Economy of the Philippines

The economy of the Philippines is the 12th largest economy in Asia and the 32nd largest economy in the world by purchasing power parity according to the International Monetary Fund in 2010. It was the 4th largest economy in South East Asia. 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 1.1%^[12] The Philippine economy grew by 7.6% in 2010,^[1] which several reports described as the fastest growth in 34 years.^[3] According to Goldman Sachs, the Philippine economy will become the 14th largest economy in the world by 2050.^[13][14]

Important sectors of Philippine industry include food processing, textiles and garments, and electronics assembly. 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. As of 2008 it was reported to be ranked as one of the five most mineral-rich countries in the world by the Fraser Institute, with the Philippine Government estimating mineral wealth at $1 trillion, however with investment being discouraged by excessive and slow regulatory procedures, along with laws that give local governments significant power over the exploitation of mineral resources.^[15] Recent natural gas finds off the islands of Palawan add to the country's geothermal, hydro, coal, and oil exploration energy reserves.