The Philippines (Filipino: Pilipinas), officially known as the Republic of the Philippines (Republika ng Pilipinas; RP), is an archipelagic nation locate in Southeast Asia with Manila as its capital city. The Philippine archipelago comprises 7,107 islands in the western Pacific Ocean, bordering countries such as Indonesia, Malaysia, Palau and Taiwan. The Philippines is the world's 12th most populous country with a population approaching 90 million people. Its national economy is the 37th largest in the world with a 2006 gross domestic product (GDP) of over US$117.562 billion. There are more than 11 million overseas Filipinos worldwide, the largest diaspora networks in the world, about 11% of the total population of the Philippines.