section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. As a newly industrialized country, the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing. The country's labor force was around 50 million as of 2023, and its unemployment rate was 3.1 percent. Gross international reserves totaled US$103.406 billion as of January 2024. Debt-to-GDP ratio decreased to 60.2 percent at the end of 2023 from a 17-year high 63.7 percent at the end of the third quarter of that year, and indicated resiliency during the COVID-19 pandemic. The country's unit of currency is the Philippine peso (₱ or PHP).
  
  The Philippines is a net importer, and a debtor nation. As of 2020, the country's main export markets were China, the United States, Japan, Hong Kong, and Singapore; primary exports included integrated circuits, office machinery and parts, electrical transformers, insulated wiring, and semiconductors. Its primary import markets that year were China, Japan, South Korea, the United States, and Indonesia. Major export crops include coconuts, bananas, and pineapples; it is the world's largest producer of abaca, and was the world's second biggest exporter of nickel ore in 2022, as well as the biggest exporter of gold-clad metals and the biggest importer of copra in 2020.
  
  With an average annual growth rate of six to seven percent since around 2010, the Philippines has emerged as one of the world's fastest-growing economies, driven primarily by its increasing reliance on the service sector. Regional development is uneven, however, with Manila (in particular) gaining most of the new economic growth. Remittances from overseas Filipinos contribute significantly to the country's economy; they reached a record US$37.20 billion in 2023, accounting for 8.5 percent of GDP. The Philippines is the world's primary business process outsourcing (BPO) center. About 1.3 million Filipinos work in the BPO sector, primarily in customer service.