Main article: Economy of the Philippines

The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion.^[11] As a newly industrialized country,^[455][456] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.^[455][457] The country's labor force was around 49 million as of 2022, and its unemployment rate was 4.3 percent.^[458] Gross international reserves totaled US$100.761 million as of April 2023.^[459] Debt-to-GDP ratio decreased to 60.9 percent at the end of 2022 from a 17-year high 63.7 percent at the end of the third quarter of that year, and indicated resiliency during the COVID-19 pandemic.^[460] The country's unit of currency is the Philippine peso (₱^[461] or PHP^[462]).^[463]

The Philippines is a net importer,^{[293]: 55–56, 61–65, 77, 83, 111 [464]} and a debtor nation.^[465] As of 2020, the country's main export markets were China, the United States, Japan, Hong Kong, and Singapore;^[466] primary exports included integrated circuits, office machinery and parts, electrical transformers, insulated wiring, and semiconductors.^[466] Its primary import markets that year were China, Japan, South Korea, the United States, and Indonesia.^[466] Major export crops include coconuts, bananas, and pineapples; it is the world's largest producer of abaca,^{[8]: 226–242}and was the world's second biggest exporter of nickel ore in 2022,^[467] as well as the biggest exporter of gold-clad metals and the biggest importer of copra in 2020.^[466]

Filipinos planting rice. Agriculture employed 24 percent of the Filipino workforce as of 2022.^[458]

With an average annual growth rate of six to seven percent since around 2010, the Philippines has emerged as one of the world's fastest-growing economies,^[468] driven primarily by its increasing reliance on the service sector.^[469] Regional development is uneven, however, with Manila (in particular) gaining most of the new economic growth.^[470][471] Remittances from overseas Filipinos contribute significantly to the country's economy;^[472][469] they reached a record US$36.14 billion in 2022, accounting for 8.9 percent of GDP.^[473] The Philippines is the world's primary business process outsourcing (BPO) center.^[474][475] About 1.3 million Filipinos work in the BPO sector, primarily in customer service.^[476]