Economy of the Philippines

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$161.0 billion (2009 est.)[1] (nominal 48th)

$1,746 (2009 est.)[4] (nominal 122nd)

The economy of the Philippines is the 4th largest economy in South East Asia and the 35th largest economy in the world by purchasing power parity according to the World Bank in 2009. A newly industrialized emerging market economy, it posted a real GDP growth rate of 5.3% in 2006 and 7.1% in 2007. Growth slowed to 3.8% in 2008 as a result of the global financial crisis. In 2009, the real growth rate was 0.9% but is projected to rebound to 7.5% in 2010.[1][4] For the first quarter of 2010 the economy grew by 7.3% which was higher than the 3.6% forecast.[11] At the end of the second quarter of 2010, GDP growth again exceeded expectations by coming in at 7.9%.[12] According to the IMF, the Philippines will be the second-fastest growing economy among the Asean 5 in 2010 with a forecasted growth rate of 7% after Thailand's 7.5%.[13]

A mixed economic system, important sectors of Philippine industry include food processing, textiles and garments, and electronics and automobile parts. Most industries are concentrated in the urban areas around Metro Manila, while Metro Cebu is also becoming an attraction for foreign and local investors. Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper. Recent natural gas finds off the islands of Palawan add to the country's geothermal, hydro, coal, and oil exploration energy reserves.

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