| Despite the fact that the Philippines were once the | | | | however, it improved to about 3% in 1999 and 4% in |
| wealthiest country in Asia, after Japan, it has slowly | | | | 2000, and by 2004 it rose to above 6% per year. |
| become one of the poorest in the region since it | | | | Budgetary provisions for servicing debt in the |
| gained independence in 1946. The economy further | | | | Philippines were higher than the budget for education |
| declined in the early 1980s on account of the reduced | | | | and defense together. |
| demand for Philippine products, the United States' | | | | Income disparity also remains a grave problem in the |
| pullout, and an increased rate of corruption. A | | | | country. The Philippines continues to be a largely |
| projected 10% of the GNP was lost to corruption and | | | | agricultural country; however, light industry and services |
| capitalism during this period. The economic recovery | | | | have made noteworthy contributions. In the past few |
| since then has been noteworthy but slow in | | | | years, there have been noticeable developments in the |
| comparison to other East Asian nations. According to | | | | Philippines as the number of business process |
| the GDP per capita, the Philippines at present ranks | | | | outsourcing (BPO) industries has increased. With the |
| 118th out of 178 states. | | | | introduction of the BPO industries, there have been |
| The financial system of the Philippines particularly had | | | | considerable boosts in the rate of employment. This |
| trouble during the Asian monetary emergency of 1998. | | | | has given rise to various job opportunities for the |
| Increasing prices, inflation, and poor weather | | | | Filipinos. There are approximately 500 companies in the |
| aggravated these poor economic conditions. Economic | | | | Philippines that have improved the quality of service by |
| development fell from 5% in 1997 to 0.6% in 1998; | | | | providing jobs. |