Economy of the Philippines

The Economy of the Philippines is the 39th largest in the world, according to 2014 International Monetary Fund statistics, and is also one of the emerging markets.

The Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. In 2014, GDP by Purchasing power parity was estimated to be at $692.223 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. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, and Thailand. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.

Philippines

Coordinates: 13°N 122°E / 13°N 122°E / 13; 122

The Philippines (ⁱ/ˈfɪlᵻpiːnz/; Filipino: Pilipinas [ˌpɪlɪˈpinɐs]), officially known as the Republic of the Philippines (Filipino: Republika ng Pilipinas), is a sovereign island country in Southeast Asia situated in the western Pacific Ocean. It consists of about 7,500 islands that are categorized broadly under three main geographical divisions: Luzon, Visayas, and Mindanao. The capital city of the Philippines is Manila and the most populous city is Quezon City; both are part of Metro Manila.

To the north of the Philippines across the Luzon Strait lies Taiwan; Vietnam sits west across the South China Sea; southwest lies Malaysia in the island of Borneo across the Sulu Sea, and to the south the Celebes Sea separates it from other islands of Indonesia; while to the east it is bounded by the Philippine Sea and the island-nation of Palau. Its location on the Pacific Ring of Fire and close to the equator makes the Philippines prone to earthquakes and typhoons, but also endows it with abundant natural resources and some of the world's greatest biodiversity. At approximately 300,000 square kilometers (115,831 sq mi), the Philippines is the 72nd-largest country in the world.

World Bank

The World Bank is an international financial institution that provides loans to developing countries for capital programs. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group, which is part of the United Nations system.

The World Bank's official goal is the reduction of poverty. However, according to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of Capital investment.

World Bank Group

The World Bank is not to be confused with the World Bank Group, an extended family of five international organizations: