Following further significant reforms, the Philippine economy has grown to become the 33rd-largest in the world: in 2019 it reached an estimated GDP of $357 billion with a growth rate of 6%. Emerging from a colonial past, the Philippines became a stable democracy in the 20th century, transitioning from a primarily agricultural economy to one based on services and manufacturing.

The Philippines is an island nation in the West Pacific Ocean and one of the most populous countries in Southeast Asia.