The Philippines was the 40th largest economy in 2018, and the 5 th largest economy in ASEAN after Indonesia, Thailand, Malaysia and Singapore. Economic growth in the Philippines has averaged above 6% p.a. since 2010, cementing it as one of Asia’s fastest growing economies. The Philippines is projected to be the globe’s 19th largest economy by 2050, an improvement of over 20 places. It outperforms on measures of creditworthiness and economic growth, but it still lags other emerging Asian economies on measures of per capita income and business climate.