With a population of more than 100 million people, the Philippines is the seventh-most populated country in Asia and the 12th most populated country in the world. An additional 12 million Filipinos live overseas, comprising one of the world's largest diasporas. Multiple ethnicities and cultures are found throughout the islands.
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.
The Philippine Declaration of Independence occurred on June 12, 1898 in Cavite II el Viejo (now Kawit), Cavite, Philippines. With the public reading of the Act of the Declaration of Independence, Filipino revolutionary forces under General Emilio Aguinaldo proclaimed the sovereignty and independence of the Philippine Islands from the colonial rule of Spain, which had been recently defeated at the Battle of Manila Bay during the Spanish–American War