Philippines has a GDP of US$188.719 in 2010. Our country is said to be an agricultural country but now it is being industrialized and currently the 32nd largest economy in the world. It is also considered one of the largest mining countries, with an estimated $1 trillion in mineral wealth. We produce metals like gold, nickel, copper and chromite and non-metals like asbestos, asphalt, sulfur and marble. We really can’t deny that agriculture helps a lot in our country’s GDP, by exporting abaca, bananas, carrageenan, copra (coconut products) and pineapples. And we are also one of the world’s largest exporters of rice. And over the years, the agriculture in the Philippines is facing a decline in productivity. Good news is that, industry contributes the total employment of 33% of the total workforce, for our nation’s GDP.
Automotive, electronics, textiles, and food processing are the major industries that were responsible for 31.3% of Philippines’ GDP last 2010. It also includes the major car manufacturers. The automotive market saw a 14-year decline in sales until 2010, and that year demand arises and sold thousands of cars.
Philippines contributes a lot for the world’s supply of semiconductor, it produces 10% and 50% for the production of HD TVs. For over two decades, Intel and Texas Instruments chosed to established their operations in our country. In exporting, Philippines is a leading export market for textiles, and this contributed 4.93% of the country’s total exports volume. And our country maintained this competitiveness in the world’s textile market. Lastly, the Philippines has overtaken India as the world leader in business support functions. From a US$6 billion revenues for 2008 it was increased a total of US$ 9 billion in 2010 that Business Process Outsourcing(BPO) has contributed.
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