Economy of Philippines

As of 2022, agriculture employs 24 percent of the Filipino workforce, accounting for 8.9 percent of the total GDP. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus. The Philippines is the world's third largest producer of coconuts, and the world's largest exporter of coconut products. The Philippines is also the world's third largest producer of pineapples, producing 2,862,000 metric tons (2,817,000 long tons; 3,155,000 short tons) in 2021. Rice production in the Philippines is important to the food supply in the country and economy. The Philippines is the 8th largest rice producer in the world as of 2019, accounting for 2.5 percent of global rice production. The Philippines is one of the largest producers of sugar in the world.

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 352,596 units in 2022 from 268,488 units a year prior. Toyota sells the most vehicles in the country; this is followed by Mitsubishi, Ford, Nissan, and Suzuki. Honda and Suzuki produce motorcycles in the country. Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio; the company produces aircraft actuators in their manufacturing facility. Total export output of aerospace products in the Philippines reached US$780 million in 2019.

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world. Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world. Toshiba hard disk drives are manufactured in Santa Rosa, Laguna. Printer manufacturer Lexmark has a factory in Cebu City. Electronics and other light industries are concentrated in Laguna, Cavite, Batangas and other CALABARZON provinces with sizable numbers found in Southern Philippines that account for most of the country's export. Electronic products continued to be the country's top export with total earnings of US$45.66 billion and accounted for 57.8 percent of the total export of goods in 2022.

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced 1,928 megawatts (2,585,000 hp) of electricity from geothermal sources (7.55% of total electricity production). A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist. In 2019, the country was the 2nd largest world producer of nickel and the 4th largest world producer of cobalt. According to Philippine Statistics Authority, the total monetary value of four key metallic minerals which were appraised to Class A namely: copper, chromite, gold and nickel were valued at US$9.01 billion in 2022.

Business process outsourcing (BPO) and the call center industry contribute to the Philippines' economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S&P. In 2011, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022. Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment.

The Philippines has significant potential in solar energy; however, as of 2021, most of the domestically produced electricity is based on fossil fuel resources, particularly coal. The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019. On November 15, 2022, the renewable energy sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The Department of Energy is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent.

The Philippines is a significant player in the global shipbuilding industry with 118 registered shipyards in 2021 distributed in Subic, Cebu, Bataan, Navotas, and Batangas. As of 2022, it is the seventh largest shipbuilding nation by gross tonnage. Subic-made cargo vessels are exported to countries where shipping operators are based. Bulk carriers, container ships, and big passenger ferries are built in the country's shipyards. General Santos' shipyard is mainly for ship repair and maintenance. Shipbuilding is part of Philippines' maritime heritage; employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.

Tourism is an important sector for the Philippine economy. The travel and tourism industry contributed 6.2% to the country's GDP in 2022; this was lower than the 12.7% recorded in 2019 prior to the COVID-19 lockdowns. Coastal tourism, encompassing beach and diving activities, constitutes 25% of the Philippines' tourism revenue, serving as its primary income source in the sector. As of 2022, 5.23 million Filipinos were employed in the tourism industry and as of September 2023, the Philippines generated ₱316.9 billion ($5.5 billion) in revenue from tourists, coming mostly from South Korea, the United States, and Japan. The country attracted a total of 5,360,682 foreign visitors in 2015 through its tourism campaign of It's More Fun in the Philippines! In 2019, foreign arrivals peaked at 8,260,913.