The Philippine economy is the 34th largest in the world, with an estimated 2017 gross domestic product (nominal) of $348.593 billion. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based upon agriculture to an economy with more emphasis upon services and manufacturing. Of the country’s total labor force of around 40.813 Million,the agricultural sector employs 30% of the labor force, and accounts for 14% of GDP. The industrial sector employs around 14% of the workforce and accounts for 30% of GDP. Meanwhile, the 47% of workers involved in the services sector are responsible for 56% of GDP.
Goldman Sachs includes the country in its list of the “Next Eleven” economies but China and India have emerged as major economic competitors. Goldman Sachs estimates that by the year 2050, it will be the 20th largest economy in the world. HSBC also projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050. The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong, the Colombo Plan, the G-77 and the G-24 among other groups and institutions.