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The Philippine Economy
Predominantly agricultural, the
Philippine economy has grown in the manufacturing sector since the
1960s. During the mid-90's, 46 percent of the work force was comprised
of those in agriculture, fishing and forestry. These areas also
contributed over 20 percent to the GDP. The service industry comprised almost
40 percent with manufacturing, construction and mining employing 15
percent.
The main commercial crops during the mid-90's were bananas,
pineapples, copra with the important subsistence crops being corn, rice, sweet
potatoes and cassava. Other commercial crops were papayas, oranges,
sugarne and mangoes.
Deforestation has become a problem in the Philippines due
to extensive logging of hardwood trees. In an effort to curb this trend,
the government banned the exportation of hardwood logs during the
1980's. In spite of this, lumber products are still a major (legal)
export.
During 1996, 23 percent of the GDP was a result of
manufacturing contributions - with nondurable goods and textiles, processed
food, tobacco products comprising the largest output percentages. Also
making notable increases were durable goods such as furniture, electric items
and equipment (non-electrical).
A narrow deficit was shown in the 1997
annual budget with revenue at $16.3 billion and expenditures at $16.6
billion. Growth was expected to slow to approximately 3% GNP in 1998 as
a result of continuing effects of the East Asian financial crisis.
Following through on its program of
economic reforms, the government will try to ensure continued growth and
provide an environment for foreign investments. The Philippines tends to
spend much more on imports than exports and is trading partners with several
countries - with the main countries being the United States, Singapore, Hong
Kong, Japan, Taiwan. These countries imported items such as petroleum,
metals, chemicals, food items, textiles and transportation equipment.
The Philippines' main exports were fish, textiles, coconut items, and
electronic (electrical) items.
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