The Philippines' position as an island country on the Pacific Ring of Fire and close to the equator makes the country prone to earthquakes and typhoons. The country has a variety of natural resources and a globally significant level of biodiversity. This low-lying island geography makes the country vulnerable to climate change, increasing risk from typhoons and sea level rise. The Philippines has an area of around with a population of around 109 million people. , it is the 8th-most populated country in Asia and the 12th-most populated country in the world. Multiple ethnicities and cultures are found throughout the islands. The Philippines is considered to be an emerging market and a newly industrialized country, which has an economy transitioning from being based on agriculture to being based more on services and manufacturing.