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| Index > Investor Information > The Philippines > The Economy |
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The Philippines is a predominantly agricultural economy which has grown into the manufacturing sector in the 1960s. Almost half of the country's workforce is engaged in agriculture, fishing, and forestry and related services and industries. Roughly 40 percent are in manufacturing while construction and mining employ about 15 percent of the workforce.
Major commercial crops include bananas, pineapples, copra papayas, oranges, sugarcane, tobacco, and mangoes with important subsistence crops being corn, rice, sweet potatoes and cassava.
Mining holds vast potentials for the Philippine economy due to large reserves of chrome, copper, gold, iron, lead, manganese and silver.
The Gross Domestic Product (GDP) rose by 5.1 percent in 2005 due largely to the recovery of agriculture and the healthy performance of the industry and services sector in the fourth quarter. Robust increase in inflows from overseas remittances pushed the Gross National Product (GNP) to 5.7 percent growth.
Current government medium-term priority areas for investment generation include: agribusiness, healthcare and wellness products and services, information and communications technology, electronics, motor vehicle products, energy, infrastructure, tourism, shipbuilding/shipping, jewelry and fashion garments.
The Philippine Peso was hailed by Forbes as Asia's best performing currency in 2005.
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