The Economy of the Phillipines
The Economy of the PhillipinesPer Capita Income: Since I am the first person reporting, I would like to explain what per capita income means. The per capita income of a certain country is the GDP of that country divided by the total population. In the Phillipines the per capita income is approximately $700. When compared to the per capita income of the United States, which is about $22,000, it is easy to tell that the economy of the Phillipines is ver poor.
GDP: Growth: 5.7%
GDP= 82.8
% FROM AGRICULTURE: 17.1 IMPORTANT
% FROM MANUFACTURING: 18.9
% FROM SERVICES: 39.2 MOST IMPORTANT
% FROM GOVERNMENT: 7.9
Exports: Traditionally, the Phillipines has been primarily an exporter of raw materials and an importer of manufactured goods. This is the role that many “third world” countries play in the global economy. Electronic and automotive parts, along with garments are the leading merchandise exports of the country. However, the Phillipines also relies heavily on import inputs. The country also exports bananas, coconuts, copper, gold, lumber, pineapples and sugar.
Imports: The Phillipines mostly imports manufactured goods. Certain items remain subject to import regulations such as narcotic drugs, firearems, ammunition, etc. Their chief imports include chemicals, machinery, and petroleum.
Trading Partners: The Phillipines, like any other country, cannot produce everything that it needs. Instead, it relies heavily on foreign trade. Specialization in production allows for each nation to produce what it produces best, and to trade for products which it cannot produce as well (In case your teacher...
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