| The Philippine economy is emerging over the battle | | | | products from the country. |
| of economic struggles. Although there are several | | | | The manufacturing industry also contributes to the |
| hindrances that attempt to overturn the economy of | | | | growing economy of the Philippines with players from |
| the Philippines it remains sturdy on its ground to | | | | various sectors of non-durable goods and textiles, |
| obtain stability and improved commercialism. In the | | | | products on tobacco, processed foods, furniture, |
| year 2007, the Philippines became the world's 37th | | | | non-electrical equipment and electrical goods. |
| country with the largest economy in terms of | | | | The Philippine government defines its own economic |
| International Monetary Fund. In Asia, the Philippines | | | | reforms to ensure that the country's economy will be |
| continue to be the fastest growing country in terms | | | | stable and continuously growing. They are providing |
| of economic development. Although its economic | | | | an environment that will attract foreign investments |
| growth was slightly affected by the global economic | | | | in order to strengthen the country's economic |
| crisis, the recession did not halt the economic | | | | growth further while giving equal importance to both |
| progress of the Philippines. | | | | import and export with trading partners with foreign |
| The Philippine Major Economic Sectors | | | | countries like Hong Kong, United States, Taiwan, |
| The Philippines has three major economic sectors | | | | Japan, and Singapore among others. These are the |
| namely agriculture, service and industry. These three | | | | major countries importing chemicals, metals, |
| giant sectors in the Philippines are categorized | | | | petroleum, textiles, foods, and equipments for |
| according to the country's Gross Domestic Products. | | | | transportation. The Philippines also export main |
| The service sector exhibits to be continuously | | | | products such as coconut, electrical and electronic |
| growing while the country's agricultural sector remains | | | | items, textile, and fish to these countries. |
| to be substantially declining due to the effects of El | | | | The remittances to the country by the overseas |
| Niño and climate changes. This sector | | | | Filipino workers contributes to the 10 percent of the |
| contributes to the 20 percent of the country's gross | | | | Philippine's GDP. This contributes to a significant value |
| domestic products. The industry sector plays 32 | | | | in helping the country establish a more stable |
| percent while the service sector plays a dominant | | | | economic level. There are about more than 4 millions |
| role of 48 percent in the Philippine economy. | | | | of Filipinos working abroad mostly in the IT, medical |
| The Philippine's Economic Industry | | | | and skilled workers industry. Some are working as |
| The Philippine's agriculture, fishing and forestry | | | | domestic helpers, engineers, servicemen in the |
| industries contribute to the country's gross domestic | | | | military, architects, nurses, doctors, and accountants. |
| products while it also has a growing sector in | | | | About 1/3 of the overseas Filipino workers are in the |
| manufacturing, mining and construction industries. The | | | | retail, hospitality and food/beverage sectors. |
| commercial crops in the Philippines are centered on | | | | There was also a boost in the county's economy by |
| bananas, corn, rice, sugar cane, papayas and | | | | the surge of trends in the business process |
| mangoes. | | | | outsourcing (BPO) due to the low cost of doing |
| Although exportation of hardwood once been a | | | | business in the country with the highest numbers of |
| popular industry in the country it gave rise to the | | | | skilled and literate Filipinos to rely on. This further |
| increasing illegal logging which prompt the government | | | | gave the Philippine economy better progress and |
| to ban the exportation of hardwood logs. However | | | | stability. |
| this does not curtail the legal exportation of lumber | | | | |