Economy

The Philippines has a growing economy, it's one of the fastest growing in the world. It used to be a primarily agricultural industry but it's now changing into an economy that focuses on services and manufacturing. Agriculture used to make about 1⁄3 of  the GDP but now makes up around 10%. 

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The GDP of the Philippines is over 394 billion (for the whole country). GNI which is another deciding factor of HDI in the philippines was 3550 per person in 2021 which was around a 6% increase from the last year but this was most likely due to the steep decline from 2019 to 2020 with a decrease about 11% presumably from COVID, but this quick recovery shows a stability in their economy. 

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Their main industries as of right now are BPO, construction, remittances and as mentioned before the Agriculture industry. BPO is business process outsourcing, which has become a bigger part of the economy due to a variety of reasons such as their high English proficiency and digital literacy rate. As an example of just how resilient this industry is, the industry actually gained a revenue of 1.4 in comparison to the previous year (2019) during COVID when the rest of this country was in a decline.

 

While it is a huge benefit to have such a thriving industry its important to think about the future of this industry, BPO is considered one of the two pillars of Philippines economy but in the future many of these jobs could be taken away by AI chatbots, currently 1 million people in the Philippines work in this industry and it would have negative effects on the economy and that's way there is a plan to get people in the philippines ot middle or higher class jobs.

 

Remittances are not really an industry but still an important part of the economy, it is when migrants in other countries send back money for their families, although this might not seem very relevant it is quite prominent with total remittances in 2022 being around 315 0000 USD.