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The Philippines is an archipelagic country in the Western Pacific in Southeast Asia, comprising about 7,641 islands categorized broadly under 3 main geographical divisions from north to south: Luzon, Visayas, and Mindanao. Also known as Pilipinas or Filipinas, and officially the Republic of the Philippines (Filipino: Republika ng Pilipinas), Quezon City is its most populous city. The capital Manila, is famous for its waterfront promenade and centuries-old Chinatown, Binondo. Intramuros, a walled city in colonial times, is the heart of Old Manila. It’s home to the baroque 17th-century San Agustin Church as well as Fort Santiago, a storied citadel and military prison.
A newly industrialized country, the Philippine economy has been transitioning from one based upon agriculture to an economy with more emphasis upon services and manufacturing. Of the country’s total labor force of around 40.813 Million, the agricultural sector employs 30% of the labor force, and accounts for 14% of GDP. The industrial sector employs around 14% of the workforce and accounts for 30% of GDP. Meanwhile, the 47% of workers involved in the services sector are responsible for 56% of GDP.
The Philippine economy is the 34th largest in the world, with an estimated 2018 gross domestic product (nominal) of $371.8 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. Its unit of currency is the Philippine peso (₱ or PHP).
It is a founding member of the United Nations, World Trade Organization, Association of Southeast Asian Nations, the Asia-Pacific Economic Cooperation forum, and the East Asia Summit. It also hosts the headquarters of the Asian Development Bank. 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 one based more on services and manufacturing.
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