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Economy of Philippines

The Philippines, formally called as Republic of the Philippines, is an independent island nation that is situated in the western Pacific Ocean. It comprises of 7,107 islands that are classified largely under three main topographical divisions, namely, Luzon, Visayas, and Mindanao. The capital city of Philippines is Manila and Quezon City is its largest city. The estimated GDP of Philippines in terms of purchasing power parity (PPP) is $454.3 billion as of 2013, which is the thirty-second largest when compared to the rest of the countries. It has the calendar year system for handling the annual monetary affairs of the country. The economy of nation has actually worn the global economic slump and monetary declines that caused many economic problems for not only Philippines, but so many other countries as well. There are around four to five million Filipino workers who are discharging their duties and functions in different parts of the world and contributing for the betterment of economy by sending heaps of remittances to their motherland on monthly basis. The fattest growing business process outsourcing industry of Philippines is also helping the nation by generating decent volume of revenues. The agriculture sector of country is also flourishing at the moment, courtesy of cutting-edge machinery that is being used for harvesting the crops. Some of their main agriculture products include sugarcane, coconuts, rice, bananas and pineapples. When it comes to industrial zone, they have industries like electronics, garments, footwear, pharmaceuticals, chemicals, wood products and many others.

Imports of Philippines

The estimated import value of Philippines is $63.91 billion as of 2013, which is the 47th largest when compared to other countries. The main import partners of country include US, China, Japan, South Korea, Singapore, Thailand, Saudi Arabia, Indonesia and Malaysia. Philippines imports commodities like electronic items, mineral fuels, machinery, transport equipment, iron, steel, textile, chemicals and plastic products.

Exports of Philippines

The exports of Philippines are rapidly going upwards, courtesy of its sound and effective administrative plans and strategies implanted for enhancing the exports. The estimated export value of Philippines is $47.45 billion as of 2013, which is the fifty-eighth largest when compared to the other countries. The major export commodities of Philippines include semi-conductors, electronic products, transport equipment, garments, copper products, petroleum, coconut oil and fruits.

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Capital
Manila
Dialing Code
+63
Fiscal Year
Calendar Year
Currency
Philippines Peso (PHP)
GDP
$317,500,000,000
Exports
$54.17 billion (2011 est.) | Semiconductors And Electronic Products, Transport Equipment, Garments, Copper Products, Petroleum Products, Coconut Oil, Fruits
Imports
$68.84 billion (2011 est.) | Electronic Products, Mineral Fuels, Machinery And Transport Equipment, Iron And Steel, Textile Fabrics, Grains, Chemicals, Plastic
Industries
Electronics Assembly, Garments, Footwear, Pharmaceuticals, Chemicals, Wood Products, Food Processing, Petroleum Refining, Fishing