In studying the modern history of the
Philippines, one may still be amazed to learn that this small island
nation has only enjoyed a true contemporary democracy for less than
thirty years. The deposing of Filipino dictator Ferdinand Marcos,
whose nearly two-decade long reign of the country was marked by
tyranny and numerous human rights violations, allowed for Corazon
Aquino to assume the presidency and bring governmental reform.
Despite these sweeping changes beginning in the mid-1980s, it is
recently that the Philippines has emerged as a viable player in
global trade.
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| Manila (Source: Wikipedia) |
Among nations, the Philippines is
ranked low in the list of top fifty national economies. Their gross
domestic product for the last year came close to $200 billion, the
result of a gradual shift from a primarily agricultural economy to
one showing growth in service and manufacturing industries. With more
people taking work in the industrial sector, it is fair to predict
that this growth will continue so long as the government remains
stable.
In 2010, the Philippines exported
approximately $52 billion worth of products to their trade partners.
Japan accounts for the largest percentage of export trading from the
island nation, followed by the Netherlands, Hong Kong, and China.
Major exports from the Philippines include:
Clothing - While not the largest
of the manufacturing industries in the Philippines, the
garment-making companies account for a modest percentage of the
nation's overall export profits. Familiarity with Western culture
and fashions help keep this sector relevant.
Electronics - The Philippines is
known primarily for the export of semiconductors and computer
processors. Intel and Texas Instruments operate plants in the
country, and major cell phone companies rely on the Philippines for
DSP chips.
Copper - The nation has some of
the largest copper deposits in the world, making the Philippines an
important exporters of natural copper products.
Fruits and Byproducts - With
approximately a third of the overall economy rooted in agriculture,
the Philippines is a major exporters of coconuts, coconut oil and
other fruits.
The Philippines relies upon top import
trader partners Japan, the United States, China and Singapore for
items needed for daily use and production:
Machinery - In its quest to
concentrate on manufacturing, the Philippines imports the necessary
equipment and transportation to achieve their goals.
Mineral Fuels - Fossil fuels are
imported to refine into petroleum, which is then exported to various
trade partners.
Textiles and Fabrics - Textiles are
imported to maintain the nation's small but viable clothing
manufacture sector.
Grains - With population growth
taxing the nation's domestic food resources, the Philippines relies
on trade partners to acquire corn and rice, among other foodstuffs.
Economists are wise to keep an eye on
the Philippines in the years to come. The nation is not only an
important resource for call center employment - the nation is on
par with India in this respect - but a growing Asian economy that
could prove influential in various industries.