Main Characteristics Of The Republic Of Philippines

1275 WordsMar 2, 20156 Pages
Philippines Main Characteristics The Republic of Philippines is an emerging economy. It is a newly industrialised country and its economy has been transitioning from one based upon agriculture to an economy with more emphasis upon services and manufacturing. The Philippines, in its desire for development, embraced the World Trade Organization and its call for open markets and trade liberalization in 1995. According to 2013 World Bank statistics, The Philippine economy is ranked the 39th largest in the world and is currently one of Asia 's fastest growing economies being dubbed as a Tiger club economy. The Philippines has an estimated 2014 GDP (PPP) of US$ 694.615 billion experiencing a 6.1% growth in GDP (PPP). With a population of approximately 100 million its GDP (PPP) per capita is US$ 6,986. Influence of Globalisation on this economy The Philippines economy has been greatly affected by globalization. The country has been actively taking part in the process of globalization ever since the country signed agreements with World Trade Organization in 1995. • Trade Flows and Patterns of Trade - Top 5 Philippine exports include integrated circuits (23%), computers (10%), semiconductor devices (4.7%), office machine parts (3.6%) and electrical transformers (3%). - Top 5 export destinations are China (23%), Japan (13%), United States (12%), Hong Kong (9.8%) and Singapore (5.4%) - Top 5 imports include integrated circuits (13%), Crude Petroleum (9.3%), refined petroleum

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