The Philippine Economic Society (PES) was formally established in August 1962 as a nonstock, nonprofit professional organization of economists in the Philippines. PES seeks to attain the following objectives: 1) to foster and encourage professional and social relations among economists and; 2) to improve the standards of economic research and instruction in the country. Over the years, the Society has served as one of the strongest networks of economists in the academe, government, and business sector.

The PES provides a venue for the open and rational discussion of a wide range of policy issues through its conferences and symposia. Through its journal, the Philippine Review of Economics (PRE), which is co-published by the UP School of Economics, the PES performs a major role in improving the standard of economic research in the country and in disseminating new research findings.

It is a member of the Philippine Social Science Council, an umbrella organization of professional social science associations in the Philippines.