Philippines Economy in a Nutshell

The country of Philippines is very small in terms of its land area but let me tell you that this is the fifth largest in terms of financial position in the South East Asia region. Philippines economy is a mixed economic system with lots of contributions from various sectors like the agriculture, industry and services.

Actually, the government of Philippines is now turning its attention towards being a highly industrialized nation and they have found great success according to their plans. It is now regarded as the newly industrialized emerging market in the world.

Current Status:

Philippines economy is very interesting in the sense that this country is silently moving towards the so called superstardom in terms of the economic status. This country is ranked thirty sixth in terms of the purchasing power parity by the International Monetary Fund.

This country is a rapidly improving nation and its GDP growth rate suggests this trend in a precise manner.


The economy of Philippines showed a steady growth rate with the GDP growth rates consistently maintained at 7.5% for quite a few years until it reduced to 4.5% during the year 2008 and 2009 mainly because of the financial crisis. This is outstanding in the sense that most other developing as well as developed countries faced a slide in their growth rate whereas Philippines still maintained a positive growth.

Major Exports:

The major commodities that are exported out of Philippines are electronic and electrical goods comprising of semiconductors, circuits and circuit chips. This country also exports fair quantities of petroleum and petroleum products to other countries like the United States, United Kingdom and Japan.

Other important exports that generate revenue for the economy of Philippines are copper equipments, textiles and garments, wood, coconut oil etc. Philippines will soon reach greater heights if it goes at this rate in the next three or four years.