Economy of Philippines
The Economy of the Philippines is the 39th largest in the world, according to 2015 International Monetary Fund statistics, and is also one of the emerging markets.
The Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. In 2016, GDP by Purchasing power parity was estimated to be at $811.726 billion.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, and Thailand. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth. Sectors
As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy. Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations. Agriculture
Agriculture employs 30% of the Filipino workforce as of 2014, according to World Bank statistics. Agriculture accounts for 11% of Philippines GDP as of 2014, according to the World Bank. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.
The Philippines is the world's largest producer of coconuts producing 19,500,000 tons in 2009. Coconut production in the Philippines is generally concentrated in medium-sized farms. Rice production in the Philippines is important to the food supply in the country and economy. The country is the 8th largest rice producer in the world, accounting for 2.8% of global rice production. The Philippines is one of the largest producers of sugar in the world according to Food and Agriculture Organization of the United Nations Statistics Division. Shipbuilding and repair
The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas. It became the fourth largest shipbuilding nation in 2010. The country's shipyards are now building ships like bulk carriers, container ships and big passenger ferries. General Santos' shipyard is mainly for ship repair and maintenance. Automotive
The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford, Toyota, Mitsubishi, Nissan and Honda are the most prominent automakers manufacturing cars in the country. Automotive sales in the Philippines moved up from 165,056 units in 2011 to over 180,000 in 2012. Japan's automotive manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines. Aerospace
Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio in the Cordillera region. The company produces aircraft actuators in their manufacturing facility.
In 2011, the total export output of aerospace products in the Philippines reached US $3 billion.Electronics
A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world. Presently the Philippine plant's focus is in the production of hard disk drives.Mining and extraction
The country is rich in mineral and geothermal energy resources. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline. Offshoring & outsourcing
In 2008, the Philippines has surpassed India as the world leader in business process outsourcing. The majority of the top ten BPO firms of the United States operate in the Philippines. The industry generated 100,000 jobs, and total revenues were placed at $960 million for 2005. In 2012, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class.
BPOs and the call center industry in general are also credited for the Philippines' recent economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S&P. This growth in the industry is further promoted by the Philippine government. The industry is highlighted by the Philippines Development Plan as among the 10 high potential and priority development area. Tourism
Tourism is an important sector for the Philippine economy, contributing 7.8% to the Philippine gross domestic product (GDP) in 2014. In 2014, the tourism sector contributed 1.4 trillion pesos to the country's economy.
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