In 1999 the labor force of the Philippines numbered 31.1 million people. Agriculture, forestry, and fishing employed 40 % of the labor force; manufacturing, construction, and mining, 16 %; and services, 44 %. The around governmental budget in 1998 included revenues of $11.3 billion and expenditures of $12.5 billion. Gross domestic product (GDP) was $76.6 billion in 1999.

The Philippines is valuable in mineral resources. There are major deposits of gold in northern and southern Luzon; iron ore in northern Mindanao and on nearby islands and in central Luzon; copper in west-central Luzon; lead and zinc in western Mindanao; and high-grade chromium ore (chromite) in west-central and southern Luzon, northern Mindanao, and central Palawan. Deposits of silver, nickel, mercury, molybdenum, cadmium, and manganese occur in several other places. Nonmetallic minerals include limestone for cement, found on Cebu, Luzon, and Romblon; salt and asbestos on Luzon; marble on Romblon and Panay; asphalt on Leyte; mineral waters on Luzon; gypsum on Luzon; sulfur on Luzon, Leyte, and Mindanao; guano and phosphate rock on Cebu and Bohol; coal and silica on Cebu and Palawan; and petroleum off the northwest shore of Palawan.

In 1998 the Philippine economy - a mixture of agriculture, light industry, and supporting services - deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 3.6% in 2000. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving infrastructure, overhauling the tax system to bolster government revenues, moving toward further deregulation and privatization of the economy, and increasing trade integration with the region.