The Philippines is the world's 12th most populous country, with an estimated population of about 92 million people. Its national economy is the 47th largest in the world, with an estimated 2008 gross domestic product (GDP nominal) of over US$ 168.6 billion (nominal). It is estimated that there are about 11 million overseas Filipinos worldwide, equivalent to about 11% of the total population of the Philippines.
The Philippines is a newly industrialized country, with an economy anchored on agriculture but with substantial contributions from manufacturing, mining, remittances from overseas Filipinos, and service industries such as tourism, and business process outsourcing. It is also listed in the roster of the "Next Eleven" economies.
In a bid to further strengthen the economy, President Gloria Macapagal-Arroyo pledged to turn the country into a developed country by 2020. As part of this goal, she instituted five economic "super regions" to concentrate on the economic strengths of various regions, as well as the implementation of tax reforms, continued privatization of state assets, and the building-up of infrastructure in various areas of the nation.
The Philippine economy is heavily reliant on remittances as a source of foreign currency, surpassing foreign direct investment. China, and India have emerged as major economic competitors, siphoning away investors who would otherwise have invested their businesses, particularly telecommunication companies. Regional development is also somewhat uneven, with Luzon, and Metro Manila in particular gaining most of the new economic growth at the expense of the other regions, although the government has taken steps to distribute economic growth by promoting investment in other areas of the country.