22nd largest in the world.

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.”

Overview

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. 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: 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.

•   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)	PHP:USD exchange rate
2024	1,391.8	12,191	26,546	471.5	4,130	6.2%	-
2023	1,278.6	11,326	24,276	436.6	3,720	5.60%	55.63
2022	1,173.1	10,512	22,023	404.3	3,623	7.76%	54.47
2021	994.6	9,043	19,390	393.7	3,579	5.60%	49.25
2020	919.2	8,389	17,937.6	361.5	3,298	−9.50%	49.62
2019	1,005	9,295	19,514.4	376.8	3,485	6.00%	51.79
2018	930.0	8,720	18,262.4	346.8	3,251	6.30%	52.66
2017	854.0	8,120	15,556.4	328.5	3,123	6.70%	50.40
2016	798.6	7,703	15,133.5	318.6	3,073	6.90%	47.50
2015	741.0	6,547	13,307.3	292.4	2,863	5.80%	45.50
2014	642.8	6,924	12,645.3	284.8	2,844	6.10%	44.40
2013	454.3	4,660	11,546.1	272.2	2,792	7.20%	42.45
2012	419.6	4,380	10,564.9	250.2	2,611	6.80%	42.21
2011	386.1	4,098	9,706.3	224.1	2,379	3.60%	43.29
2010	365.3	3,945	9,003.5	199.6	2,155	7.63%	45.09
2009	335.4	3,685	8,026.1	168.5	1,851	1.15%	47.58
2008	329.0	3,636	7,720.9	173.6	1,919	4.15%	44.47
2007	309.9	3,493	6,892.7	149.4	1,684	7.12%	46.07
2006	283.5	3,255	6,271.2	122.2	1,405	5.24%	51.29
2005	261.0	3,061	5,677.8	103.1	1,209	4.78%	55.06
2004	242.7	2,905	5,120.4	91.4	1,093	6.70%	56.09
2003	222.7	2,720	4,548.1	83.9	1,025	4.97%	54.32
2002	207.8	2,591	4,198.3	81.4	1,014	3.65%	51.60
2001	197.3	2,511	3,888.8	76.3	971	2.89%	51.20
2000	187.5	2,437	3,580.7	81.0	1,053	4.41%	46.44
1999	175.8	2,352	3,244.2	83.0	1,110	3.08%	42.85
1998	168.1	2,297	2,952.8	73.8	1,009	−0.58%	40.34
1997	167.1	2,336	2,688.7	92.8	1,297	5.19%	32.59
1996	156.1	2,232	2,406.4	93.5	1,336	5.85%	27.15
1995	144.8	2,118	2,111.7	83.7	1,224	4.68%	24.20
1994	135.5	2,007	1,875.7	71.0	1,052	4.39%	24.84
1993	127.1	1,929	1,633.6	60.2	914	2.12%	28.05
1992	121.8	1,891	1,497.5	58.7	912	0.34%	26.44
1991	118.6	1,882	1,379.9	50.2	797	−0.49%	27.61
1990	115.2	1,873	1,190.5	48.9	796	3.04%	22.90
1989	107.6	1,791	1,025.3	47.3	786	6.21%	23.03
1988	97.6	1,663	885.5	42.0	715	6.75%	23.26
1987	88.4	1,540	756.5	36.8	641	4.31%	19.07
1986	82.4	1,471	674.6	33.1	591	3.42%	18.42
1985	77.9	1,426	633.6	34.1	623	−7.30%	17.40
1984	81.6	1,530	581.1	34.8	652	−7.31%	17.61
1983	84.9	1,630	408.9	36.8	707	1.88%	12.11
1982	80.1	1,578	351.4	41.1	810	3.62%	9.47
1981	72.9	1,471	312.0	39.5	797	3.42%	9.32
1980	64.4	1,334	270.1	35.9	744	5.15%	7.78
1979						5.60%
1978						5.20%
1977						5.60%
1976						8.00%
1975						6.40%
1974						5.00%
1973						9.20%
1972						4.80%
1971						4.90%
1970						4.60%
GDP growth at constant 1985 prices in Philippine pesos: Direct quotation: PHP to buy 1 USD. As a result of shutdown of businesses imposed by the lockdowns to contain the COVID-19 pandemic.

Composition by sector

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. 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. From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994, this significantly increased to a record US$37.2 billion in 2023 and represented 8.5 percent of the country's GDP.

Agriculture

As of 2022, agriculture employs 24 percent of the Filipino workforce accounting for 8.9 percent of the total GDP. 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. Coconut production is generally concentrated in medium-sized farms. 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.

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, accounting for 2.5 percent of global rice production. Rice is the most important food crop, a staple food in most of the country; it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, Soccsksargen, and Ilocos Region.

The Philippines is one of the largest producers of sugar in the world. 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. 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.

• A coconut grove in Dapitan
• A banana plantation in Padada
• Vast sugarcane plantations in Bacolod
• A rice field in Bulacan
• Pineapples in a market in Laguna

Automotive and aerospace

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 352,596 units in 2022 from 268,488 units a year prior. Toyota sells the most vehicles in the country; this is followed by Mitsubishi, Ford, Nissan, and Suzuki. Honda and Suzuki produce motorcycles in the country. Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.

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. Total export output of aerospace products in the Philippines reached US$780 million in 2019.

Electronics

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world. 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. Toshiba hard disk drives are manufactured in Santa Rosa, Laguna. Printer manufacturer Lexmark has a factory in Cebu City. 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.

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. 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.

Mining and extraction

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

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. In 2019, the country was the 2nd largest world producer of nickel and the 4th largest world producer of cobalt. 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. Class A mineral resources are commercially recoverable that could contribute to economy annually.

Offshoring and outsourcing

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

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.

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.

Renewable energy resources

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. The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.

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. 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). In 2022, the share of RE in the energy mix was at 22.8 percent.

Shipbuilding and repair

The Philippines is a significant player in the global shipbuilding industry with 118 registered shipyards in 2021 distributed in Subic, Cebu, Bataan, Navotas and Batangas. As of 2022, it is the seventh largest shipbuilding nation by gross tonnage. 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. 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.

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

Tourism

Tourism is an important sector for the Philippine economy. The travel and tourism industry contributed 8.6% to the country's GDP in 2023; this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns. Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector. 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. 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.

As of 2023, 6.21 million Filipinos were employed in the tourism industry and as of September 2023, the Philippines generated ₱316.9 billion ($5.5 billion) in revenue from tourists, coming mostly from South Korea, the United States and Japan. 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! In 2019, foreign arrivals peaked at 8,260,913.

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).

According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2019.

Provincial Accounts

According to the Philippine Statistics Authority (PSA), Provincial Product Account (PPA) is GDP measured at provincial levels. Figures below are for the year 2022.

source: Philippine Statistics Authority

City Accounts

Figures below are Provincial Product Accounts (PPA) for Highly Urbanized Cities (HUC) or Independent Cities. No data available for cities within Metro Manila.

source: Philippine Statistics Authority

International comparisons

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

Statistics

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
• Electricity – production: 106,115 GWh (2021)
• Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish
• Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper, nickel, petroleum products, coconut oil, fruits
• Imports – commodities/products: electronic products, machinery, telecommunication and transport equipment, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits
• Manufacturing Growth: 5.9% (April 2024)
• PMI Manufacturing: 52.2 (April 2024)
• Yield Curve: 10-Year Bond 6.70% (June 2024)
• Net International Investment Position: –$51.317 billion (2023 est.)

Government budget

The national government budget for 2024 has set the following budget allocations:

Budget allocation	(PHP, billions)	(USD, billions)	Difference from F.Y. 2023
Department of Education	924.7	16.56	3.30%
Department of Public Works and Highways	822.2	14.72	8.05%
Department of Health	306.1	5.48	2.73%
Department of the Interior and Local Government	259.5	4.65	2.49%
Department of National Defense	279.9	4.97	16.49%
Department of Transportation	214.3	3.84	102.17%
Department of Social Welfare and Development	209.9	3.74	5.17%
Department of Agriculture	181.4	3.25	4.49%
The Judiciary	57.8	1.06	5.28%
Department of Labor and Employment	40.5	0.73	14.01%

See also

• Bamboo network
• Emerging markets
• List of companies of the Philippines
• List of largest companies in the Philippines
• Newly industrialized country
• Tiger Cub Economies

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Notes

1. ^ 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

• Balisacan, Arsenio; Hal Hill (2003). The Philippine Economy: Development, Policies, and Challenges. New York: Oxford University Press. p. 496. ISBN 978-0-19-515898-4. Archived from the original on June 28, 2011.
• Balisacan, Arsenio; Hal Hill (2007). The Dynamics of Regional Development: The Philippines in East Asia (PDF). Cheltenham, UK: Edward Elgar. Archived from the original (PDF) on December 8, 2010.
• Bhagwati, Jagdish and Anne Krueger. (1974). Foreign Trade Regimes and Economic Development. National Bureau of Economic Research.
• Hawes, Gary, And Ruth T. Mcvey. (2018) "Marcos, His Cronies, and the Philippines' Failure to Develop." Southeast Asian Capitalists (Cornell University Press, 2018) pp. 145–160.
• Hutchcroft, Paul D. (1998). Booty Capitalism: The Politics of Banking in the Philippines. Cornell University Press. ISBN 9781501738630.
• Kang, David C. (2002). Crony Capitalism – Corruption and Development in South Korea and the Philippines. Cambridge University Press. ISBN 978-0-521-00408-4.
• Krinks, Peter. The economy of the Philippines: Elites, inequalities and economic restructuring (Routledge, 2003_.
• Villegas, Bernardo. (2010). The Philippine Advantage (3rd ed.). Manila: University of Asia and the Pacific.
• Yang, Lan, et al. "Can an island economy be more sustainable? A comparative study of Indonesia, Malaysia, and the Philippines." Journal of Cleaner Production 242 (2020): 118572.
• The Impact of Trade on Employment in the Philippines: Country Report (PDF). Makati City, Philippines: International Labour Organization. April 2019. ISBN 978-92-2-133021-9. Archived from the original (PDF) on January 24, 2022.
• State of the Philippine Islands (1821) online
• Philippines – Asia's new tiger economy
• Philippines' opportunity point

External links

• Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
• Department of Trade and Industry
• Department of Finance Archived February 28, 2009, at the Wayback Machine
• Philippine Stock Exchange
• Department of Tourism
• Philippine Economic Zone Authority

Trade

• World Bank Summary Trade Statistics Philippines 2020

v t e Economy of the Philippines
History	Monetary evolution Martial Law Laurel–Langley Agreement 1997 Asian financial crisis NIC Tiger Cub Economies Asian Century Financial crisis of 2007–08 Largest projects
Industry and Business	Agriculture Automotive Business outsourcing Energy Power plants Gambling Internet Radio Telecommunications Television Companies
Economic Regions	North Luzon Agribusiness Quadrangle Metro Luzon Urban Beltway Central Philippines Region Mindanao Super Region Cyber Corridor
Finance	Fiscal policy Central Bank Philippine peso Stock Exchange Billionaires
Trade and Infrastructure	Transportation Tourism Waterworks Shipping
Taxation	Tax System Bureau of Internal Revenue
Institutions	Department of Energy Department of Finance Department of Trade and Industry Action For Economic Reforms

• Economy of the Philippines
• World Trade Organization member economies