The economy of the Philippines is the 35th largest in the world according to the October 2015 World Economic Outlook Database of the International Monetary Fund. The Philippine economy is an emerging market and is the 6th largest in emerging markets and developing economies in Asia. The Gross Domestic Product (GDP) of the Philippines is over 299 million USD.
The Philippines' agricultural sector is its chief industry. The country is the largest producer of coconuts. Rice production and sugar production are also major contributors to the country's agricultural sector. Other main industries include shipbuilding and repair, automotive assembly, aerospace parts manufacturing, electronics, and mining.
Business process outsourcing (BPO) is a rising industry in the Philippines due to its high proficiency in spoken English. Major outsourcing companies have set up call centers and BPO facilities in key areas around the country.
Filipinos working abroad, known as Overseas Filipino Workers (OFWs), also contribute significantly to the Philippines' growing economy. The remittances sent to the Philippines between January to April 2015 amounted to a total of 8.6 billion USD.
Manila ranks 1st overall, 3rd in terms of economic dynamism and 5th in terms of economy size according to the Cities and Municipalities Competitiveness Index (CMCI) developed by the National Competitiveness Council. The CMCI is an annual ranking of Philippine cities and municipalities.
The city is a major center for trade and finance. It serves as the headquarters for financial institutions, private commercial banks and private insurance companies. The Port of Manila serves as the Philippines' gateway for imports and exports. The International Container Terminal Services, Inc. is one of the top five major maritime terminal operators in the world according to the Asian Development Bank and has its headquarters and main operations on the Port of Manila.
Major industries in Manila include chemical and textile production, publishing and printing, and food processing. Primary export goods include coconut oil, copra, rope, plywood and refined sugar.
Tourism is also one of Manila's essential industries. In June 2015, the city received 333, 390 tourists, the biggest in the Philippines. Major attractions include Intramuros, Rizal Park, National Museum of the Philippines, Manila Zoo, Manila Ocean Park, Binondo and Malate.
Manila is known as a shopping destination. The city was ranked 11th in the Globe Shopper Index and is best in terms of affordability. It is home to a diverse range of shopping malls, bazaars and markets. Divisoria, known as the shopping Mecca of the Philippines, sells an assortment of goods at bargain prices. Quiapo has various street markets and flea markets. Binondo houses Chinese businesses and restaurants.
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