The economy of the Philippines is the world's 32nd largest economy by nominal GDP according to the International Monetary Fund 2021 and the 12th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the fastest-growing emerging markets, and the 3rd highest economy in Southeast Asia by nominal GDP, following Thailand and Indonesia.
Bais, officially known as the City of Bais, is a 3rd class component city in the province of Negros Oriental, Philippines. According to the 2020 census, it has a population of 84,317 people.
The Bell Trade Act of 1946, also known as the Philippine Trade Act, was an act passed by the United States Congress specifying policy governing trade between the Philippines and the United States following independence of the Philippines from the United States. The United States Congress offered $800 million for post World War II rebuilding funds if the Bell Trade Act was ratified by the Philippine Congress. The specifics of the act required the 1935 Constitution of the Philippines be amended. The Philippine Congress approved the measure on July 2, two days before independence from the United States of America, and on September 18, 1946 approved a plebiscite to amend the Constitution of the Philippines.
The Philippine Statistics Authority, abbreviated as PSA, is the central statistical authority of the Philippine government that collects, compiles, analyzes and publishes statistical information on economic, social, demographic, political affairs and general affairs of the people of the Philippines and enforces the civil registration functions in the country.
Overseas Filipino Worker (OFW) is a term often used to refer to Filipino migrant workers, people with Filipino citizenship who reside in another country for a limited period of employment.
Philippine Rice Research Institute (PhilRice) is a government corporate entity attached to the Department of Agriculture created through Executive Order 1061 on 5 November 1985 to help develop high-yielding and cost-reducing technologies for farmers.
The Department of Agriculture is the executive department of the Philippine government responsible for the promotion of agricultural and fisheries development and growth. It has its headquarters at Elliptical Road corner Visayas Avenue, Diliman, Quezon City.
The Philippine Coconut Authority is an agency of the Philippine government under the Department of Agriculture responsible for developing the coconut and other palm oil industry to its full potential in line with the new vision of a united, globally competitive and efficient industry.
Science and technology in the Philippines describes scientific and technological progress made by the Philippines and analyses related policy issues. The main agency responsible for managing science and technology (S&T) is the Department of Science and Technology (DOST). There are also sectoral councils for Forestry, Agriculture and Aquaculture, the Metal Industry, Nuclear Research, Food and Nutrition, Health, Meteorology, Volcanology and Seismology.
Agriculture in the Philippines is an important part of the economy of the Philippines with crops like rice, coconut and sugar dominating the production of crops and exports. It employs 23% of the Filipino workforce as of 2021, according to the World Bank.
The Philippines' water supply system dates back to 1946, after the country declared independence. Government agencies, local institutions, non-government organizations, and other corporations are primarily in charge of the operation and administration of water supply and sanitation in the country.
The Philippine Guarantee Corporation(PHILGUARANTEE) is a Government-owned and controlled corporation attached to the Department of Finance. Formerly known as the Philippine Export-Import Credit Agency or PhilEXIM, is the principal agency for State Guarantee Finance of the Philippines. The primary objective is to perform development financing role through the provision of credit guarantees in support of trade and investments, exports, infrastructure, energy, tourism, agricultural business/modernization, housing, MSMEs and other priority sectors of the economy, with the end in view of facilitating and promoting socio-economic and regional development.
The economic history of the Philippines chronicles the long history of economic policies in the nation over the years.
In the Philippines, a government-owned and controlled corporation (GOCC), sometimes with an "and/or", is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees. There are over 200 GOCCs as of 2020. GOCCs both receive subsidies and pay dividends to the national government.
The Food and Drug Administration (FDA) of the Philippines, formerly the Bureau of Food and Drugs, is a health regulatory agency under the Department of Health created on 1963 by Republic Act No. 3720, amended on 1987 by Executive Order 175 otherwise known as the “Food, Drugs and Devices, and Cosmetics Act”, and subsequently reorganized by Republic Act No. 9711 otherwise known as “The Food and Drug Administration Act of 2009”. The agency is responsible for licensing, monitoring, and regulation of cosmetics, drugs, foods, household hazardous products, medical devices and electromagnetic radiation emitting devices, pesticides, tobacco and related products, and vaccines for safety, efficacy, and quality in the Republic of the Philippines.
As of 2005, the Philippines was the ninth largest sugar producer in the world and second largest sugar producer among the Association of Southeast Asian Nations (ASEAN) countries, after Thailand, according to Food and Agriculture Organization. At least seventeen provinces of the Philippines have grown sugarcane, of which the two on Negros Island account for half of the nation's total production. As of crop year 2009-2010, 29 sugar mills are operational divided as follows: thirteen mills on Negros, six mills on Luzon, four mills on Panay, three mills in Eastern Visayas and three mills on Mindanao.
The National Electrification Administration is a government-owned and controlled corporation (GOCC) attached to the Department of Energy of the Philippines tasked in the full implementation of the rural electrification program (REP) and reinforce the technical capability and financial viability of the 121 rural electric cooperatives (ECs).
During the administration of former Philippine president Ferdinand Marcos (1965–1986) select businesses were favored and patronized by Marcos, receiving financial support, sole patronage, tax exemptions, and control over entire industries rendering these businesses as monopolies. Friends and relatives of Marcos acquired staggering wealth and economic power due to special favors and privileges extended by the administration. While Marcos associates enjoyed government bailout even during the decline of their firms, other businesses suffered high taxes, sanctions, and other unjust treatments that forced them to close up, or to sell their shares. The majority of monopolies linked to Ferdinand Marcos are managed by his close associates, also regarded as cronies by critics. Former First Lady Imelda Marcos insinuated that the Marcoses controlled the majority of the industries in the Philippines. In a 1988 interview, she stated, "We practically own everything in the Philippines—from electricity, telecommunications, airline, banking, beer and tobacco, newspaper publishing, television stations, shipping, oil and mining, hotels and beach resorts, down to coconut milling, small farms, real estate and insurance."
The Negros famine of the mid-1980s took place during the waning days of the Marcos dictatorship, and was a key moment in the history of sugar production in the Philippines, as well as the broader political history of the Philippines. Caused by the Marcos administration's efforts to control sugar production through the NASUTRA monopoly held by Marcos crony Roberto Benedicto and by a sudden crash in international sugar prices, it created what popularly came to be known as a "social volcano," with tensions culminating in the Escalante massacre, and with negative effects still felt even after the ouster of Ferdinand Marcos and his cronies during the 1986 People Power Revolution.
