3 Why do you classify Philippines as a developing economy how does it compare with countries with developed economics?

The Philippines is classified as a developing economy due to factors such as lower per capita income, higher poverty rates, and ongoing challenges in infrastructure and education compared to developed countries. While it has shown significant economic growth and a burgeoning middle class, it still faces issues like income inequality and vulnerability to external economic shocks. In contrast, developed economies typically exhibit higher standards of living, advanced technological infrastructure, and more robust social services, contributing to greater overall stability and growth potential.