The economy of the Philippines is an emerging market, a newly industrialized country and one of the most dynamic in the Asia-Pacific region. As a developing economy, the country is working towards achieving greater industrialization and economic growth. In 2023, the Philippine economy is estimated to be at ₱24.56 trillion ($440.9 billion), making it the world's 36th largest by nominal GDP and 15th largest in Asia according to the International Monetary Fund.

The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world

The Philippines has been one of the most dynamic economies in the East Asia and Pacific region. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances. The private sector remains buoyant, with positive performance from the services sector including business process outsourcing, wholesale and retail trade, real estate, and tourism. Poverty rate declined from 23.5 percent in 2015 to 18.1 percent in 2021 despite the shocks endured through the COVID-19 pandemic and other global headwinds such as high global commodity prices and tight global financial conditions. The Philippine government pursues larger investments in both human and physical capital to boost growth over the medium and long term.

For better understanding about the Philippine economy, you may read this article.