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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [ 31 ] 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.
A typical micro business is a business that employs nine people or fewer, with assets of ₱3 million and below. In the Philippines, about 90 percent of all businesses are categorized as micro businesses. These consist of enterprises engaged in industry, agribusiness and or services, whether single proprietorship, cooperative, partnership or ...
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
An estimated 800,000 sari-sari stores hold a significant portion of the domestic retail market and the country’s GDP. 13 percent or ₱1.3 trillion of the Philippines GDP of ₱9.7 trillion in the year 2011 came from retail, which is composed largely of micro, small, and medium-sized enterprises (MSMEs) or small businesses like sari-sari stores.
The development of the Philippines as a source of raw materials and as a market for European manufactures created much local wealth. Many Filipinos prospered. Everyday Filipinos also benefited from the new economy with the rapid increase in demand for labor and availability of business opportunities.
One of the most dynamic and fastest growing sectors in the Philippines is the information technology – business process outsourcing (IT-BPO) industry. The industry is composed of eight sub-sectors, namely, knowledge process outsourcing and back offices, animation, call centers, software development, game development, engineering design, and ...
During the administration of former Philippine president Ferdinand Marcos (1965–1986) select businesses were favored and patronized by Marcos, receiving financial support, sole patronage, tax exemptions, and control over entire industries rendering these businesses as monopolies. [1] [2] [3] Friends and relatives of Marcos acquired staggering ...
On July 31, 2022, the Philippines produced 1,792,102 metric tons of raw sugar and 737,254 metric tons of refined sugar, marking decreases of 16.18% and 2.84%, respectively, compared to the previous year. The projected raw sugar production for the crop year 2021-2022 was 1.80 million metric tons, a 16% drop from the previous year’s 2,143,018 ...