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_-_Flickr.jpg) Metro Manila, the economic center of thePhilippines | |
| Currency | Philippine peso (Filipino:piso;sign: ₱;code:PHP) |
|---|---|
| Calendar year | |
Trade organizations | ADB,AIIB,AFTA,APEC,ASEAN,EAS,G-24,RCEP,WTO and others |
Country group | |
| Statistics | |
| Population |  112,729,484 (2024)[3] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
GDP by component |
|
 2.0% (January 2026)[7] | |
Population belowpoverty line | |
 39.3medium (2023)[10] | |
 33 out of 100 points (2024,114th rank) | |
Labor force |
|
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | ₱21,544 / US$376 monthly (2024)[13] |
| Gross savings | ₱7.70 trillion (2024)[14] |
Main industries | |
| External | |
| Exports | $116.52 billion (2023)[17][6][note 1] |
Export goods |
|
Main export partners |
|
| Imports | $159.29 billion (2022)[17][6][note 1] |
Import goods |
|
Main import partners |
|
FDI stock | |
Grossexternal debt |
|
| Public finances | |
| |
| $112.51 billion (January 2026)[21][23] | |
| |
| Revenues |
|
| Expenses |
|
| Economic aid | recipient: $1.67 billion (2011)[24] |
| |
All values, unless otherwise stated, are inUS dollars. | |
Theeconomy of the Philippines is anemerging market, and considered as anewly industrialized country in theAsia-Pacific region.[29] In 2025, the Philippine economy is estimated to be at ₱28.50 trillion ($497.5 billion), making it the world's32nd largest by nominal GDP and9th largest inAsia according to theInternational 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.[30] The Philippines is a founding member of theUnited Nations,Association of Southeast Asian Nations,Asia-Pacific Economic Cooperation,East Asia Summit and theWorld Trade Organization.[31] TheAsian Development Bank (ADB) is headquartered in theOrtigas Center located in the city ofMandaluyong,Metro Manila.
The country's primary exports includesemiconductors andelectronic products,transport equipment,garments,chemical products,copper,nickel,abaca,coconut oil, andfruits. Its major trading partners includeJapan,China, theUnited States,Singapore,South Korea, theNetherlands,Hong Kong,Germany,Taiwan, andThailand.
In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050.[32] By 2035, the Filipino economy is predicted to be the 22nd largest in the world.[33]
The Philippines has been named as one of theTiger Cub Economies, alongsideIndonesia,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, reducingcorruption, and investing in the infrastructure necessary to ensure future growth.
In 2024, theWorld Economic Forum chiefBørge Brende said that "there is a real opportunity for this country to become a $2-trillion economy."[34]
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.[35] 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 calledGDP Density.[36][37]
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.[38] Also in 2025, a project called the "Luzon Economic Corridor" is on the works, which will further develop the Philippine economy.[39]
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.[40] However, the country is not a part of theGroup of 20 nations; instead, it is grouped in a second tier foremerging markets ornewly 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 (notablyMount Pinatubo eruption) caused slower growth
1993-97: Fast growth
1998: Minor recession due to the1997 Asian financial crisis
1999-2001: Recovery
2002: Recession due to theEDSA II Protest
2002-2008: Post-EDSA II recovery
2009: Effects of theGreat Recession
2010-2019: Philippines as aTiger 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 theInternational Monetary Fund.[41][42]
| 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)[a] | PHP:USD exchange rate[b][43] |
|---|---|---|---|---|---|---|---|
| 2025[4] | 1,479.4 | 12,934 | 28,502 | 497.5 | 4,349 | 4.40% | 58.805 |
| 2024[44] | 1,391.8 | 12,191 | 26,546 | 471.5 | 4,130 | 5.70% | 58.014 |
| 2023 | 1,278.6 | 11,326 | 24,276 | 436.6 | 3,720 | 5.60% | 55.567 |
| 2022 | 1,173.1 | 10,512 | 22,023 | 404.3 | 3,623 | 7.76% | 56.120 |
| 2021 | 994.6 | 9,043 | 19,390 | 393.7 | 3,579 | 5.60% | 50.774 |
| 2020[c] | 919.2 | 8,389 | 17,937.6 | 361.5 | 3,298 | −9.50% | 48.036 |
| 2019 | 1,005 | 9,295 | 19,514.4 | 376.8 | 3,485 | 6.00% | 50.744 |
| 2018 | 930.0 | 8,720 | 18,262.4 | 346.8 | 3,251 | 6.30% | 52.724 |
| 2017 | 854.0 | 8,120 | 15,556.4 | 328.5 | 3,123 | 6.70% | 49.923 |
| 2016 | 798.6 | 7,703 | 15,133.5 | 318.6 | 3,073 | 6.90% | 49.813 |
| 2015[45] | 741.0 | 6,547 | 13,307.3 | 292.4 | 2,863 | 5.80% | 47.166 |
| 2014[45] | 642.8 | 6,924 | 12,645.3 | 284.8 | 2,844 | 6.10% | 44.617 |
| 2013[46] | 454.3 | 4,660 | 11,546.1 | 272.2 | 2,792 | 7.20% | 44.414 |
| 2012[47] | 419.6 | 4,380 | 10,564.9 | 250.2 | 2,611 | 6.80% | 41.192 |
| 2011 | 386.1 | 4,098 | 9,706.3 | 224.1 | 2,379 | 3.60% | 43.928 |
| 2010 | 365.3 | 3,945 | 9,003.5 | 199.6 | 2,155 | 7.63% | 43.885 |
| 2009 | 335.4 | 3,685 | 8,026.1 | 168.5 | 1,851 | 1.15% | 46.356 |
| 2008 | 329.0 | 3,636 | 7,720.9 | 173.6 | 1,919 | 4.15% | 47.485 |
| 2007 | 309.9 | 3,493 | 6,892.7 | 149.4 | 1,684 | 7.12% | 41.401 |
| 2006 | 283.5 | 3,255 | 6,271.2 | 122.2 | 1,405 | 5.24% | 49.132 |
| 2005 | 261.0 | 3,061 | 5,677.8 | 103.1 | 1,209 | 4.78% | 53.067 |
| 2004 | 242.7 | 2,905 | 5,120.4 | 91.4 | 1,093 | 6.70% | 56.267 |
| 2003 | 222.7 | 2,720 | 4,548.1 | 83.9 | 1,025 | 4.97% | 55.569 |
| 2002 | 207.8 | 2,591 | 4,198.3 | 81.4 | 1,014 | 3.65% | 53.096 |
| 2001 | 197.3 | 2,511 | 3,888.8 | 76.3 | 971 | 2.89% | 51.404 |
| 2000 | 187.5 | 2,437 | 3,580.7 | 81.0 | 1,053 | 4.41% | 49.998 |
| 1999 | 175.8 | 2,352 | 3,244.2 | 83.0 | 1,110 | 3.08% | 40.313 |
| 1998 | 168.1 | 2,297 | 2,952.8 | 73.8 | 1,009 | −0.58% | 39.059 |
| 1997 | 167.1 | 2,336 | 2,688.7 | 92.8 | 1,297 | 5.19% | 39.975 |
| 1996 | 156.1 | 2,232 | 2,406.4 | 93.5 | 1,336 | 5.85% | 26.288 |
| 1995 | 144.8 | 2,118 | 2,111.7 | 83.7 | 1,224 | 4.68% | 26.214 |
| 1994 | 135.5 | 2,007 | 1,875.7 | 71.0 | 1,052 | 4.39% | 24.418 |
| 1993 | 127.1 | 1,929 | 1,633.6 | 60.2 | 914 | 2.12% | 27.699 |
| 1992 | 121.8 | 1,891 | 1,497.5 | 58.7 | 912 | 0.34% | 25.096 |
| 1991 | 118.6 | 1,882 | 1,379.9 | 50.2 | 797 | −0.49% | 26.650 |
| 1990 | 115.2 | 1,873 | 1,190.5 | 48.9 | 796 | 3.04% | 28.000 |
| 1989 | 107.6 | 1,791 | 1,025.3 | 47.3 | 786 | 6.21% | 22.440 |
| 1988 | 97.6 | 1,663 | 885.5 | 42.0 | 715 | 6.75% | 21.335 |
| 1987 | 88.4 | 1,540 | 756.5 | 36.8 | 641 | 4.31% | 20.800 |
| 1986 | 82.4 | 1,471 | 674.6 | 33.1 | 591 | 3.42% | 20.530 |
| 1985 | 77.9 | 1,426 | 633.6 | 34.1 | 623 | −7.30% | 19.032 |
| 1984 | 81.6 | 1,530 | 581.1 | 34.8 | 652 | −7.31% | 19.760 |
| 1983 | 84.9 | 1,630 | 408.9 | 36.8 | 707 | 1.88% | 14.002 |
| 1982 | 80.1 | 1,578 | 351.4 | 41.1 | 810 | 3.62% | 9.171 |
| 1981 | 72.9 | 1,471 | 312.0 | 39.5 | 797 | 3.42% | 8.200 |
| 1980 | 64.4 | 1,334 | 270.1 | 35.9 | 744 | 5.15% | 7.600 |
| 1979 | 5.60% | 7.415 | |||||
| 1978 | 5.20% | 7.375 | |||||
| 1977 | 5.60% | 7.370 | |||||
| 1976 | 8.00% | 7.428 | |||||
| 1975 | 6.40% | 7.498 | |||||
| 1974 | 5.00% | 7.065 | |||||
| 1973 | 9.20% | 6.730 | |||||
| 1972 | 4.80% | 6.781 | |||||
| 1971 | 4.90% | 6.435 | |||||
| 1970 | 4.60% | 6.435 | |||||
| |||||||
As anewly industrialized country, the Philippines is still an economy with a large agricultural sector; however, the country's service industry has expanded recently.[51] 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 asOverseas 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 theFitch Group andStandard & Poor's.[52] From more thanUS$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,[53] this significantly increased to a record US$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.[54]
As of 2022[update], agriculture employs 24 percent of the Filipino workforce[55] accounting for 8.9 percent of the total GDP.[56] The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.
The Philippines is theworld's third largest producer ofcoconuts, and the world's largest exporter of coconut products.[57]Coconut production is generally concentrated in medium-sized farms.[58] The Philippines is also theworld's third largest producer ofpineapples, producing 2,862,000 metric tons (2,817,000 long tons; 3,155,000 short tons) in 2021.[59]
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[update], accounting for 2.5 percent of global rice production.[60] Rice is the most important food crop, a staple food in most of the country;[61] it is produced extensively inCentral Luzon),Western Visayas,Cagayan Valley,Soccsksargen, andIlocos Region.[62][63]
The Philippines is one of thelargest producers of sugar in the world.[64] At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which theNegros 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 inNegros, 6 mills inLuzon, 4 mills inPanay, 3 mills inEastern Visayas and 3 mills inMindanao.[65] 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 theNegros Island Region, which accounts for 51 percent of sugarcane areas planted. This is followed byMindanao which accounts for 20 percent;Luzon with 17 percent;Panay with 7 percent andEastern Visayas with 4 percent.[66]
TheABS used inMercedes-Benz,BMW, andVolvo cars are made in the Philippines. Automotive sales in the Philippines increased to 467,252 in 2024 from 429,807 units a year prior.[67]Toyota sells the most vehicles in the country followed byMitsubishi,Ford,Nissan, andSuzuki.[67]Honda and Suzuki produce motorcycles in the country.[68] Since around the 2010s, several Chinese car brands have entered the Philippine market; these includeChery andFoton Motor.[69][70]
Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by bothBoeing andAirbus.Moog is the biggest aerospace manufacturer with base inBaguio; the company produces aircraft actuators in their manufacturing facility.[71] Total export output of aerospace products in the Philippines reached US$780 million in 2019.[72]
ATexas Instruments plant inBaguio has been operating for 20 years and is the largest producer ofDSP chips in the world.[73][74] Texas Instruments' Baguio plant produces all the chips used inNokiacell phones and 80% of chips used inEricsson cell phones in the world.[75]Toshibahard disk drives are manufactured inSanta Rosa, Laguna.[76] Printer manufacturerLexmark has a factory inCebu City.[77] Electronics and other light industries are concentrated in Laguna,Cavite,Batangas and otherCalabarzon provinces with sizable numbers found in Southern Philippines that account for most of the country's export.[78]
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.[79] 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.[80]
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 theassembly, 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.[81]
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.[82]
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.[83]
The Philippines is rich in mineral andgeothermal energy resources. In 2019, it produced 1,928 megawatts (2,585,000 hp) of electricity from geothermal sources (7.55% of totalelectricity production).[84] A 1989 discovery of natural gas reserves in theMalampaya oil fields off the island ofPalawan is being used to generate electricity in three gas-powered plants.[85] Philippinegold,nickel,copper,palladium andchromite deposits are among the largest in the world.[86][87] Other important minerals includesilver,coal,gypsum, andsulphur. Significant deposits ofclay,limestone,marble,silica, andphosphate 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.[citation needed] Philippine mineral exports amounted to US$4.22 billion in 2020.[88] 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 theSupreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.[89] In 2019, the country was the 2nd largest world producer of nickel[90] and the 4th largest world producer ofcobalt.[91] According toPhilippine 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.[92] 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.[52] In 2008, the Philippines has surpassed India as the world leader inbusiness process outsourcing (BPO).[93][94] 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[95] and is contributing to a growingmiddle class; this increased to around 1.3 million employees by 2022.[96] BPO facilities are concentrated inIT parks and centers ineconomic zones across the Philippines:[97]Metro Manila,Metro Cebu,Metro Clark,Bacolod,Davao City, andIloilo City; other areas with significant presence of the BPO industry includeBaguio,Cagayan de Oro,Dasmariñas,Dumaguete,Lipa,Naga, andSanta Rosa, Laguna.[98] The majority of the top ten BPO firms of the United States operate in the Philippines.[99]
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 spokenEnglish of a significant number of its people, and a highly educated labor pool.[100][101]
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.[102]
In addition to economic contributions, some Philippine call center companies have implemented programs aimed at promoting employee welfare, including wellness initiatives, incentive schemes, and career development support for staff. For example, certain firms have established employee assistance programs, flexible work arrangements, and internal recognition systems to improve workplace morale and retention. This reflects broader efforts within the BPO sector to enhance working conditions and support for employees.[103]
The Philippines has significantpotential in solar energy; however, as of 2021[update], most of the domestically produced electricity is based on fossil fuel resources, particularly coal.[104][105] The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.[84]
On November 15, 2022, therenewable 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. TheDepartment 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.[106] Danish firmCopenhagen 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 inCamarines Norte andCamarines Sur (1000 MW),Northern Samar (650 MW),Pangasinan andLa Union (350 MW).[107] In 2022, the share of RE in the energy mix was at 22.8 percent.[108]
The Philippines is a significant player in the globalshipbuilding industry[109] with 118 registeredshipyards in 2021[110] distributed inSubic,Cebu,[111]Bataan,Navotas andBatangas.[112][113] As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.[114] Subic-madecargo vessels are exported to countries where shipping operators are based. South Korea'sHanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.[115]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.[116]
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 inMetro Manila is expected to accommodate 96 vessels for repair.[117] Shipbuilding is part of Philippines' maritime heritage;[118] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.[119][120]
Tourism is an important sector for thePhilippine economy. The travel and tourism industry contributed 8.9% to the country'sGDP in 2024;[121] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.[122] Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector.[123] Popular destinations among tourists includeBoracay,Palawan,Cebu andSiargao. 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.[124] 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.[125]
As of 2024, 6.75 million Filipinos were employed in the tourism industry,[121] it generated ₱760.5 billion (US$13.1 billion) in revenue from foreign tourists, coming mostly from South Korea, the United States and Japan.[126] The country attracted a total of 5,360,682 foreign visitors in 2015 through its tourism campaign ofIt's More Fun in the Philippines![127] In 2019, foreign arrivals peaked at 8,260,913.[128]
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 byCordillera Administrative Region (8.7 percent), andDavao Region (8.15 percent).[129]
According to thePhilippine Statistics Authority (PSA), gross regional domestic product (GRDP) isGDP 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 | 6,309,290,637 | 32.33 | 442,597 | 0.03 | 1,230,125,141 | 20.89 | 5,078,722,899 | 42.65 | 462,779 |
| Cordillera | 322,093,866 | 1.65 | 27,045,337 | 1.57 | 77,990,725 | 1.32 | 217,057,804 | 1.82 | 179,752 |
| Ilocos Region | 629,772,047 | 3.23 | 104,471,256 | 6.07 | 192,218,332 | 3.26 | 333,082,459 | 2.80 | 120,512 |
| Cagayan Valley | 397,625,523 | 2.04 | 103,563,850 | 6.01 | 115,614,177 | 1.96 | 178,447,496 | 1.50 | 109,851 |
| Central Luzon | 2,177,046,900 | 11.15 | 231,995,441 | 13.47 | 950,969,430 | 16.15 | 994,082,029 | 8.35 | 179,840 |
| Calabarzon | 2,861,724,791 | 14.66 | 154,312,287 | 8.96 | 1,445,358,775 | 24.55 | 1,262,053,729 | 10.60 | 181,781 |
| Mimaropa | 377,014,287 | 1.93 | 64,116,478 | 3.72 | 125,427,469 | 2.13 | 187,470,340 | 1.57 | 120,240 |
| Bicol Region | 560,314,934 | 2.87 | 85,820,150 | 4.98 | 202,529,524 | 3.44 | 271,965,260 | 2.28 | 92,288 |
| Western Visayas | 916,379,059 | 4.70 | 144,256,702 | 8.38 | 194,479,931 | 3.30 | 577,642,425 | 4.85 | 116,946 |
| Central Visayas | 1,266,701,029 | 6.49 | 79,478,668 | 4.61 | 342,195,668 | 5.81 | 845,026,693 | 7.10 | 161,289 |
| Eastern Visayas | 465,694,628 | 2.39 | 61,219,158 | 3.55 | 181,914,842 | 3.09 | 222,560,628 | 1.87 | 99,492 |
| Zamboanga Peninsula | 397,206,561 | 2.04 | 74,695,151 | 4.34 | 110,467,600 | 1.88 | 212,043,810 | 1.78 | 105,798 |
| Northern Mindanao | 882,204,432 | 4.52 | 182,955,342 | 10.62 | 208,580,211 | 3.54 | 490,668,878 | 4.12 | 177,998 |
| Davao Region | 922,094,956 | 4.72 | 149,438,384 | 8.68 | 233,452,398 | 3.97 | 539,204,175 | 4.53 | 176,983 |
| Soccsksargen | 470,422,524 | 2.41 | 130,802,115 | 7.60 | 103,321,113 | 1.75 | 236,299,297 | 1.98 | 108,561 |
| Caraga | 306,308,490 | 1.57 | 39,908,783 | 2.32 | 109,464,024 | 1.86 | 156,935,683 | 1.32 | 112,489 |
| Bangsamoro | 254,523,606 | 1.30 | 87,689,432 | 5.09 | 63,191,105 | 1.07 | 103,643,069 | 0.87 | 55,151 |
| Total | 19,516,418,271 | 100.00 | 1,722,211,131 | 100.00 | 5,887,300,465 | 100.00 | 11,906,906,674 | 100.00 | 181,907 |
| Data as of October 21, 2020[130] | |||||||||
According to thePhilippine Statistics Authority (PSA), Provincial Product Account (PPA) isGDP 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[131]
Figures below are Provincial Product Accounts (PPA) forHighly 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[131]
| Organization | Report | As of | Change from previous | Ranking |
|---|---|---|---|---|
| Fraser Institute | Economic Freedom of the World | 2021 | 3 | 70 out of 144[132] |
| International Monetary Fund | GDP (PPP) | 2023 |  | 29th[133] |
| International Monetary Fund | GDP (nominal) | 2023 | 5 | 34th[134] |
| International Monetary Fund | GDP per capita (PPP) | 2023 | 3 | 116th[135] |
| International Monetary Fund | GDP per capita (nominal) | 2023 | 4 | 124th[136] |
| International Monetary Fund | Foreign exchange reserves | 2023 | | 28th[137] |
| The Heritage Foundation/The Wall Street Journal | Index of Economic Freedom | 2016 | 13 | 76 out of 178[138] |
| The World Factbook | External debt | 2023 | 3 | 35th[139] |
| United Nations | Human Development Index | 2021 | | 116 out of 191[140] |
| World Economic Forum | Global Competitiveness | 2019 | 8 | 64 out of 141[141] |
| World Economic Forum | Global Enabling Trade Report | 2014 | 8 | 64 out of 138[142] |
| World Economic Forum | Financial Development Index | 2012 | 5 | 49 out of 60[143] |
| World Bank | Ease of doing business index | 2014 | 13 | 95 out of 183[144] |
| 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[6] andUNCTAD[20] | ||||||||
GDP-related data can be foundhere:
The national government budget for 2025 has set the following budget allocations:[151][note 2]
| Budget allocation | (PHP, billions) | (USD, billions) | Difference from F.Y. 2024 |
|---|---|---|---|
| Department of Education | 977.6 | 16.78 | 0.89% |
| Department of Public Works and Highways | 900.0 | 15.44 | 10.88% |
| Department of Health | 297.6 | 5.11 | 0.36% |
| Department of the Interior and Local Government | 278.4 | 4.78 | 5.33% |
| Department of National Defense | 256.1 | 4.39 | 6.05% |
| Department of Social Welfare and Development | 230.1 | 3.95 | 0.78% |
| Department of Agriculture | 211.3 | 3.60 | 0.49% |
| Department of Transportation | 180.9 | 3.10 | 59.15% |
| The Judiciary | 63.6 | 1.09 | 5.35% |
| Department of Labor and Employment | 40.6 | 0.70 | 5.91% |
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