English is commonly used as an official language, a second language for business and commerce, as well as a medium of instruction in Outer Circle countries, including the Philippines. There have been studies about the impact of the English language on the economy of certain Outer Circle countries; however, no existing research has presented a comprehensive picture of its impact on the Philippines, which is renowned for excellence in industries that have developed based on Filipinos’ high English proficiency, such as English-speaking call centers and both online and offline schools that teach English as a second language (ESL). Therefore, this article comprehensively describes the relationship between the English language and the economy of the Philippines and explores its associated problems. First, the article briefly explains the history of English education in the Philippines to demonstrate why a large proportion of its population is proficient in English. Second, it focuses on Filipinos’ English proficiency by examining their average scores on international standardized English tests and the Business English Index. Furthermore, it reviews the literature that investigates their evaluation of their own English as well as their awareness of the importance of English in their workplaces. Third, it examines English-based industries: call center and ESL industries. Finally, it discusses the problems of using English as a medium of instruction and the exploitation of the Philippines’ inexpensive labor force in these English-based industries by developed countries.