In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.[34] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[35]
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.”[36]
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.[37] 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
A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.[38][39]
^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.[46] 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.[47] From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,[48] this significantly increased to a record US$37.2 billion in 2023 and represented 8.5 percent of the country's GDP.[49]
As of 2022[update], agriculture employs 24 percent of the Filipino workforce[50] accounting for 8.9 percent of the total GDP.[51] The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.
The Philippines is one of the largest producers of sugar in the world.[59] 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.[60] 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.[61]
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.[62]Toyota sells the most vehicles in the country;[62][63] this is followed by Mitsubishi, Ford, Nissan, and Suzuki.[62]Honda and Suzuki produce motorcycles in the country.[64] Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.[65][66]
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.[67] Total export output of aerospace products in the Philippines reached US$780 million in 2019.[68]
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.[75] 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.[76]
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.[81] 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.[82] In 2019, the country was the 2nd largest world producer of nickel[83] and the 4th largest world producer of cobalt.[84] 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.[85] Class A mineral resources are commercially recoverable that could contribute to economy annually.
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.[47] In 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO).[86][87] 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[88] and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.[89] BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines:[90]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.[91] The majority of the top ten BPO firms of the United States operate in the Philippines.[92]
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.[93][94]
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.[95]
The Philippines has significant potential in solar energy; however, as of 2021[update], most of the domestically produced electricity is based on fossil fuel resources, particularly coal.[96][97] The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.[77]
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.[98] 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).[99] In 2022, the share of RE in the energy mix was at 22.8 percent.[100]
Shipbuilding and repair
The Philippines is a significant player in the global shipbuilding industry[101] with 118 registered shipyards in 2021[102] distributed in Subic, Cebu,[103]Bataan, Navotas and Batangas.[104][105] As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.[106] 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.[107]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.[108]
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.[109] Shipbuilding is part of Philippines' maritime heritage;[110] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.[111][112]
Tourism is an important sector for the Philippine economy. The travel and tourism industry contributed 8.6% to the country's GDP in 2023;[113] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.[114] Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector.[115] 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.[116] 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.[117]
As of 2023, 6.21 million Filipinos were employed in the tourism industry[113] 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.[118] 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![119] In 2019, foreign arrivals peaked at 8,260,913.[120]
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.
According to the Philippine Statistics Authority (PSA), Provincial Product Account (PPA) is GDP measured at provincial levels. Figures below are for the year 2022.
Figures below are Provincial Product Accounts (PPA) for Highly Urbanized Cities (HUC) or Independent Cities. No data available for cities within Metro Manila.
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[16][17]
^International Monetary Fund. (October 2010).
The Philippine Stock Exchange, It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927. It currently maintains two trading floors, one at the Ayala Tower One in the Makati Central Business District, and one at its headquarters in Pasig. The PSE is composed of a 15-man Board of Directors, chaired by Jose T. Pardo.
World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2015]. Retrieved 2011-01-31 from the World Economic Outlook Database.
^"Homepage |". Semiconductor and Electronics Industries in the Philippines Foundation. Archived from the original on September 20, 2023. Retrieved April 19, 2023.
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.
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.
العلاقات الهندية الإثيوبية الهند إثيوبيا الهند إثيوبيا تعديل مصدري - تعديل العلاقات الهندية الإثيوبية هي العلاقات الثنائية التي تجمع بين الهند وإثيوبيا.[1][2][3][4][5] مقارنة بين البلدين هذه مقارنة عامة ومرجعية للدولتين: وجه المقارنة اله�...
French footballer (born 1999) Ibrahima Konaté Konaté playing for Liverpool in 2021Personal informationFull name Ibrahima KonatéDate of birth (1999-05-25) 25 May 1999 (age 24)Place of birth Paris, FranceHeight 1.94 m (6 ft 4 in)[1]Position(s) Centre-back[2]Team informationCurrent team LiverpoolNumber 5Youth career2009–2014 Paris FC2014–2017 SochauxSenior career*Years Team Apps (Gls)2016–2017 Sochaux II 9 (1)2017 Sochaux 12 (1)2017–2021 RB Leipzig ...
Malaysian politician In this Malay name, there is no surname or family name. The name Yatim is a patronymic, and the person should be referred to by their given name, Rais. Yang Berbahagia Tan Sri Dato' Seri Utama Dr.Rais YatimPSM SJMK SPMP SSAP SPNS SPDK DSNSرئيس يتيم8th Menteri Besar of Negeri SembilanIn office12 July 1978 – 29 April 1982MonarchJa'afarPreceded byMansor OthmanSucceeded byMohd Isa Abdul SamadConstituencyPertang18th President o...
Young TurksSingel oleh Rod Stewartdari album Tonight I'm YoursSisi-BTora, Tora, Tora (Out With the Boys)Dirilis17 Oktober 1981Direkam1981GenreSynth-pop[1]new wave[2]pop elektro[3]Durasi5:04LabelWarner Bros.PenciptaRod StewartCarmine AppiceDuane HitchingsKevin SavigarProduserJim CreganRod StewartKronologi singel Rod Stewart Tonight I'm Yours (Don't Hurt Me) (1981) Young Turks (1981) How Long (1982) Video musikYoung Turks di YouTubeAudioYoung Turks di YouTube Young Turks...
تحتاج هذه المقالة كاملةً أو أجزاءً منها لإعادة الكتابة حسبَ أسلوب ويكيبيديا. فضلًا، ساهم بإعادة كتابتها لتتوافق معه. كتائب الشهيد عز الدين القسام شعار : كتائب الشهيد عز الدين القسام ﴿فَلَمْ تَقْتُلُوهُمْ وَلَكِنَّ اللَّهَ قَتَلَهُمْ﴾ [الأنفال:17]شعار : كتائب �...
Drogön Chögyal Phagpa, salah satu dari lima pendiri mazhab Sakyapa dalam Buddhisme Tibet. Zhogön Qögyä Pagba, Zhogoin Qoigyai Phagspa atau Drogön Chögyal Phagpa (Tibet: འགྲོ་མགོན་ཆོས་རྒྱལ་འཕགས་པ་; Wylie: 'Gro mgon Chos rgyal 'Phags pa; juga ditulis Dongon Choegyal Phakpa, Dromtön Chögyal Pagpa, etc.), lahir dengan nama Lochö Gyäcän atau Lochoi Gyaicain (1235–1280), adalah pemimpin kelima mazhab Sakya dalam Buddhisme Ti...
Medical conditionLymphangiomatosisOther namesLYMFLung biopsy showing infiltration of lymphatic tissue. Lymphangiomatosis is a condition where a lymphangioma is not present in a single localised mass, but in a widespread or multifocal manner. It is a rare type of tumor which results from an abnormal development of the lymphatic system.[1] It is thought to be the result of congenital errors of lymphatic development occurring prior to the 20th week of gestation.[2] Lymphangiomato...
В Википедии есть статьи о других людях с именем Мария Медичи. Мария Медичиитал. Maria dei Medici фр. Marie de Médicis П. П. Рубенс. Портрет Марии Медичи. 1622Прадо, Мадрид Королева Франции 17 декабря 1600 — 14 мая 1610 Коронация 13 мая 1610 Предшественник Маргарита де Валуа Преемник Анна Авс�...
Macroeconomic relationship between defense spending and civilian welfare Guns and Butter redirects here. For the song, see Guns and Butter (song). For the videogame, see The Global Dilemma: Guns or Butter. The production possibilities frontier (PPF) for guns versus butter. Points like X that are outside the PPF are impossible to achieve. Points such as B, C, and D illustrate the trade-off between guns and butter: at these levels of production, producing more of one requires producing less of ...
Election for the governor of North Dakota For related races, see 1950 United States gubernatorial elections. 1950 North Dakota gubernatorial election ← 1948 November 7, 1950 1952 → Nominee Norman Brunsdale Clyde G. Byerly Party Republican Democratic Popular vote 121,822 61,950 Percentage 66.29% 33.71% County resultsBrunsdale: 50–60% 60–70% 70–80% ...
Penyelam skuba sedang mengamati ikan dan koral Early ideas of autonomous under-water systems appear in Twenty Thousand Leagues Under the Sea Selam skuba adalah penggunaan alat pernapasan bebas untuk berada bawah air dalam waktu lama untuk penyelaman rekreasi dan penyelaman profesional. Biasanya penyelam berenang di bawah air, tetapi berjalan dan penggunaan kendaraan propulsi penyelam juga dimungkinkan. Kata SCUBA merupakan sebuah akronim untuk Self Contained Underwater Breathing Apparatus, te...
Romano Prodi Romano Prodi en 2014. Fonctions Ministre italien de la Justice(intérim) 17 janvier – 7 février 2008(21 jours) Président du Conseil Lui-même Gouvernement Prodi II Prédécesseur Clemente Mastella Successeur Luigi Scotti Président de l'assemblée nationale du Parti démocrate italien 14 octobre 2007 – 16 avril 2008(6 mois et 2 jours) Secrétaire Walter Veltroni Prédécesseur Parti fondé Successeur Rosy Bindi Président du Conseil des ministres d'Italie 17...
Municipio de Leroy Municipio Ubicación en el condado de Audubon en el estado de Iowa Ubicación de Iowa en EE. UU.Coordenadas 41°43′50″N 94°55′14″O / 41.730555555556, -94.920555555556Entidad Municipio • País Estados Unidos • Estado Iowa • Condado AudubonSuperficie • Total 95.59 km² • Tierra 95.59 km² • Agua 0 km²Altitud • Media 437 m s. n. m.Población (2000) • Tot...
Since the early 20th century, Jamaica has won 42 Commonwealth Golds, 14 World Championship Golds and 17 Olympic gold medals in athletics alone. Jamaica has a population of 2.85 million people, making it the 138th most populous country in the world. History Early times Some of the first noted sprinters of Jamaican origin were Alfred R. Downer and G. C. Foster. Downer was Scottish national champion in the 100, 220, and 440 yards events for three consecutive years from 1893, but later lost his ...
В Википедии есть статьи о других людях с фамилией Эду. Морис Эду Общая информация Родился 18 апреля 1986(1986-04-18)[1][2][…] (38 лет)Фонтана, Калифорния, США Гражданство США[2] Рост 183 см Позиция полузащитник Информация о клубе Клуб завершил карьеру Молодёжные клубы 2004...
تشكيلات منتخبات كأس العالم 2014معلومات عامةجزء من كأس العالم 2014 الرياضة كرة القدم البلد البرازيل بتاريخ 2014 تشكيلات منتخبات كأس العالم 2018 تعديل - تعديل مصدري - تعديل ويكي بيانات قوائم فرق كأس العالم لكرة القدم 2014، كما هو الحال مع في بطولة كأس العالم 2010، فكل منتخب مشارك في البط�...
كأس بلغاريا 1957 تفاصيل الموسم كأس بلغاريا النسخة 17 البلد بلغاريا المنظم اتحاد بلغاريا لكرة القدم البطل ليفسكي صوفيا كأس بلغاريا 1956 كأس بلغاريا 1958–59 تعديل مصدري - تعديل كأس بلغاريا 1957 (بالبلغارية: Купа на Съветската армия 1957) هو موسم من كأس بلغار�...