The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila. However, major problems remain, mainly related to alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.
The Philippines has been named as one of the Tiger Cub Economies, alongside Indonesia, Malaysia, Vietnam, and Thailand. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The country's primary exports include semiconductors and electronic products, transport equipments, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. As of 2021, its GDP by purchasing power parity was estimated at $1.47 trillion, the 18th largest in the world. The Philippines is considered a newly industrialized country, which has an economy in transition from one based on agriculture to one based more on services and manufacturing. The Philippine economy is the world's 40th largest by nominal GDP and 17th largest in Asia according to the International Monetary Fund in 2022. It is a founding member of Asia-Pacific Economic Cooperation and Association of Southeast Asian Nations. The Philippines is a developing mixed-market economy, which is one of the growing emerging markets with economic dynamism that sustain growth momentum. All values, unless otherwise stated, are in US dollars.
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