This is an accepted version of this page The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region.

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.

[33] The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand.

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 (notably Mount Pinatubo eruption) caused slower growth 1993-97: Fast growth 1998: Minor recession due to the 1997 Asian Financial Crisis 1999-2001: Recovery 2002: Recession due to the EDSA II Protest 1999-2001: Recovery 2002-2008: Post-EDSA II recovery 2009: Effects of the Great Recession 2010-2019: Philippines as a Tiger 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 the International Monetary Fund.

[46] 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.

[51] The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

[63] Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.

[64][65] Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus.

[67] A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.

[72] 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.

[76] 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.

[citation needed] 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.

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 2011, BPO sector employment ballooned to over 700,000 people[87] and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.

[91] Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment.

[94] The Philippines has significant potential in solar energy; however, as of 2021[update], most of the domestically produced electricity is based on fossil fuel resources, particularly coal.

[99] The Philippines is a significant player in the global shipbuilding industry[100] with 118 registered shipyards in 2021[101] distributed in Subic, Cebu,[102] Bataan, Navotas and Batangas.

[107] Surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites.

[108] Shipbuilding is part of Philippines' maritime heritage;[109] employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.

The travel and tourism industry contributed 8.6% to the country's GDP in 2023;[112] this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns.

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.

[115] 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.