The Philippines may be rich in natural resources, but it continues to be a struggling economy in Asia. The Gross Domestic Product per capita was $2,639 US dollars that are only 21% of the world’s average. The World Bank declared that it is the 33rd largest economy. It is an emerging economy in Southeast Asia. The Philippines is lagging compared to its neighboring countries like Singapore and Malaysia. There are a lot of reasons why the country seems to move slowly in economic progress. These can be due to poor governance, weak government institutions, and rampant corruption. The current world pandemic has slowed down the progress gained in the last couple of years. It seems that the country has a lot of economic development to do at present and even in the future.