Economy of the Philippines

Template:Short description Template:Pp-pc Template:Use mdy dates Template:Use Philippine English Template:Template other The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2025, the Philippine economy is estimated to be at ₱28.50 trillion ($497.5 billion), making it the world's 32nd largest by nominal GDP and 9th 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."

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. 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.

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. Also in 2025, a project called the "Luzon Economic Corridor" is on the works, which will further develop the Philippine economy.

Overview

File:Historical GDP growth of the Philippines.png

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. 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

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1983-86: Recession due to factors like corruption

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1987-90: Recovery from 1984 crisis

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

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1993-97: Fast growth

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1998: Minor recession due to the 1997 Asian financial crisis

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1999-2001: Recovery

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2002: Recession due to the EDSA II Protest

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1999-2001: Recovery

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2002-2008: Post-EDSA II recovery

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2009: Effects of the Great Recession

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2010-2019: Philippines as a Tiger Economy

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2020: Coronavirus Outbreak

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2021-2023: Rebound

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A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.

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)Template:Efn	PHP:USD exchange rateTemplate:Efn
2025	1,479.4Increase	12,934Increase	28,502Increase	497.5Increase	4,349Increase	5.50%
2024	1,391.8Increase	12,191Increase	26,546Increase	471.5Increase	4,130Increase	5.70%	Template:IncreasenegativeTemplate:Thinsp57.29
2023	1,278.6Increase	11,326Increase	24,276Increase	436.6Increase	3,720Increase	5.60%	Template:IncreasenegativeTemplate:Thinsp55.63
2022	1,173.1Increase	10,512Increase	22,023Increase	404.3Increase	3,623Increase	7.76%	Template:IncreasenegativeTemplate:Thinsp54.47
2021	994.6Increase	9,043Increase	19,390Increase	393.7Increase	3,579Increase	5.60%	Template:DecreasepositiveTemplate:Thinsp49.25
2020Template:Efn	919.2Decrease	8,389Decrease	17,937.6Decrease	361.5Decrease	3,298Decrease	−9.50%	Template:DecreasepositiveTemplate:Thinsp49.62
2019	1,005Increase	9,295Increase	19,514.4Increase	376.8Increase	3,485Increase	6.00%	Template:DecreasepositiveTemplate:Thinsp51.79
2018	930.0Increase	8,720Increase	18,262.4Increase	346.8Increase	3,251Increase	6.30%	Template:IncreasenegativeTemplate:Thinsp52.66
2017	854.0Increase	8,120Increase	15,556.4Increase	328.5Increase	3,123Increase	6.70%	Template:IncreasenegativeTemplate:Thinsp50.40
2016	798.6Increase	7,703Increase	15,133.5Increase	318.6Increase	3,073Increase	6.90%	Template:IncreasenegativeTemplate:Thinsp47.50
2015	741.0Increase	6,547Decrease	13,307.3Increase	292.4Increase	2,863Increase	5.80%	Template:IncreasenegativeTemplate:Thinsp45.50
2014	642.8Increase	6,924Increase	12,645.3Increase	284.8Increase	2,844Increase	6.10%	Template:IncreasenegativeTemplate:Thinsp44.40
2013	454.3Increase	4,660Increase	11,546.1Increase	272.2Increase	2,792Increase	7.20%	Template:IncreasenegativeTemplate:Thinsp42.45
2012	419.6Increase	4,380Increase	10,564.9Increase	250.2Increase	2,611Increase	6.80%	Template:DecreasepositiveTemplate:Thinsp42.21
2011	386.1Increase	4,098Increase	9,706.3Increase	224.1Increase	2,379Increase	3.60%	Template:DecreasepositiveTemplate:Thinsp43.29
2010	365.3Increase	3,945Increase	9,003.5Increase	199.6Increase	2,155Increase	7.63%	Template:DecreasepositiveTemplate:Thinsp45.09
2009	335.4Increase	3,685Increase	8,026.1Increase	168.5Decrease	1,851Decrease	1.15%	Template:IncreasenegativeTemplate:Thinsp47.58
2008	329.0Increase	3,636Increase	7,720.9Increase	173.6Increase	1,919Increase	4.15%	Template:DecreasepositiveTemplate:Thinsp44.47
2007	309.9Increase	3,493Increase	6,892.7Increase	149.4Increase	1,684Increase	7.12%	Template:DecreasepositiveTemplate:Thinsp46.07
2006	283.5Increase	3,255Increase	6,271.2Increase	122.2Increase	1,405Increase	5.24%	Template:DecreasepositiveTemplate:Thinsp51.29
2005	261.0Increase	3,061Increase	5,677.8Increase	103.1Increase	1,209Increase	4.78%	Template:DecreasepositiveTemplate:Thinsp55.06
2004	242.7Increase	2,905Increase	5,120.4Increase	91.4Increase	1,093Increase	6.70%	Template:IncreasenegativeTemplate:Thinsp56.09
2003	222.7Increase	2,720Increase	4,548.1Increase	83.9Increase	1,025Increase	4.97%	Template:IncreasenegativeTemplate:Thinsp54.32
2002	207.8Increase	2,591Increase	4,198.3Increase	81.4Increase	1,014Increase	3.65%	Template:IncreasenegativeTemplate:Thinsp51.60
2001	197.3Increase	2,511Increase	3,888.8Increase	76.3Decrease	971Decrease	2.89%	Template:IncreasenegativeTemplate:Thinsp51.20
2000	187.5Increase	2,437Increase	3,580.7Increase	81.0Decrease	1,053Decrease	4.41%	Template:IncreasenegativeTemplate:Thinsp46.44
1999	175.8Increase	2,352Increase	3,244.2Increase	83.0Increase	1,110Increase	3.08%	Template:IncreasenegativeTemplate:Thinsp42.85
1998	168.1Increase	2,297Decrease	2,952.8Increase	73.8Decrease	1,009Decrease	−0.58%	Template:IncreasenegativeTemplate:Thinsp40.34
1997	167.1Increase	2,336Increase	2,688.7Increase	92.8Decrease	1,297Decrease	5.19%	Template:IncreasenegativeTemplate:Thinsp32.59
1996	156.1Increase	2,232Increase	2,406.4Increase	93.5Increase	1,336Increase	5.85%	Template:IncreasenegativeTemplate:Thinsp27.15
1995	144.8Increase	2,118Increase	2,111.7Increase	83.7Increase	1,224Increase	4.68%	Template:DecreasepositiveTemplate:Thinsp24.20
1994	135.5Increase	2,007Increase	1,875.7Increase	71.0Increase	1,052Increase	4.39%	Template:DecreasepositiveTemplate:Thinsp24.84
1993	127.1Increase	1,929Increase	1,633.6Increase	60.2Increase	914Increase	2.12%	Template:IncreasenegativeTemplate:Thinsp28.05
1992	121.8Increase	1,891Increase	1,497.5Increase	58.7Increase	912Increase	0.34%	Template:DecreasepositiveTemplate:Thinsp26.44
1991	118.6Increase	1,882Increase	1,379.9Increase	50.2Increase	797Increase	−0.49%	Template:IncreasenegativeTemplate:Thinsp27.61
1990	115.2Increase	1,873Increase	1,190.5Increase	48.9Increase	796Increase	3.04%	Template:DecreasepositiveTemplate:Thinsp22.90
1989	107.6Increase	1,791Increase	1,025.3Increase	47.3Increase	786Increase	6.21%	Template:DecreasepositiveTemplate:Thinsp23.03
1988	97.6Increase	1,663Increase	885.5Increase	42.0Increase	715Increase	6.75%	Template:IncreasenegativeTemplate:Thinsp23.26
1987	88.4Increase	1,540Increase	756.5Increase	36.8Increase	641Increase	4.31%	Template:IncreasenegativeTemplate:Thinsp19.07
1986	82.4Increase	1,471Increase	674.6Increase	33.1Decrease	591Decrease	3.42%	Template:IncreasenegativeTemplate:Thinsp18.42
1985	77.9Decrease	1,426Decrease	633.6Increase	34.1Decrease	623Decrease	−7.30%	Template:DecreasepositiveTemplate:Thinsp17.40
1984	81.6Decrease	1,530Decrease	581.1Increase	34.8Decrease	652Decrease	−7.31%	Template:IncreasenegativeTemplate:Thinsp17.61
1983	84.9Increase	1,630Increase	408.9Increase	36.8Decrease	707Decrease	1.88%	Template:IncreasenegativeTemplate:Thinsp12.11
1982	80.1Increase	1,578Increase	351.4Increase	41.1Increase	810Increase	3.62%	Template:IncreasenegativeTemplate:Thinsp9.47
1981	72.9Increase	1,471Increase	312.0Increase	39.5Increase	797Increase	3.42%	Template:IncreasenegativeTemplate:Thinsp9.32
1980	64.4Increase	1,334Increase	270.1Increase	35.9Increase	744Increase	5.15%	Template:IncreasenegativeTemplate:Thinsp7.78
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%
Template:Notelist

Composition by sector

File:Filipino Men at Work in Brunei.jpg

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. 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$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.

Agriculture

since 2022Template:Dated maintenance category (articles), 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 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 since 2019Template:Dated maintenance category (articles), 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 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 coconut grove in Dapitan
• A banana plantation in Padada
  A banana plantation in Padada
• Vast sugarcane plantations in Bacolod
  Vast sugarcane plantations in Bacolod
• A rice field in Bulacan
  A rice field in Bulacan
• Pineapples in a market in Laguna
  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 467,252 in 2024 from 429,807 units a year prior. Toyota sells the most vehicles in the country 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

File:Siemens NTBBA 40 183 340-100 - Texas Instruments TNETD3100GFN-3314.jpg

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. 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.

Semiconductor Industry

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.

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.

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.

Mining and extraction

File:Puhagan geothermal plant.jpg

Geothermal power station in Negros Oriental

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced 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

File:Teletech call cent BACOLOD.jpg

A business process outsourcing office in Cainta, Rizal

File:Asiatown IT Park.jpg

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. 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 presence 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

File:BulacanSol 126.jpg

Solar module installation in Bulacan

The Philippines has significant potential in solar energy; however, since 2021Template:Dated maintenance category (articles), most of the domestically produced electricity is based on fossil fuel resources, particularly coal. The country produced 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 ; 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

File:Hanjin Subic Shipyard panoramio 114271925.jpg

Hanjin Subic Shipyard in Subic, Zambales

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

File:Boracay White Beach - panoramio.jpg

Boracay white beach

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.

Region	GRDP (PHP, thousands)		Agriculture (PHP, thousands)		Industry (PHP, thousands)		Services (PHP, thousands)		GRDP per capita (PHP)
	#	%	#	%	#	%	#	%
Metro Manila	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	462,779
Cordillera	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	179,752
Ilocos Region	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	120,512
Cagayan Valley	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	109,851
Central Luzon	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	179,840
Calabarzon	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	181,781
Mimaropa	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	120,240
Bicol Region	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	92,288
Western Visayas	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	116,946
Central Visayas	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	161,289
Eastern Visayas	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	99,492
Zamboanga Peninsula	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	105,798
Northern Mindanao	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	177,998
Davao Region	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	176,983
Soccsksargen	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	108,561
Caraga	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	112,489
Bangsamoro	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	55,151
Total	Template:Number and percent	Template:Number and percent	Template:Number and percent	Template:Number and percent	181,907
Data as of October 21, 2020

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.

#	Province	Region	2022 PPA GDP (PHP)	2020 Popn.	PPA GDP per capita (PHP)
1	Metro Manila	Metro Manila	6,265,608,000,000	13,484,462	464,654
2	Laguna	Calabarzon	990,690,000,000	3,382,193	292,914
3	Cebu (incl. Cebu City, Lapu-Lapu City & Mandaue)	Central Visayas	937,750,000,000	5,151,274	182,042
4	Cavite	Calabarzon	731,390,000,000	4,344,829	168,336
5	Pampanga (incl. Angeles City)	Central Luzon	658,070,000,000	2,900,637	226,871
6	Batangas	Calabarzon	615,810,000,000	2,908,494	211,728
7	Bulacan	Central Luzon	604,710,000,000	3,708,890	163,043
8	Davao del Sur (incl. Davao City)	Davao Region	599,000,000,000	2,457,430	243,751
9	Misamis Oriental (incl. Cagayan de Oro)	Northern Mindanao	419,220,000,000	1,685,302	248,751
10	Negros Occidental (incl. Bacolod)	Western Visayas	379,200,000,000	3,223,955	117,620
11	Pangasinan	Ilocos Region	352,930,000,000	3,163,190	111,574
12	Iloilo (incl. Iloilo City)	Western Visayas	351,050,000,000	2,509,525	139,887
13	Rizal	Calabarzon	340,630,000,000	3,330,143	102,287
14	Nueva Ecija	Central Luzon	298,570,000,000	2,310,134	129,244
15	Leyte (incl. Tacloban)	Eastern Visayas	296,950,000,000	2,028,728	146,373
16	Quezon (incl. Lucena)	Calabarzon	264,460,000,000	2,229,383	118,625
17	South Cotabato (incl. General Santos)	Soccsksargen	263,830,000,000	1,672,791	157,718
18	Bataan	Central Luzon	256,890,000,000	853,373	301,029
19	Bukidnon	Northern Mindanao	248,750,000,000	1,541,308	161,389
20	Zamboanga del Sur (incl. Zamboanga City)	Zamboanga Peninsula	241,000,000,000	2,027,902	118,842
21	Benguet (incl. Baguio)	Cordillera	233,810,000,000	827,041	282,707
22	Camarines Sur	Bicol Region	194,840,000,000	2,068,244	94,206
23	Tarlac	Central Luzon	193,290,000,000	1,503,456	128,564
24	Isabela	Cagayan Valley	188,890,000,000	1,697,050	111,305
25	Palawan (incl. Puerto Princesa)	Mimaropa	180,320,000,000	1,246,673	144,641
26	Bohol	Central Visayas	171,090,000,000	1,394,329	122,704
27	Davao del Norte	Davao Region	168,610,000,000	1,125,057	149,868
28	Negros Oriental	Central Visayas	166,460,000,000	1,432,990	116,163
29	Cagayan	Cagayan Valley	148,780,000,000	1,268,603	117,279
30	Albay	Bicol Region	145,130,000,000	1,374,768	105,567
31	Zambales (incl.Olongapo)	Central Luzon	140,630,000,000	909,932	154,550
32	Lanao del Norte (incl. Iligan)	Northern Mindanao	136,850,000,000	1,086,017	126,011
33	Cotabato	Soccsksargen	120,350,000,000	1,490,618	80,738
34	Misamis Occidental	Northern Mindanao	119,380,000,000	617,333	193,380
35	La Union	Ilocos Region	118,600,000,000	822,352	144,220
36	Zamboanga del Norte	Zamboanga Peninsula	114,620,000,000	1,047,455	109,427
37	Oriental Mindoro	Mimaropa	109,400,000,000	908,339	120,440
38	Agusan del Norte (incl. Butuan)	Caraga	96,070,000,000	760,413	126,339
39	Ilocos Norte	Ilocos Region	93,100,000,000	609,588	152,726
40	Davao de Oro	Davao Region	93,100,000,000	767,547	121,296
41	Ilocos Sur	Ilocos Region	90,240,000,000	706,009	127,817
42	Masbate	Bicol Region	80,180,000,000	908,920	88,215
43	Surigao del Norte	Caraga	78,380,000,000	534,636	146,604
44	Maguindanao del Norte	Bangsamoro	78,010,000,000	943,500	82,682
45	Sorsogon	Bicol Region	74,560,000,000	828,655	89,977
46	Capiz	Western Visayas	74,380,000,000	804,952	92,403
47	Agusan del Sur	Caraga	74,220,000,000	739,367	100,383
48	Lanao del Sur	Bangsamoro	71,790,000,000	1,195,518	60,049
49	Sultan Kudarat	Soccsksargen	71,510,000,000	854,052	83,730
50	Antique	Western Visayas	70,690,000,000	612,974	115,323
51	Aklan	Western Visayas	63,570,000,000	615,475	103,286
52	Surigao del Sur	Caraga	63,190,000,000	642,255	98,388
53	Zamboanga Sibugay	Zamboanga Peninsula	60,390,000,000	669,840	90,156
54	Camarines Norte	Bicol Region	60,200,000,000	629,699	95,601
55	Samar	Eastern Visayas	57,860,000,000	793,183	72,947
56	Nueva Vizcaya	Cagayan Valley	57,790,000,000	497,432	116,177
57	Davao Oriental	Davao Region	55,450,000,000	576,343	96,210
58	Occidental Mindoro	Mimaropa	52,560,000,000	525,354	100,047
59	Sarangani	Soccsksargen	47,960,000,000	558,946	85,804
60	Sulu	Bangsamoro	44,970,000,000	1,000,108	44,965
61	Northern Samar	Eastern Visayas	44,340,000,000	639,186	69,369
62	Southern Leyte	Eastern Visayas	43,010,000,000	429,573	100,123
63	Maguindanao del Sur	Bangsamoro	38,230,000,000	723,758	52,822
64	Davao Occidental	Davao Region	37,900,000,000	317,159	119,498
65	Basilan (incl. Isabela)	Bangsamoro	34,240,000,000	556,586	61,518
66	Eastern Samar	Eastern Visayas	33,990,000,000	477,168	71,233
67	Aurora	Central Luzon	33,990,000,000	235,750	139,597
68	Romblon	Mimaropa	29,030,000,000	308,985	93,953
69	Catanduanes	Bicol Region	28,800,000,000	271,879	105,929
70	Kalinga	Cordillera	27,130,000,000	229,570	118,177
71	Ifugao	Cordillera	25,770,000,000	207,498	124,194
72	Tawi-Tawi	Bangsamoro	24,780,000,000	440,276	56,283
73	Abra	Cordillera	24,570,000,000	250,985	97,894
74	Marinduque	Mimaropa	21,650,000,000	239,207	90,507
75	Quirino	Cagayan Valley	21,140,000,000	203,828	103,715
76	Biliran	Eastern Visayas	16,190,000,000	179,312	90,290
77	Guimaras	Western Visayas	16,130,000,000	187,842	85,870
78	Mountain Province	Cordillera	14,890,000,000	158,200	94,121
79	Siquijor	Central Visayas	12,020,000,000	103,395	116,253
80	Dinagat Islands	Caraga	12,000,000,000	128,117	93,664
81	Apayao	Cordillera	11,500,000,000	124,366	92,469
82	Camiguin	Northern Mindanao	11,100,000,000	92,808	119,602
83	Batanes	Cagayan Valley	4,570,000,000	18,831	242,685

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.

#	City	Province	Region	Island Group	2022 PPA GDP (PHP)	2020 Popn.	PPA GDP per Capita (PHP)
1	Davao City	Davao del Sur	Davao Region	Mindanao	495,310,000,000	1,776,949	278,742
2	Cebu City	Cebu	Central Visayas	Visayas	288,640,000,000	964169	299,367
3	Cagayan de Oro	Misamis Oriental	Northern Mindanao	Mindanao	261,780,000,000	728402	359,389
4	Baguio	Benguet	Cordillera	Luzon	155,030,000,000	366,358	423,165
5	Lapu-Lapu	Cebu	Central Visayas	Visayas	151,420,000,000	497,604	304,298
6	Iloilo City	Iloilo	Western Visayas	Visayas	145,050,000,000	457,626	316,962
7	Zamboanga City	Zamboanga del Sur	Zamboanga Peninsula	Mindanao	139,470,000,000	977,234	142,719
8	Bacolod	Negros Occidental	Western Visayas	Visayas	132,810,000,000	600,783	221,062
9	Angeles	Pampanga	Central Luzon	Luzon	132,420,000,000	462,928	286,049
10	General Santos	South Cotabato	Soccsksargen	Mindanao	129,020,000,000	697,315	185,024
11	Mandaue	Cebu	Central Visayas	Visayas	109,580,000,000	364,116	300,948
12	Iligan	Lanao del Norte	Northern Mindanao	Mindanao	77,020,000,000	363,115	212,109
13	Butuan	Agusan del Norte	Caraga	Mindanao	57,370,000,000	372,910	153,844
14	Puerto Princesa	Palawan	Mimaropa	Luzon	53,080,000,000	307,079	172,855
15	Olongapo	Zambales	Central Luzon	Luzon	52,260,000,000	260,317	200,755
16	Tacloban	Leyte	Eastern Visayas	Visayas	51,530,000,000	251,881	204,581
17	Lucena	Quezon	Calabarzon	Luzon	46,620,000,000	278,924	167,142
18	Isabela	Basilan	Bangsamoro	Mindanao	11,760,000,000	130,379	90,199

source: Philippine Statistics Authority

International comparisons

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

Statistics

	2024	2023	2022	2021	2020	2019	2018	2017
Social Indicators
Population (in million)	112.19	111.9	110.9	110.1	109.2	107.3	105.8	104.2
Poverty (%)	-	15.5	-	18.1	-	-	16.6	-
Labor Force (in million)	51.81	51.2	49.0	47.7	43.9	42.4	41.2	40.3
Unemployment (%)	3.8	4.4	5.4	7.8	10.3	5.1	5.3	5.7
Wage Rates (Nominal ₱: end-of-period)	645.00	610.00	570.00	537.00	537.00	537.00	537.00	512.00
Inflation Rate (Constant 2018 prices; %)	3.2	6.0	5.8	3.9	2.4	2.4	5.2	2.9
External Sectors
Trade Balance (US$ million)	-68,744	-66,306	-69,701	-52,806	-33,775	-49,312	-50,972	-40,215
Export of Goods (US$ million)	55,012	55,257	57,710	54,228	48,212	53,477	51,977	51,814
Import of Goods (US$ million)	125,394	121,292	127,412	107,034	81,987	102,788	102,949	92,029
Current Account (US$ million; % of GDP)	-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)	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)	38,341	37,210	36,136	34,884	33,194	33,467	32,213	31,288
Foreign Reserves (US$ million)	106,234	103,725	96,130	108,794	110,115	87,836	79,189	81,567
FDI Flows (Inward; US$ million)	8,938	8,900	9,200	10,518	6,822	8,671	9,949	10,236
FDI Stock (Inward; US$ million)	125,533	118,985	112,965	113,711	103,193	94,593	82,997	73,016
Public Finances
Budget Balance (₱ billion; % of GDP)	-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)	4,419 (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)	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)	6.33	6.16	3.07	2.00	2.73	4.41	3.63	3.00
Public Debt (₱ billion; % of GDP)	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)	57.291	55.630	54.478	49.225	49.624	51.796	52.661	50.404
Sources: Bangko Sentral ng Pilipinas and UNCTAD

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 2025 has set the following budget allocations:Template:Efn

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%

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

Further reading

• 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.
• 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.
• 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 Template:Webarchive
• Philippine Stock Exchange
• Department of Tourism
• Philippine Economic Zone Authority

Trade

• World Bank Summary Trade Statistics Philippines 2020