The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion, making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
The coconut tree is a member of the palm tree family (Arecaceae) and the only living species of the genus Cocos. The term "coconut" can refer to the whole coconut palm, the seed, or the fruit, which botanically is a drupe, not a nut. They are ubiquitous in coastal tropical regions and are a cultural icon of the tropics.
Copra is the dried, white flesh of the coconut from which coconut oil is extracted. Traditionally, the coconuts are sun-dried, especially for export, before the oil, also known as copra oil, is pressed out. The oil extracted from copra is rich in lauric acid, making it an important commodity in the preparation of lauryl alcohol, soaps, fatty acids, cosmetics, etc. and thus a lucrative product for many coconut-producing countries. The palatable oil cake, known as copra cake, obtained as a residue in the production of copra oil is used in animal feeds. The ground cake is known as coconut or copra meal.
Palm oil is an edible vegetable oil derived from the mesocarp of the fruit of oil palms. The oil is used in food manufacturing, in beauty products, and as biofuel. Palm oil accounted for about 36% of global oils produced from oil crops in 2014. Palm oils are easier to stabilize and maintain quality of flavor and consistency in ultra-processed foods, so they are frequently favored by food manufacturers. Globally, humans consumed an average of 7.7 kg (17 lb) of palm oil per person in 2015. Demand has also increased for other uses, such as cosmetics and biofuels, encouraging the growth of palm oil plantations in tropical countries.
Coconut oil is an edible oil derived from the kernels, meat, and milk of the coconut palm fruit. Coconut oil is a white solid fat below around 25 °C (77 °F), and a clear thin liquid oil at higher temperatures. Unrefined varieties have a distinct coconut aroma. Coconut oil is used as a food oil, and in industrial applications for cosmetics and detergent production. The oil is rich in medium-chain fatty acids.
A cash crop, also called profit crop, is an agricultural crop which is grown to sell for profit. It is typically purchased by parties separate from a farm. The term is used to differentiate marketed crops from staple crop in subsistence agriculture, which are those fed to the producer's own livestock or grown as food for the producer's family.
Coconut milk is an opaque, milky-white liquid extracted from the grated pulp of mature coconuts. The opacity and rich taste of coconut milk are due to its high oil content, most of which is saturated fat. Coconut milk is a traditional food ingredient used in Southeast Asia, Oceania, South Asia, and East Africa. It is also used for cooking in the Caribbean, Central America, northern parts of South America and West Africa, where coconuts were introduced during the colonial era.
Agriculture in Thailand is highly competitive, diversified and specialized and its exports are very successful internationally. Rice is the country's most important crop, with some 60 percent of Thailand's 13 million farmers growing it on almost half of Thailand's cultivated land. Thailand is a major exporter in the world rice market. Rice exports in 2014 amounted to 1.3 percent of GDP. Agricultural production as a whole accounts for an estimated 9–10.5 percent of Thai GDP. Forty percent of the population work in agriculture-related jobs. The farmland they work was valued at US$2,945/rai in 2013. Most Thai farmers own fewer than eight ha (50 rai) of land.
The history of agriculture in India dates back to the Neolithic period. India ranks second worldwide in farm outputs. As per the Indian economic survey 2020 -21, agriculture employed more than 50% of the Indian workforce and contributed 20.2% to the country's GDP.
Agriculture in Indonesia is one of the key sectors within the Indonesian economy. In the last 50 years, the sector's share in national gross domestic product has decreased considerably, due to the rise of industrialisation and service sector. Nevertheless, for the majority of Indonesian households, farming and plantation remains as a vital income generator. In 2013, the agricultural sector contributed 14.43% to national GDP, a slight decline from 2003's contribution which was 15.19%. In 2012, the agricultural sector provides jobs to approximately 49 million Indonesians, representing 41% of the country's total labor force.
Agriculture in the Philippines is a major sector of the economy, ranking third among the sectors in 2022 behind only Services and Industry. Its outputs include staples like rice and corn, but also export crops such as coffee, cavendish banana, pineapple and pineapple products, coconut, sugar, and mango. The sector continues to face challenges, however, due to the pressures of a growing population. As of 2022, the sector employs 24% of the Filipino workforce and it accounted for 8.9% of the total GDP.
Eucheuma, commonly known as sea moss or gusô, is a rhodophyte seaweed that may vary in color. Eucheuma species are used in the production of carrageenan, an ingredient for cosmetics, food processing, and industrial manufacturing, as well as a food source for people in the Philippines, Caribbean and parts of Indonesia and Malaysia. Eucheuma cottonii – which grows in the Caribbean and cultivated in the Philippines – is the particular species known as gusô. Other species include Betaphycus gelatinae, Eucheuma denticulatum, and several species of the genus Kappaphycus, including K. alvarezii. Since the mid-1970s, Kappaphycus and Eucheuma have been a major source for the expansion of the carrageenan industry.
Coconut production plays an important role in the national economy of the Philippines. According to figures published in December 2009 by the Food and Agriculture Organization of the United Nations, the Philippines is the world's second largest producer of coconuts, producing 19,500,000 tonnes in 2009. Production in the Philippines is generally concentrated in medium-sized farms.
Coconut production plays an important role in the national economy of Indonesia. According to figures published in December 2009 by the Food and Agriculture Organization of the United Nations, it is the world's second largest producer of coconuts, producing 15,319,500 tonnes in 2009.
Coconut production plays an important role in the national economy of India. According to figures published by the Food and Agriculture Organization of the United Nations, India is one of the world's largest producers of coconut, with a turn out of 11,706,343 tonnes in 2018.
Coconut production contributes to the national economy of Brazil. According to figures published in December 2009 by the Food and Agriculture Organization of the United Nations, it is the world's fourth-largest producer of coconuts, producing 2,759,044 tonnes in 2009.
Coconut production contributes to the national economy of Thailand. According to figures published in December 2009 by the Food and Agriculture Organization (FAO) of the United Nations, it is the world's sixth largest producer of coconuts, producing 1,721,640 tonnes in 2009. In 2012 it was reported that Thailand had 216,000 hectares of coconut palm plantations and produced 845 million whole coconuts.
Coconut production contributes to the national economy of Mexico. According to figures published in December 2009 by the Food and Agriculture Organization of the United Nations, it is the world's seventh largest producer of coconuts, producing 1,246,400 tonnes in 2009.
Coconut production contributes to the national economy of Vietnam. According to figures published in December 2009 by the Food and Agriculture Organization of the United Nations, the country is the world's eighth largest producer of coconuts, producing 1,246,400 tonnes in 2009.
The banana industry is an important part of the global industrial agrobusiness. About 15% of the global banana production goes to export and international trade for consumption in Western countries. They are grown on banana plantations primarily in the Americas.
