Regarded as having one of the most dynamic economies in Southeast Asia, the Philippines has seen rapid growth in its service sector in recent years, including tourism, business process outsourcing, and retail trade. It boasts a current gross domestic product of $437.15 billion.
The country also plays an important role in regional development cooperation and trade as one of the founding members of the Association of South East Asian Nations, or ASEAN, and as headquarters of the Asian Development Bank, or ADB.
United Nations agencies have a large presence there as well, including UNICEF, which has offices in Manila and Cotabato. Research organizations and institutes such as IDinsight, with its Southeast Asia regional office in Makati City, and the International Rice Research Institute, or IRRI, based in Los Baños.