Economy of Philippines - an Overview
July 27th, 2008
Vladimir Gonzalez asked:
Philippines Economy
The Philippines is one of the poorest countries in Asia, although, at some point, there had been great expectations concerning its economic growth. After the end of World War II, The Philippines were expected to become Asia’s economic powerhouse, but in reality, it was not the case.
The country has a troubled historical background, after being occupied by the Spanish for several centuries, and by the United States of America. These occupations lead to a group of families controlling huge land estates. Some of these estates are used in agricultural activities, which involve about 40 per cent of the country’s working population. Agricultural activity accounts for 20 per cent of the Philippines’ Gross Domestic Product. Economic changes and reforms are necessary for the Philippines economy on the long term. Great transformations are not likely to take place because of the landed families which have a lot of political and economic power and influence.
The Philippines exports many electronics, as it involved in manufacturing activities for certain MNCs ( multinational corporations ) like Texas Instruments, Toshiba, Intel, Matsushita and Fujitsu. This way, the manufacturing industry makes room for many jobs. More and more Filipino businesses and individual users move their activities online, buying personal computers and networking systems. The IT sector is in a continuous development.
Mining is also important for the Philippines’ economy. Metal mining accounted for 44 per cent of the value of production. Japan is one of the most important importers, receiving gold and copper from the Philippines. The Philippines are the biggest source of refractory chromite in the world, at Masinloc. It is also rich in nickel ( from Hinatuan, the Dinagat Islands, Surigao and Palawan ), gold (from Luzon, the Negros Islands, Mindanao, Masbate ), silver ( from Mindanao ) and copper ( Negros Islands, Marinduque and Cebu ). The Mining Act was signed in 1995. Its purpose was to promote the Philippines’ mining industry to other countries. It also ensured economic viability and efficiency for mining activities. Companies were allowed to receive a four year permit which allowed them to explore certain areas.
Further reading on www.EconomyWatch.com:
Economic Structure of the Philippines
Imports and Exports of the Philippines
Demographics of the Philippines
Philippines Economy
The Philippines is one of the poorest countries in Asia, although, at some point, there had been great expectations concerning its economic growth. After the end of World War II, The Philippines were expected to become Asia’s economic powerhouse, but in reality, it was not the case.
The country has a troubled historical background, after being occupied by the Spanish for several centuries, and by the United States of America. These occupations lead to a group of families controlling huge land estates. Some of these estates are used in agricultural activities, which involve about 40 per cent of the country’s working population. Agricultural activity accounts for 20 per cent of the Philippines’ Gross Domestic Product. Economic changes and reforms are necessary for the Philippines economy on the long term. Great transformations are not likely to take place because of the landed families which have a lot of political and economic power and influence.
The Philippines exports many electronics, as it involved in manufacturing activities for certain MNCs ( multinational corporations ) like Texas Instruments, Toshiba, Intel, Matsushita and Fujitsu. This way, the manufacturing industry makes room for many jobs. More and more Filipino businesses and individual users move their activities online, buying personal computers and networking systems. The IT sector is in a continuous development.
Mining is also important for the Philippines’ economy. Metal mining accounted for 44 per cent of the value of production. Japan is one of the most important importers, receiving gold and copper from the Philippines. The Philippines are the biggest source of refractory chromite in the world, at Masinloc. It is also rich in nickel ( from Hinatuan, the Dinagat Islands, Surigao and Palawan ), gold (from Luzon, the Negros Islands, Mindanao, Masbate ), silver ( from Mindanao ) and copper ( Negros Islands, Marinduque and Cebu ). The Mining Act was signed in 1995. Its purpose was to promote the Philippines’ mining industry to other countries. It also ensured economic viability and efficiency for mining activities. Companies were allowed to receive a four year permit which allowed them to explore certain areas.
Further reading on www.EconomyWatch.com:
Economic Structure of the Philippines
Imports and Exports of the Philippines
Demographics of the Philippines