After the 2nd World War, the Philippines rivaled Japan as one of the richest countries in Asia. However, the Philippine economy showed significant recession during the Marcos regime up until the following decades. Today, the country's economy has slowly picked up with the Philippines proving to be an emerging industrialized country in Southeast Asia.
The Philippine economy features a number of important sectors. These includes agriculture, food processing, mining, software, electronics, and outsourcing.
Agriculture is one of the main industries in the Philippines. Farmlands produce rice, fruits, and other products that are exported to different countries. The main commercial crops of the country include rice, bananas, sweet potatoes and cassava, while the primary export products are fish, textiles, and coconut items. The Philippines is now conducting several research studies in order to further improve its agricultural production.
Mining is also a flourishing industry as the Philippines is rich with energy and mineral resources. In fact, this country rivals other major energy producing nations. It produces 1931 MW of electricity coming from geothermal sources.
Another thriving industry in the Philippines is electronics. This country houses large companies such as Intel. Currently, the Philippines is one of the major producers of Intel's products. The Texas Instruments or TI is an international company that produces DSP chips in its Baguio plant. This plant produces 80% of all the chips in Ericsson cellphones and 100% of the chips used in Nokia cellphones.
The software industry is slowly gaining ground in this country. Trend Micro, a global company famous for their anti- virus software develops some of its major products in the Philippines.
Business process outsourcing is another booming industry in the Philippines. Large companies in the United States and Canada operate in the Philippines. Various customer service centers are also massively recruiting many young employees offering lucrative deals and salaries.
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