Question:

What are the important factors of Philippine Industry?

by Guest23259769  |  8 years, 10 month(s) ago

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I have heard international monitory funds have generated a new report on the Philippines economy, the report said that the Philippine is rated 32nd largest country in the economy. Please specify the important aspects of the Philippines industry. Regards

 Tags: Factors, Industry, philippine

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1 ANSWERS

  1. Xpert

    According to the latest report of International monetary fund the economy of the Philippines has the 13th largest economy in Asia, Philippines is the 32nd country having largest economy in the world. The growth rate of Philippines is increasing which has caused the downfall of the uprising economy.
    The significant sectors of Philippine industry are food processing, clothing and textile. Electronics assembly has contributed a lot in revolution of Philippines economy. The majority of industries in philippine is constructed in the municipal areas around the city Metro Manila, So that is why Metro Cebu is rapidly becoming an attraction spot for foreigners and local business investors in Philippines. On the other hand Mining has become great business in the Philippines, which possesses major assets of chromate, copper and nickel reservoirs. As of 2010 Fraser Institute reported that Philippines could be ranked one of the five mineral wealthy countries in the world, The Government of Philippine estimated that the mineral wealth of Philippines is around at $1 Trillion, however different governments dejected the investment power in this sector due to the failure in excessive and slow dictatorial measures. According to the law of Philippine the local governments have the rights of significant power over the exploitation of mineral resources. Well there was others news regarding the natural gas reservoirs in Philippines The researchers found out the islands of Palawan have the great reservoirs of geothermal, hydro, coal, and oil exploration energy assets.

     

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