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The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy.
Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
Under Spanish rule, the Philippines became a key hub in the Manila-Acapulco galleon trade, though the wealth primarily benefited colonial powers rather than local development.
During the American colonial period (1901–1946), the country saw significant economic reforms and infrastructure improvements, while the Philippine peso was pegged to the US dollar, facilitating trade and investment. After gaining independence in 1946, the Philippines experienced periods of growth and stagnation, with key phases of industrialization and agricultural reform, alongside challenges such as cronyism, political instability, and economic inequality.
In the modern era, the Philippines has shifted towards a more service-oriented economy, with sectors like business process outsourcing (BPO) and remittances from overseas Filipino workers playing critical roles in its development.