what kind of money does the philippines use?
Philippine peso
neutral
 The Philippine economy is the 39th largest in the world , with an estimated 2016 gross domestic product ( nominal ) of $ 369 @.@ 188 billion . Primary exports include semiconductors and electronic products , transport equipment , garments , copper products , petroleum products , coconut oil , and fruits . Major trading partners include the United States , Japan , China , Singapore , South Korea , the Netherlands , Hong Kong , Germany , Taiwan , and Thailand . Its unit of currency is the Philippine peso ( ₱ or PHP ) . 

contradiction
 The Philippines has a sophisticated cellular phone industry and a high concentration of users . Text messaging is a popular form of communication and , in 2007 , the nation sent an average of one billion SMS messages per day . Over five million mobile phone users also use their phones as virtual wallets , making it a leader among developing nations in providing financial transactions over cellular networks . The Philippine Long Distance Telephone Company commonly known as PLDT is the leading telecommunications provider . It is also the largest company in the country . 

entailment
 Filipino workers have protested Philippine government targeting of overseas Filipino workers , and a 1982 protest opposed Executive Order No. 857 ( EO @-@ 857 ) implemented by Ferdinand Marcos . According to the order , overseas contract workers were required to remit 50 to 70 percent of their total earnings through authorised government channels only . Migrant @-@ worker groups say that overseas Filipino workers must pay up to PHP150,000 ( $ 3 @,@ 400 ) in government and recruiting @-@ agency fees before they can leave the country . In 2007 , the Philippine government proposed a law requiring workers to submit to a " competency training and assessment program " which would cost them PHP10,000 to P15,000 ( US $ 215 to US $ 320 ) – about half their average monthly salary ( typically US $ 450 ) . According to the Philippine Department of Labor and Employment , the policy would help protect domestic overseas workers from abuse by employers . Government agencies receive a total of about PHP21 billion ( $ 470 million ) a year from foreign workers in police clearances , National Bureau of Investigation and passport fees , membership in the Overseas Workers Welfare Administration , local health insurance and Philippine Overseas Employment Agency and Home Development Mutual Fund fees . Although charges by Indonesian agencies for dormitory housing , lessons in Cantonese , housework and Chinese cuisine were capped at about HK $ 14 @,@ 000 by the government in 2012 , interest is excluded from the cap . In 2012 , Bloomberg reporters suggested that many agencies contract with workers to convert sums owed before their arrival in Hong Kong into " advances " from moneylenders ( bypassing Hong Kong law ) . 

contradiction
 Goldman Sachs includes the country in its list of the " Next Eleven " economies but China and India have emerged as major economic competitors . Goldman Sachs estimates that by the year 2050 , it will be the 20th largest economy in the world . HSBC also projects the Philippine economy to become the 16th largest economy in the world , 5th largest economy in Asia and the largest economy in the South East Asian region by 2050 . The Philippines is a member of the World Bank , the International Monetary Fund , the World Trade Organization ( WTO ) , the Asian Development Bank which is headquartered in Mandaluyong , the Colombo Plan , the G @-@ 77 and the G @-@ 24 among other groups and institutions . 

neutral
 The nation 's large population and economic potential have led it to be classified as a middle power . It is a founding member of the United Nations , World Trade Organization , Association of Southeast Asian Nations , the Asia @-@ Pacific Economic Cooperation forum , and the East Asia Summit . It also hosts the headquarters of the Asian Development Bank . The Philippines is considered to be an emerging market and a newly industrialized country , which has an economy transitioning from being one based on agriculture to one based more on services and manufacturing . 
