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Philippine Economy

Philippine Economy. Group II. What is Economy?.

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Philippine Economy

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  1. Philippine Economy Group II

  2. What is Economy? • An economy consists of the economic system of a country or other area, the labor, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution, and consumption of goods and services of that area. A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

  3. Sectors: • Primary sector of the economy-Involves the extraction and production of raw materials, such as corn, coal, wood and iron. (A coal miner and a fisherman would be workers in the primary sector.) • Secondary sector of the economy-Involves the transformation of raw or intermediate materials into goods . • Tertiary sector of the economy: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking. • Quaternary sector of the economy: Involves the research and development needed to produce products from natural resources.

  4. Economic Measures: • Consumer spending • Exchange Rate • Gross domestic product • GDP per capita • GNP • Stock Market • Interest Rate • National Debt • Rate of Inflation • Unemployment • Balance of Trade

  5. Philippine Economy

  6. The economy of the Philippines is the 4th largest economy in South East Asia and the 33rd largest economy in the world. • Currency =( ₱ )Philippine Peso • In the Philippines, the 3 largest economic sectors are industry, service, and agriculture, in terms of contribution to GDP. In past years, the service sector has exhibited continuous growth.

  7. Statistics GDP-$189.1 billion (2010 est.) GDP growth-7.3% (2010) Mainindustries- electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing. GDP per capita-$2,011 (2010 est.) $3,725 (2010 est.) Population below poverty line- national – 32.9% (2006 est.) international – 22.6% (2006) regional – 27% (2006)

  8. Natural resources: Copper, nickel, iron, cobalt, silver, gold. Agriculture:  Products--rice, coconut products, sugar, corn, pork, bananas, pineapple products, aquaculture, mangoes, eggs. Industry:  Types--textiles and garments, pharmaceuticals, chemicals, wood products, paper and paper products, tobacco products, beverage manufacturing, food processing, machinery and equipment, transport equipment, electronics and semiconductor assembly, mineral products, hydrocarbon products, fishing, business process outsourcing services.

  9. Exports: -$50 billion -Export goods: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits. -Partners: United States 15.35%, Japan 14.19%, China 13.19%, Singapore 9.44%, Hong Kong 9%, South Korea 5.12%, Germany 4.1%

  10. Imports • $46.39 billion • -electronic products, mineral fuels, • machinery and transport equipment, • iron and steel, textile fabrics, • grains, chemicals, plastic. • Japan 15.32%, United States 11.47%, Singapore 9.54%, China 8.93%, • Taiwan 8.27%

  11. A mixed economic system, important sectors of Philippine industry include food processing, textiles and garments, and electronics and automobile parts. Most industries are concentrated in the urban areas around Metro Manila, while Metro Cebu is also becoming an attraction for foreign and local investors. Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper. Recent natural gas finds off the islands of Palawan add to the country's geothermal, hydro, coal, and oil exploration energy reserves.

  12. PUBLIC FINANCES: Public debt-$94.27 billion (58.7% of GDP) (2009 est.) Revenues- $23.56 billion Expenses-$29.82 billion (2009 est.) Economic aid-$561.7 million ODA recipient.

  13. Economic Growth Year % GDP % GNP 2000 4.5 4.8 2001 3.2 3.4 2002 4.6 5.2 2003 4.7 5.6 2004 6.0 6.2 2005 5.0 5.6 2006 5.4 6.2 2007 7.1 7.8 2008 3.8 6.2 2009 1.1 4.0 2010 7.3 7.2 * Computed at Constant 1985 Prices ** Source: NEDA and NSCB

  14. Major Economic Problems of the Philippines

  15. Import-Export Imbalance • Decline of the Philippine Peso • Reliance on Remittances

  16. END :D

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