Economy of the Philippines#Statistics

{{further|Economic history of the Philippines}}

File:Historical GDP growth of the Philippines.png

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.{{cite news |last1=Esmael |first1=Lisbet |title=Strongest since 1976: PH records 7.6% economic growth in 2022 |url=http://www.cnnphilippines.com/business/2023/1/26/PH-economy-Q4-2022.html |access-date=March 18, 2023 |work=CNN Philippines |date=January 26, 2023 |url-status=dead |archive-url=https://web.archive.org/web/20230126031719/http://www.cnnphilippines.com/business/2023/1/26/PH-economy-Q4-2022.html |archive-date=January 26, 2023 }} However, the country is not a part of the Group of 20 nations; instead, it is grouped in a second tier for emerging markets or newly industrialized countries.

Notes for economic growth (1980-2023):

1980-82: Slower economic growth due to mismanagement

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1983-86: Recession due to factors like corruption

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1987-90: Recovery from 1984 crisis

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1991-1992: Inflation and natural disasters (notably Mount Pinatubo eruption) caused slower growth

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1993-97: Fast growth

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1998: Minor recession due to the 1997 Asian Financial Crisis

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1999-2001: Recovery

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2002: Recession due to the EDSA II Protest

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1999-2001: Recovery

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2002-2008: Post-EDSA II recovery

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2009: Effects of the Great Recession

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2010-2019: Philippines as a Tiger Economy

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2020: Coronavirus Outbreak

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2021-2023: Rebound

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A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.International Monetary Fund. (April 2012). [http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weorept.aspx?sy=1980&ey=2017&ssm=1&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=40&pr1.y=11&c=566&s=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CNID_NGDP%2CNGSD_NGDP%2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CTM_RPCH%2CTMG_RPCH%2CTX_RPCH%2CTXG_RPCH%2CTXGO%2CTMGO%2CLUR%2CLP%2CGGR%2CGGR_NGDP%2CGGX%2CGGX_NGDP%2CGGXCNL%2CGGXCNL_NGDP%2CGGXONLB%2CGGXONLB_NGDP%2CGGXWDG%2CGGXWDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a=#cs1 World Economic Outlook Data, By Country – Philippines: [selected annual data for 1980–2017]]. Retrieved 2012-06-23 from the World Economic Outlook Database.{{Cite web |date=April 2010 |title=World Economic Outlook (WEO) Database April 2010 – Report for Selected Countries and Subjects – Philippines and United States |website=International Monetary Fund |url=http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.aspx?pr.x=67&pr.y=9&sy=1980&ey=2015&ssm=1&scsm=1&ssd=1&sort=subject&ds=.&br=1&=566%2C111&=NGDP_R%2CNGDP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDPDPC%2CNGAP_NPGDP%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CNID_NGDP%2CNGSD_NGDP%2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CFLIBOR6%2CLUR%2CLE%2CLP%2CGGXCNL%2CGGXCNL_NGDP%2CGGSB%2CGGSB_NPGDP%2CGGXWDN%2CGGXWDN_NGDP%2CGGXWDG%2CGGXWDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a=#sNGDP}}

{{hlist

| {{legend-inline|#9F9|outline=#aaa|Indicates economic growth}}

| {{legend-inline|#F99|outline=#aaa|Indicates contraction / recession}}

| {{legend-inline|#ADD|outline=#aaa|Indicates IMF forecast}}

}}

File:Filipino Men at Work in Brunei.jpg

As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, the country's service industry has expanded recently.{{Citation |title=Philippines |date=September 27, 2021 |url=https://www.cia.gov/the-world-factbook/countries/philippines/#economy |work=The World Factbook |access-date=October 11, 2021 |publisher=Central Intelligence Agency |language=en}} 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 as Overseas 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 the Fitch Group and Standard & Poor's.{{Cite web |last=del Rosario |first=King |title=MBA Buzz: More Funds in the Philippines |url=http://e.globis.jp/article/000253.html |website=Globis |url-status=dead |archive-url=https://web.archive.org/web/20140407063110/http://e.globis.jp/article/000253.html |archive-date=April 7, 2014 |access-date=June 11, 2013 }} From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994,{{Cite book |last=Starr |first=Kevin |url=https://books.google.com/books?id=fw5N5qg5BHQC&pg=PA159 |title=Coast of Dreams |date=June 22, 2011 |publisher=Knopf Doubleday Publishing Group |isbn=978-0-307-79526-7 |page=159}} this significantly increased to a record US$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.{{cite news |last=Gonzalez |first=Anna Leah |title=Remittances from overseas Filipinos hit all-time high in 2024 |work=Philippine News Agency |url=https://www.pna.gov.ph/articles/1244195 |archive-url=https://archive.today/20250217230828/https://www.pna.gov.ph/articles/1244195 |archive-date=February 17, 2025 |url-status=live}}

{{Further|Agriculture in the Philippines}}

{{As of|2022}}, agriculture employs 24 percent of the Filipino workforce{{Cite press release |title=Employment situation as of December 2022 |url=https://psa.gov.ph/content/unemployment-rate-december-2022-estimated-43-percent |access-date=February 8, 2023 |website=Philippine Statistics Authority}} accounting for 8.9 percent of the total GDP.{{Cite web |title=Agriculture shared (%) of the total GDP |url=https://psa.gov.ph/national-accounts/sector/Agriculture,%20Forestry%20and%20Fishing#:~:text=The%20AFF%20accounted%20for%209.4,share%20in%20the%20previous%20year. |access-date=February 22, 2023 |website=Philippine Statistics Authority}} The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

The Philippines is the world's third largest producer of coconuts, and the world's largest exporter of coconut products.{{Cite book |last1=Behnassi |first1=Mohamed |url=https://books.google.com/books?id=rXmWEAAAQBAJ |title=The Food Security, Biodiversity, and Climate Nexus |last2=Gupta |first2=Himangana |last3=Baig |first3=Mirza Barjees |last4=Noorka |first4=Ijaz Rasool |date=October 20, 2022 |publisher=Springer Nature |isbn=978-3-031-12586-7 |page=[https://books.google.com/books?id=rXmWEAAAQBAJ&pg=PA252 252] |language=en |access-date=March 3, 2023}} Coconut production is generally concentrated in medium-sized farms.{{Cite book |last1=Hayami |first1=Yūjirō |url=https://books.google.com/books?id=6qGEpP8nI4MC&pg=PA108 |title=Toward an alternative land reform paradigm: a Philippine perspective |last2=Quisumbing |first2=Maria Agnes R. |last3=Adriano |first3=Lourdes S. |publisher=Ateneo de Manila University Press |year=1990 |isbn=978-971-11-3096-1 |page=108 |access-date=November 15, 2011}} The Philippines is also the world's third largest producer of pineapples, producing {{convert|2862000|MT}} in 2021.{{Cite web |title=World pineapple production by Country |website=Statista |url=https://www.statista.com/statistics/298517/global-pineapple-production-by-leading-countries/ |access-date=September 27, 2020}}

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|lc=y}}, accounting for 2.5 percent of global rice production.{{cite web |title=This is how much rice is produced around the world - and the countries that grow the most |url=https://www.weforum.org/agenda/2022/03/visualizing-the-world-s-biggest-rice-producers/ |website=World Economic Forum |access-date=April 25, 2023 |archive-url=https://web.archive.org/web/20220309182049/https://www.weforum.org/agenda/2022/03/visualizing-the-world-s-biggest-rice-producers/ |archive-date=March 9, 2022 |language=en |date=March 9, 2022}} Rice is the most important food crop, a staple food in most of the country;{{Cite book |last=Narvaez-Soriano |first=Nora |url=https://books.google.com/books?id=pqBX_CDwVKsC |title=A Guide to Food Selection, Preparation and Preservation |date=1994 |publisher=Rex Book Store, Inc. |isbn=978-971-23-0114-8 |page=[https://books.google.com/books?id=pqBX_CDwVKsC&pg=PA120 120] |language=en |access-date=March 11, 2023}} it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, Soccsksargen, and Ilocos Region.{{cite news |title=Top 10 Rice Farming Regions in the Philippines |url=https://mindanaotimes.com.ph/2022/01/30/top-10-rice-farming-regions-in-the-philippines/ |access-date=April 25, 2023 |work=Mindanao Times |date=January 30, 2022 |archive-url=https://web.archive.org/web/20220131052558/https://mindanaotimes.com.ph/2022/01/30/top-10-rice-farming-regions-in-the-philippines/ |archive-date=January 31, 2022 |url-status=dead }}{{cite news |last1=Agoot |first1=Liza |title=PH logs highest rice production rate at 19.44M metric tons: DA |url=https://www.pna.gov.ph/articles/1125473 |access-date=April 25, 2023 |work=Philippine News Agency |date=December 22, 2020 |archive-url=https://web.archive.org/web/20201227000109/https://www.pna.gov.ph/articles/1125473 |archive-date=December 27, 2020}}

The Philippines is one of the largest producers of sugar in the world.{{Cite web |title=ESS Website ESS : Statistics home |url=http://www.fao.org/es/ess/top/commodity.html?lang=en&item=156&year=2005 |website=Food and Agriculture Organization of the United Nations |access-date=March 3, 2015}} At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which the Negros 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 in Negros, 6 mills in Luzon, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.{{Cite web |title=Historical Statistics |url=http://www.sra.gov.ph/historical-statistics/ |website=Sugar Regulatory Administration |access-date=March 3, 2015 |archive-date=December 9, 2022 |archive-url=https://web.archive.org/web/20221209012536/https://www.sra.gov.ph/historical-statistics/ |url-status=dead }} A range from {{convert|360000|to|390000|ha}} are devoted to sugarcane production. The largest sugarcane areas are found in the Negros Island Region, which accounts for 51 percent of sugarcane areas planted. This is followed by Mindanao which accounts for 20 percent; Luzon with 17 percent; Panay with 7 percent and Eastern Visayas with 4 percent.{{Cite book |title=Master Plan For the Philippine Sugar Industry |publisher=Sugar Master Plan Foundation, Inc. |year=2010 |page=7}}

File:Sitio Bobonao, Dapitan street.jpg|A coconut grove in Dapitan

File:Banana Plantation, Padada.JPG|A banana plantation in Padada

File:Sugarcane plantations Bacolod Philippines.jpg|Vast sugarcane plantations in Bacolod

File:JfHallSchool9156SPutikSanIldefonsoBulfvf 05.JPG|A rice field in Bulacan

File:CalauanLagunajf4387 06.JPG|Pineapples in a market in Laguna

{{Main|Automotive industry in the Philippines}}

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 467,252 in 2024 from 429,807 units a year prior.{{cite news |last=Crismundo |first=Kris |title=PH vehicle assemblers post record-high sales in 2024 |language=en |work=Philippine News Agency |url=https://www.pna.gov.ph/articles/1241744 |access-date=January 14, 2025}} Toyota sells the most vehicles in the country followed by Mitsubishi, Ford, Nissan, and Suzuki. Honda and Suzuki produce motorcycles in the country.{{Cite web |last=Oslowski |first=Justin |date=March 25, 2003 |title=Automotive Production in the Philippines |url=http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html |archive-url=https://web.archive.org/web/20071208161345/http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr115011e.html |archive-date=December 8, 2007 |access-date=December 11, 2007 |website=Innovation, Science and Economic Development Canada |url-status=dead }} Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.{{cite news |last1=Panganiban |first1=Ira |title=Chinese cars and ride-hailing cars |url=https://www.manilatimes.net/2023/03/14/fast-times/chinese-cars-and-ride-hailing-cars/1882629 |access-date=April 7, 2023 |work=The Manila Times |date=March 14, 2023 |archive-url=https://web.archive.org/web/20230314224036/https://www.manilatimes.net/2023/03/14/fast-times/chinese-cars-and-ride-hailing-cars/1882629 |archive-date=March 14, 2023 |language=en}}{{cite news |last1=Tan |first1=Alyssa Nicole O. |title=Foton plans expansion with six new dealership locations |url=https://www.bworldonline.com/corporate/2022/05/23/449988/foton-plans-expansion-with-six-new-dealership-locations/ |access-date=April 7, 2023 |work=BusinessWorld |date=May 22, 2022 |archive-url=https://web.archive.org/web/20220522215046/https://www.bworldonline.com/corporate/2022/05/23/449988/foton-plans-expansion-with-six-new-dealership-locations/ |archive-date=May 22, 2022}}

Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio; the company produces aircraft actuators in their manufacturing facility.{{cite tech report |last1=Bamber |first1=Penny |last2=Frederick |first2=Stacey |last3=Gereffi |first3=Gary |title=The Philippines in the Aerospace Global Value Chain |url=https://www.researchgate.net/publication/305000155_The_Philippines_in_the_Aerospace_Global_Value_Chain |website=ResearchGate |publisher=Duke University Center on Globalization, Governance and Competitiveness |access-date=August 10, 2023 |pages=vi, 47, 50, 52, 54 |date=May 2016}} Total export output of aerospace products in the Philippines reached US$780 million in 2019.{{Cite news |date=January 27, 2022 |title=Aerospace Industry supports RCEP |work=Philippine Information Agency |url=https://pia.gov.ph/press-releases/2022/01/27/aerospace-industry-supports-rcep |access-date=March 3, 2023}}

File:Siemens NTBBA 40 183 340-100 - Texas Instruments TNETD3100GFN-3314.jpg

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.{{cite news |last1=Gatdula |first1=Donnabelle |title=TransCo installs 50-MVA transformer in Benguet |url=https://www.philstar.com/business/2006/01/30/319205/transco-installs-50-mva-transformer-benguet |access-date=April 23, 2023 |work=The Philippine Star |date=January 30, 2006 |archive-url=https://web.archive.org/web/20230423144951/https://www.philstar.com/business/2006/01/30/319205/transco-installs-50-mva-transformer-benguet |archive-date=April 23, 2023}}{{cite press release |last1=Chiu |first1=Rey Anthony |title=Intel Phils manager debunks negative perception |url=http://archives.pia.gov.ph/?m=12&fi=p070713.htm&no=60 |access-date=April 23, 2023 |work=Philippine Information Agency |date=July 13, 2007 |archive-url=https://web.archive.org/web/20230423145202/http://archives.pia.gov.ph/?m=12&fi=p070713.htm&no=60 |archive-date=April 23, 2023}} Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world.{{Cite news |title=Texas Instruments in Baguio retrenches 392 employees |date=January 9, 2009 |url=http://www.cn-c114.net/577/a376549.html |url-status=dead |archive-url=https://web.archive.org/web/20100706052822/http://www.cn-c114.net/577/a376549.html |archive-date=July 6, 2010 |access-date=October 12, 2012 |work=C114 - China Communication Network}} Toshiba hard disk drives are manufactured in Santa Rosa, Laguna.{{cite news |last1=Osorio |first1=Ma. Elisa |title=Toshiba unit to expand RP operations |url=https://www.philstar.com/business/2009/02/20/441440/toshiba-unit-expand-rp-operations |access-date=April 23, 2023 |work=The Philippine Star |date=February 20, 2009 |archive-url=https://web.archive.org/web/20201126134714/https://www.philstar.com/business/2009/02/20/441440/toshiba-unit-expand-rp-operations |archive-date=November 26, 2020}} Printer manufacturer Lexmark has a factory in Cebu City.{{cite web |title=Contact Lexmark |url=https://www.lexmark.com/en_ph/contact-lexmark.html |website=Lexmark Philippines |access-date=April 7, 2023 |archive-url=https://web.archive.org/web/20221206174820/https://www.lexmark.com/en_ph/contact-lexmark.html |archive-date=December 6, 2022 |language=en}} 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.{{cite report |editor-last1=Intarakumnerd |title=Fostering Production and Science and Technology Linkages to Stimulates Innovation in ASEAN |last1=Reyes-Macasaquit |first1=Mari-Len |url=https://www.eria.org/uploads/media/Research-Project-Report/RPR_FY2009_7-4_Chapter_4.pdf |chapter=4: Case Study of the Electronics Industry in the Philippines: Linkages and Innovation |publisher=Economic Research Institute for ASEAN and East Asia |access-date=April 23, 2023 |archive-url=https://web.archive.org/web/20190819054705/https://www.eria.org/uploads/media/Research-Project-Report/RPR_FY2009_7-4_Chapter_4.pdf |archive-date=August 19, 2019 |pages=146–147 |date=2010}}

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.{{Cite web |url=https://www.seipi.org.ph/homepage/ |website=Semiconductor and Electronics Industries in the Philippines Foundation |title=Homepage | |access-date=April 19, 2023 |archive-date=September 20, 2023 |archive-url=https://web.archive.org/web/20230920145022/https://www.seipi.org.ph/homepage/ |url-status=dead }} 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.{{Cite press release |title=Highlights of the 2022 Annual International Merchandise Trade Statistics of the Philippines|url=https://psa.gov.ph/statistics/annual-foreign-trade/node/1684041680 |url-status=live |archive-url=https://web.archive.org/web/20230803045603/https://psa.gov.ph/statistics/annual-foreign-trade/node/1684041680 |access-date=April 1, 2023 |archive-date=August 3, 2023 |website=PSA}}

File:Puhagan geothermal plant.jpg station in Negros Oriental]]

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced {{convert|1928|MW}} of electricity from geothermal sources ({{#expr:1928 / 25531 * 100 round 2}}% of total electricity production).{{Cite report |last=Power Planning and Development Division, Electric Power Industry Management Bureau |title=2019 Power Situation Report |url=https://www.doe.gov.ph/sites/default/files/pdf/electric_power/2019-power-situation-report.pdf?withshield=1 |access-date=February 19, 2023 |website=Department of Energy |page=7 }} 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.{{Cite book |url=https://books.google.com/books?id=GZ4oDwAAQBAJ |title=The Report: Philippines 2016 |date=April 8, 2016 |publisher=Oxford Business Group |isbn=978-1-910068-55-7 |page=[https://books.google.com/books?id=GZ4oDwAAQBAJ&pg=PA122 122] |language=en |access-date=February 27, 2023}} Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world.{{Cite news |last=Schneider |first=Keith |date=June 8, 2017 |title=The Philippines, a nation rich in precious metals, encounters powerful opposition to mining |work=Mongabay |url=https://news.mongabay.com/2017/06/the-philippines-a-nation-rich-in-precious-metals-encounters-powerful-opposition-to-mining/ |access-date=July 18, 2020 |archive-url=https://web.archive.org/web/20170710043841/https://news.mongabay.com/2017/06/the-philippines-a-nation-rich-in-precious-metals-encounters-powerful-opposition-to-mining/ |archive-date=July 10, 2017}}{{Cite news |last=Cinco |first=Maricar |date=June 3, 2016 |title=Firm sees metal costlier than gold in Romblon sea |newspaper=Philippine Daily Inquirer |url=https://newsinfo.inquirer.net/788940/firm-sees-metal-costlier-than-gold-in-romblon-sea |access-date=July 24, 2020 |archive-url=https://web.archive.org/web/20200724163335/https://newsinfo.inquirer.net/788940/firm-sees-metal-costlier-than-gold-in-romblon-sea |archive-date=July 24, 2020}} Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate 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|date=June 2011}} Philippine mineral exports amounted to US$4.22 billion in 2020.{{cite news |last1=Teves |first1=Catherine |title=Total mineral product export earnings rise |url=https://www.pna.gov.ph/articles/1124423 |access-date=April 13, 2023 |work=Philippine News Agency |date=December 11, 2020 |archive-url=https://web.archive.org/web/20201213051038/https://www.pna.gov.ph/articles/1124423 |archive-date=December 13, 2020}} 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|date=June 2011}}

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.{{Cite news |last=Conde |first=Carlos H. |date=December 3, 2004 |title=Court ruling in Philippines buoys mining sector there |work=The New York Times |url=https://www.nytimes.com/2004/12/03/business/worldbusiness/court-ruling-in-philippines-buoys-mining-sector-there.html |access-date=January 15, 2021}} In 2019, the country was the 2nd largest world producer of nickel{{Cite report |last1=McRae |first1=Michele E. |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf |title=Mineral Commodity Summaries: Nickel |publisher=United States Geological Survey |date=January 2021 |archive-url=https://web.archive.org/web/20210216133809/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf |archive-date=February 16, 2021}} and the 4th largest world producer of cobalt.{{Cite report |last1=Shedd |first1=Kim B. |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf |title=Mineral Commodity Summaries: Cobalt |publisher=United States Geological Survey |date=January 2021 |archive-url=https://web.archive.org/web/20210213074219/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf |archive-date=February 13, 2021}} According to Philippine 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.{{Cite press release |title=Philippines' Class A Gold, Copper, Nickel and Chromite Resources Valued at PhP 491.19 Billion in 2022 |url=https://psa.gov.ph/content/philippines%E2%80%99-class-gold-copper-nickel-and-chromite-resources-valued-php-49119-billion-2022 |url-status=live |archive-url=https://web.archive.org/web/20230706102336/https://psa.gov.ph/content/philippines%E2%80%99-class-gold-copper-nickel-and-chromite-resources-valued-php-49119-billion-2022 |archive-date=July 6, 2023 |access-date=July 6, 2023 |website=PSA}} Class A mineral resources are commercially recoverable that could contribute to economy annually.

{{Main| Business process outsourcing in the Philippines|Call center industry in the Philippines}}

File:Teletech call cent BACOLOD.jpg]]

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 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO).IBM Global Business Services. (October 2008). [ftp://public.dhe.ibm.com/common/ssi/ecm/en/gbl03012usen/GBL03012USEN.PDF Global Location Trends – 2008 Annual Report]{{dead link|date=May 2025|bot=medic}}{{cbignore|bot=medic}}Balana, Cynthia D. and Lawrence de Guzman. (December 5, 2008). [http://www.inquirer.net/specialfeatures/thegoodnews/view.php?db=1&article=20101204-306912 It's official: Philippines bests India as No. 1 in BPO] {{webarchive |url=https://web.archive.org/web/20120926163734/http://www.inquirer.net/specialfeatures/thegoodnews/view.php?db=1&article=20101204-306912 |date=September 26, 2012 }}. The Philippine Daily Inquirer. 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{{Cite news |last=Garcia |first=Cathy Rose A. |date=March 21, 2012 |title=BPO industry to generate 100,000 jobs this year: WB |url=https://news.abs-cbn.com/business/03/21/12/bpo-industry-generate-100000-jobs-year-wb |work=ABS-CBN News}} and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022.{{Cite book |last1=Arenas |first1=Guillermo |url=https://books.google.com/books?id=dFWYEAAAQBAJ |title=A New Dawn for Global Value Chain Participation in the Philippines |last2=Coulibaly |first2=Souleymane |date=November 14, 2022 |publisher=World Bank Publications |isbn=978-1-4648-1848-6 |page=[https://books.google.com/books?id=dFWYEAAAQBAJ&pg=PA28 28–29] |language=en |access-date=February 27, 2023}} BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines:Philippine Economic Zone Authority.{{Cite web |title=Information Technology Parks/Centers |url=http://www.peza.gov.ph/index.php/2-uncategorised/41-information-technology-parks-centers/ |website=Philippine Economic Zone Authority |url-status=dead |archive-url=https://web.archive.org/web/20190803164356/http://www.peza.gov.ph/index.php/2-uncategorised/41-information-technology-parks-centers |archive-date=August 3, 2019 |access-date=July 4, 2019}} Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas with significant presence of the BPO industry include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna.{{cite news |title=Bacolod still 'center of excellence' for IT-BPO |url=https://www.sunstar.com.ph/article/1862184/bacolod/local-news/bacolod-still-center-of-excellence-for-it-bpo |access-date=April 27, 2023 |work=SunStar |date=July 2, 2020 |archive-url=https://web.archive.org/web/20200808143206/https://www.sunstar.com.ph/article/1862184/bacolod/local-news/bacolod-still-center-of-excellence-for-it-bpo |archive-date=August 8, 2020 |language=en}} The majority of the top ten BPO firms of the United States operate in the Philippines.{{Cite news |title=foreign companies eye local BPO sector |url=http://business.inquirer.net/212892/100-foreign-companies-eye-local-bpo-sector |access-date=August 5, 2015 |newspaper=Philippine Daily Inquirer}}

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 spoken English of a significant number of its people, and a highly educated labor pool.{{cite book |last1=Friginal |first1=Eric |title=The Language of Outsourced Call Centers: A Corpus-based Study of Cross-cultural Interaction |date=2009 |publisher=John Benjamins Publishing |isbn=978-90-272-2308-1 |page=[https://books.google.com/books?id=fHpj-yvHVJsC&pg=PA17 17] |url=https://books.google.com/books?id=fHpj-yvHVJsC |access-date=April 13, 2023 |language=en}}{{cite book |last1=Snow |first1=Donald M. |last2=Haney |first2=Patrick J. |title=U.S. Foreign Policy: Back to the Water's Edge |date=August 2, 2017 |publisher=Rowman & Littlefield |isbn=978-1-4422-6818-0 |page=[https://books.google.com/books?id=WVksDwAAQBAJ&pg=PA262 262] |url=https://books.google.com/books?id=WVksDwAAQBAJ |access-date=April 13, 2023 |language=en}}

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.{{Cite news |title=The Philippines – Poised for Growth Through BPO |url=http://trendline.dcrworkforce.com/the-philippines-poised-for-growth-through-bpo.html |date=April 1, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20151117021050/http://trendline.dcrworkforce.com/the-philippines-poised-for-growth-through-bpo.html |archive-date=November 17, 2015 |access-date=November 10, 2015 |website=DCR TrendLine }}

{{Main|Renewable energy in the Philippines}}

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The Philippines has significant potential in solar energy; however, {{as of|2021|lc=y}}, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.{{Cite journal |last1=Overland |first1=Indra |last2=Sagbakken |first2=Haakon Fossum |last3=Chan |first3=Hoy-Yen |last4=Merdekawati |first4=Monika |last5=Suryadi |first5=Beni |last6=Utama |first6=Nuki Agya |last7=Vakulchuk |first7=Roman |date=December 2021 |title=The ASEAN climate and energy paradox |journal=Energy and Climate Change |volume=2 |page=100019 |doi=10.1016/j.egycc.2020.100019 |hdl-access=free |hdl=11250/2734506}}{{Cite AV media |url=https://www.youtube.com/watch?v=j5Nnj4z45vE |title=Series of Economic Fora Session 6: Energy Services and Renewable Energy in the New Normal |publisher=Department of the Interior and Local Government (Philippines), Center for Research and Communication}} The country produced {{convert|7399|MW}} of renewable energy in 2019.

On November 15, 2022, the renewable 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. The Department 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.{{Cite news |title=DOE opens RE for full foreign ownership |url=https://mb.com.ph/2022/11/16/doe-opens-re-for-full-foreign-ownership/ |access-date=November 16, 2022 |work=Manila Bulletin}} Danish firm Copenhagen Infrastructure Partners (CIP) is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of {{convert|2000|MW}}; it will be located in Camarines Norte and Camarines Sur (1000 MW), Northern Samar (650 MW), Pangasinan and La Union (350 MW).{{Cite news |last=Crismundo |first=Kris |title=Danish firm investing $5-B for offshore wind projects in PH |url=https://www.pna.gov.ph/articles/1198566 |access-date=March 30, 2023 |work=Philippine News Agency}} In 2022, the share of RE in the energy mix was at 22.8 percent.{{Cite news |title=DOE to achieve renewable energy goals via reforms |url=https://www.pna.gov.ph/articles/1194356 |access-date=February 3, 2023 |work=Philippine News Agency}}

File:Hanjin Subic Shipyard panoramio 114271925.jpg in Subic, Zambales]]

The Philippines is a significant player in the global shipbuilding industry{{cite report |last1=Reyes |first1=Daniel A. |title=The Philippine Shipbuilding Industry |url=https://www.oecd.org/sti/ind/Daniel%20Reyes%20Philippines%20Shipbuilding%20Industry.pdf |website=Organisation for Economic Co-operation and Development |access-date=April 26, 2023 |archive-url=https://web.archive.org/web/20150910153311/https://www.oecd.org/sti/ind/Daniel%20Reyes%20Philippines%20Shipbuilding%20Industry.pdf |archive-date=September 10, 2015 |location=Paris, France |date=November 27, 2013}} with 118 registered shipyards in 2021{{cite news |title=Robust shipbuilding industry key to making PHL a maritime power |url=https://www.bworldonline.com/top-stories/2023/04/18/517335/robust-shipbuilding-industry-key-to-making-phl-a-maritime-power/ |access-date=April 26, 2023 |work=BusinessWorld |date=April 17, 2023 |archive-url=https://web.archive.org/web/20230417231507/https://www.bworldonline.com/top-stories/2023/04/18/517335/robust-shipbuilding-industry-key-to-making-phl-a-maritime-power/ |archive-date=April 17, 2023}} distributed in Subic, Cebu,{{Cite news |title=Cebu shipbuilder to deliver PHs largest vessel |url=http://business.inquirer.net/money/topstories/view/20101108-302166/Cebu-shipbuilder-to-deliver-PHs-largest-vessel |newspaper=Philippine Daily Inquirer |url-status=dead |archive-url=https://web.archive.org/web/20140806121509/http://business.inquirer.net/money/topstories/view/20101108-302166/Cebu-shipbuilder-to-deliver-PHs-largest-vessel |archive-date=August 6, 2014 |access-date=March 3, 2015}} Bataan, Navotas and Batangas.{{cite web |title=Registered Shipbuilding and Ship Repair Entity With Facilities, Manpower & Capitalization in Central Office (as of December 2017) |url=https://marina.gov.ph/wp-content/uploads/2018/08/List-of-registered-Shipyards-Metro-Manila.pdf |website=Maritime Industry Authority |access-date=August 9, 2023 |archive-url=https://web.archive.org/web/20220117142321/https://marina.gov.ph/wp-content/uploads/2018/08/List-of-registered-Shipyards-Metro-Manila.pdf |archive-date=January 17, 2022}}{{Cite news |date=December 4, 2012 |title=Philippines Shipbuilding Hub In Asia-Pacific |url=http://ph.news.yahoo.com/philippines-shipbuilding-hub-asia-pacific-085144615.html |access-date=March 3, 2015 |work=Manila Bulletin |via=Yahoo! News Philippines |archive-url=https://web.archive.org/web/20150404072558/https://ph.news.yahoo.com/philippines-shipbuilding-hub-asia-pacific-085144615.html |archive-date=April 4, 2015}} As of 2022, it is the seventh largest shipbuilding nation by gross tonnage.{{Cite report |title=UN Conference on Trade and Development annual report on shipbuilding, by country (2023)|url=https://unctadstat.unctad.org/datacentre/dataviewer/shared-report/573e15e1-2001-4d02-9018-5b63becaaae7 |work=UN Conference on Trade and Development }} Subic-made cargo vessels are exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.{{Cite web |title=New era as shipbuilding production begins in the Philippines |url=http://www.shippingtimes.co.uk/item534_hanjin_philippines.htm |url-status=dead |archive-url=https://web.archive.org/web/20070509003203/http://www.shippingtimes.co.uk/item534_hanjin_philippines.htm |archive-date=May 9, 2007 |access-date=March 3, 2015 |website=Shipping Times}} 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.{{Cite web |last=Poole |first=William |title=Big ambitions for Philippines shipbuilding |url=http://bairdmaritime.com/index.php?option=com_content&view=article&id=10917:big-ambitions-for-philippines-shipbuilding&catid=113:ports-and-shipping&Itemid=208 |url-status=dead |archive-url=https://web.archive.org/web/20150402135248/http://bairdmaritime.com/index.php?option=com_content&view=article&id=10917:big-ambitions-for-philippines-shipbuilding&catid=113:ports-and-shipping&Itemid=208 |archive-date=April 2, 2015 |access-date=March 3, 2015 |website=Baird Maritime}}

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 in Metro Manila is expected to accommodate 96 vessels for repair.{{Cite news |title=Filipino firm invests P259M for shipyard in Navotas |url=http://www.businessmirror.com.ph/index.php/news/top-news/3760-filipino-firm-invests-p259m-for-shipyard-in-navotas |url-status=dead |archive-url=https://web.archive.org/web/20121216143922/http://businessmirror.com.ph/index.php/news/top-news/3760-filipino-firm-invests-p259m-for-shipyard-in-navotas |archive-date=December 16, 2012 |access-date=January 12, 2013 |work=BusinessMirror }} Shipbuilding is part of Philippines' maritime heritage;{{cite news |title=How shipbuilding contributes to PH economic growth |url=https://www.manilatimes.net/2022/03/19/public-square/how-shipbuilding-contributes-to-ph-economic-growth/1836855 |access-date=April 26, 2023 |work=The Manila Times |date=March 19, 2022 |archive-url=https://web.archive.org/web/20220326211904/https://www.manilatimes.net/2022/03/19/public-square/how-shipbuilding-contributes-to-ph-economic-growth/1836855 |archive-date=March 26, 2022 |language=en}} employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.{{Cite press release |title=2022 POESA Infographics |url=https://psa.gov.ph/sites/default/files/infographics/2022%20POESA%20Infographics.png |archive-url=https://web.archive.org/web/20231024112906/https://psa.gov.ph/sites/default/files/infographics/2022%20POESA%20Infographics.png |archive-date=October 24, 2023 |language=en |website=PSA |url-status=live}}{{Cite press release |title=Ocean-based industries grew by 21.1 Percent in 2022, Accounted for 3.9 Percent of GDP |url=https://psa.gov.ph/content/ocean-based-industries-grew-211-percent-2022-accounted-39-percent-gdp |archive-url=https://web.archive.org/web/20231024113701/https://psa.gov.ph/content/ocean-based-industries-grew-211-percent-2022-accounted-39-percent-gdp |archive-date=October 24, 2023 |language=en |website=PSA |url-status=live}}

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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 by Cordillera Administrative Region (8.7 percent), and Davao Region (8.15 percent).{{cite press release |last1=Mapa |first1=Claire Dennis S. |title=All Economies of 17 Regions Continue to Record Positive Growths in 2022; Western Visayas was the Fastest Growing Region at 9.3 Percent |url=https://psa.gov.ph/sites/default/files/Press%20Release%20-%202022%20Regional%20Accounts%20of%20the%20Philippines.pdf |website=Philippine Statistics Authority |access-date=May 13, 2023 |archive-url=https://web.archive.org/web/20230427105814/https://psa.gov.ph/sites/default/files/Press%20Release%20-%202022%20Regional%20Accounts%20of%20the%20Philippines.pdf |archive-date=April 27, 2023 |date=April 27, 2023}}

According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2019.

According to the Philippine Statistics Authority (PSA), Provincial Product Account (PPA) is GDP measured at provincial levels. Figures below are for the year 2022.

source: Philippine Statistics Authority{{cite web | url=https://psa.gov.ph/infographics | title=Authentication challenge pages }}

Figures below are Provincial Product Accounts (PPA) for Highly Urbanized Cities (HUC) or Independent Cities. No data available for cities within Metro Manila.

source: Philippine Statistics Authority{{cite web | url=https://psa.gov.ph/infographics | title=Authentication challenge pages }}