| Country: | the Philippines |
| Image Size: | 335px |
| Currency: | Philippine peso (Filipino: piso; sign: ₱; code: PHP) |
| Year: | Calendar year |
| Organs: | ADB, AIIB, AFTA, APEC, ASEAN, EAS, G-24, RCEP, WTO and others |
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| Average Gross Salary: | ₱18,423 / US$338 monthly (2022)[8] |
| Inflation: | 4.4% (July 2024)[9] |
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| Gini: | 41.2 (2021)[12] |
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| Cpi: | 34 out of 100 points (2023, 115th rank) |
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| Exports: | $115.26 billion (2022)[15] |
| Imports: | $159.29 billion (2022) |
| Savings: | ₱6.60 trillion (2023)[16] |
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| Reserves: | $106.738 billion (July 2024)[18] [19] |
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| Aid: | recipient: $1.67 billion (2011)[22] |
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| Cianame: | philippines |
| Spelling: | US |
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region.[27] 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 transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. 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.[28] 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.[29] 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.[30] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[31]
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 $2-trillion economy.”[32]
The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2014 reported it as the 39th largest economy in the world. The Philippines posted a high GDP growth rate of 7.6 percent in 2022.[33] However, the country is not a part of the Group of 20 nations; instead, it is grouped in a second tier for emerging markets or newly industrialized countries.
Notes for economic growth (1980-2023):
1980-82: Slower economic growth due to mismanagement----------------------------------1983-86: Recession due to factors like corruption----------------------------------1987-90: Recovery from 1984 crisis----------------------------------1991-1992: Inflation and natural disasters (notably Mount Pinatubo eruption) caused slower growth----------------------------------1993-97: Fast growth----------------------------------1998: Minor recession due to the 1997 Asian Financial Crisis----------------------------------1999: Recovery----------------------------------2002-2008: Post-EDSA II recovery----------------------------------2009: Effects of the Great Recession----------------------------------2010-2019: Philippines as a Tiger Economy----------------------------------2020: Coronavirus Outbreak----------------------------------2021-2023: Rebound ----------------------------------
A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[34] [35]
| Year | GDP (in Bil. US$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[36] | 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[37] | 454.3 | 4,660 | 11,546.1 | 272.2 | 2,792 | 7.20% | 42.45 |
| 2012[38] | 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% | ||||||