The Philippines, officially the Republic of the Philippines, is an archipelagic country in Southeast Asia. It consists of an impressive number of 7,641 islands across the western Pacific Ocean. The GDP in Philippines was worth 313.60 billion US dollars in 2017. The economic freedom index of Philippines is 63.8, making its economy the 70th freest in the 2019 Index.
Agriculture plays an important part of the economy, but industrial production has been growing rapidly in such areas as electronics, apparel, and shipbuilding. However, some interrelated areas like business freedom, investment freedom, and the rule of law still need deeper institutional and fiscal reforms.
Nonetheless, the outlook for 2019 remains bright and promising. State-funded infrastructure projects has promoted continued strong economic growth. State-funded infrastructure project “Build, build, build”, hopefully, will witness the rebound of the Philippine’s economic growth in 2019.
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