Economy of the Philippines

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The Economy of the Philippines is a capitalist market economy in Asia, and one of the newly industrialized emerging market economies of the world. In 2007, it was ranked as the 37th largest economy by the International Monetary Fund according to purchasing power parity. It is the fastest-growing economy in Southeast Asia, posting a real GDP growth rate of 7.3% in the year 2007, its fastest pace in three decades and has been compared to the economy of India in its sudden and rapid growth.

Important sectors of the Philippine economy include agriculture and industry, particularly food processing, textiles and garments, and electronics and automobile parts. Most industries are concentrated in the urban areas around metropolitan Manila, while metropolitan Cebu is also becoming an attraction for foreign and local investors in recent dates. 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 substantial geothermal, hydro, and coal energy reserves.