The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 461.62 billion U.S. dollars in 2024. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 757.67 billion U.S. dollars by 2030. The Philippines’ economy GDP of the Philippines has consistently grown at around six percent and is expected to remain constant through 2024. At the same time, the unemployment rate has fallen to about 2.5 percent in 2018, with an increasing amount of employment being within the services sector . Sectors of the economy The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent in gross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’ export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitants moving to the cities to find work.

The National Capital Region (NCR) or Metropolitan Manila generated the highest gross domestic product (GDP) from the wholesale and trade and repair of motor vehicles and motorcycles industry in 2024, amounting to approximately **** trillion Philippine pesos. In contrast, the region generated the lowest GDP from agriculture, forestry and fishing, which amounted to roughly **** billion Philippine pesos.

Philippines Population: NCR: Metro Manila: City of Makati data was reported at 582.602 Person th in 2015. This records an increase from the previous number of 529.039 Person th for 2010. Philippines Population: NCR: Metro Manila: City of Makati data is updated yearly, averaging 477.778 Person th from Dec 1975 (Median) to 2015, with 8 observations. The data reached an all-time high of 582.602 Person th in 2015 and a record low of 334.448 Person th in 1975. Philippines Population: NCR: Metro Manila: City of Makati data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.G001: Population: Census 2010.

In 2024, the Philippines’ inflation rate amounted to 3.21 percent. The Philippines are considered “newly industrialized”, but the economy relies on remittances from nationals overseas, and the services sector generates most of its GDP . Emerging and soon to develop?After switching from agriculture to services and manufacturing, the Philippines are now an emerging economy, i.e. the country has some characteristics of a developed nation but is not quite there yet. In order to transition into a developed nation, the Philippines must meet certain requirements, like being able to sustain their economic development, being very open to foreign investors, or maintaining a very high stability of the institutional framework (like law enforcement and the government). Only if these changes are irreversible can they be classified as a developed nation. The Philippines’ switch to servicesEver since the switch to services and manufacturing, employment in these areas has increased and the country is now among those with the highest employment in the tourism industry worldwide. This transition was not entirely voluntary but also due to decreasing government support, the liberalization of trade, and reform programs. Still, agriculture is important for the country: As of 2017, more than a quarter of Filipinos are still working in the agricultural sector, and urbanization has only increased very slightly over the last decade.