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The Philippines 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.
Primary exports of Philippines include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. A newly industrialized country, the Philippine economy has been transitioning from one based upon agriculture to an economy with more emphasis upon services and manufacturing.
The Philippines is the world's largest producer of coconuts and pineapples. 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.
The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas. Subic-made cargo vessels are now exported to countries where shipping operators are based. 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.
The country is rich with mineral and geothermal energy resources. Philippine gold, nickel, copper and chromite deposits are among the largest in the world.
Philippines also exports electronic products, computers, other manufactures and woodcrafts and furniture. Philippines is also the world's largest producer of coconut, pineapple and abaca. Major export partners of Philippines are Japan, the United States, China and Hong Kong.
Philippines main exports are:
- Integrated Circuits
- Semiconductor Devices
- Office Machine Parts
- Electrical Transformers
- Insulated Wire
- Passenger and Cargo Ships
- Coconut Oil
The economy of the Philippines is the 39th largest in the world, according to 2014 International Monetary Fund statistics, and is also one of the emerging markets. The Philippines is considered as a newly industrialized country, which has been transitioning from one based on agriculture to one based more on services and manufacturing.
The economy is heavily reliant upon remittances from overseas filipinos, which surpass foreign direct investment as a source of foreign currency. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best business opportunities for growth for the country.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong, the Colombo Plan, the G-77 and the G-24 among other groups and institutions.
Philippines is a net importer but it is also a creditor nation. The Philippines is one of the largest rice importers. Rice is the most important food crop, a staple food in most of the country. Philippines major imports are electronic products, mineral fuels and transport equipment.
Major import partners of Philippines are China, the United States, Japan, Taiwan, South Korea, Singapore, Thailand, Indonesia, Saudi Arabia.