PHILIPPINES

The country is a natural choice as an ASEAN Gateway in the international shipping and air lanes, particularly European and North American businesses. The country is home to multiple cultures and traditional ethnicities. It is also looked upon as a perfect example of a 'mixed economy'. Industrialization is a new development in the Philippines. Traditionally, the economy stabilized on the agrarian contributions and the manufacture of garments, pharmaceutical products and semiconductors.   In the last decade, electronic exports added to the exports, including various products obtained by mining.  The government is taking extensive steps to ensure even distribution of economic growth within the nation, by promoting overseas and home-bound investments in the Philippine Islands.  The abolition of export taxes and liberalization of foreign investment laws have helped equalize trade deficit to a considerable extent.

Location

Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam - the Philippine archipelago is made up of 7,107 islands; favorably located in relation to many of Southeast Asia's main water bodies: the South China Sea, Philippine Sea, Sulu Sea, Celebes Sea, and Luzon Strait.

Climate

Tropical marine; northeast monsoon (November to April); southwest monsoon (May to October)

Natural Resources

Timber, petroleum, nickel, cobalt, silver, gold, salt, copper

Population

97,976,603 (July 2009 est.)

Ethnic Groups

Tagalog 28.1%, Cebuano 13.1%, Ilocano 9%, Bisaya/Binisaya 7.6%, Hiligaynon Ilonggo 7.5%, Bikol 6%, Waray 3.4%, other 25.3% (2000 census)

Religions

Roman Catholic 80.9%, Muslim 5%, Evangelical 2.8%, Iglesia ni Kristo 2.3%, Aglipayan 2%, other Christian 4.5%, other 1.8%, unspecified 0.6%, none 0.1% (2000 census)

Languages

Filipino (official; based on Tagalog) and English (official); eight major dialects - Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan

National Holiday

12^th June

Currency

Philippine Peso (PHP)

Fiscal Year

Calendar year

Agriculture products: Sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish.

Industries: Electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing.

The Philippine economy grew at its fastest pace in three decades in 2007 with real GDP growth exceeding 7%, but growth slowed to 3.8% in 2008 as a result of the world financial crisis. The latest data from Philippine National Statistics Office (NSO) showed that the economy is likely to have registered a modest improvement in the fourth quarter of 2009.