Philippines

By: Martnel Adolfo

Population

Philippines has about 102,063,554 people as of 2016

Form of government

The Philippines is a republic with a presidential form of government wherein power is equally divided among its three branches: executive, legislative, and judicial.

Largest Exports

The top exports of the Philippines are Integrated Circuits ($17.1B),Computers ($6.44B), Office Machine Parts ($4.37B), Semiconductor Devices ($3.65B) and Nickel Ore ($2.9B), using the 1992 revision of the HS (Harmonized System) classification. They also export tropical fruits.

Largest imports.

Its top imports are Integrated Circuits ($9.7B), Refined Petroleum ($6.15B), Crude Petroleum ($5.88B),Cars ($2.74B) and Planes, Helicopters, and/or Spacecraft ($2.52B).

Name of currency and the exchange rate.

The name of the Philippine currency is Peso.


The exchange rate of Philippine peso to US dollars: 1 US dollar is equals to 46.40 Philippine peso.


The exchange rate of Philippine Peso to Japanese Yen: 1 Peso equals 2.35 Japanese Yen.

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Philippines Is Now One Of The Fastest Growing Economy In The World

Summary

The Philippines is one of the fastest growing economy in Southeast Asian countries. with a GDP growth of 7.1% in the last quarter. The country mainly relies on outsourcing and trade with other countries for their economic growth. The main product demand of the Philippines is high tech gadgets such as smartphones from companies like Samsung, LG, Apple and many more. Philippine products for trade

Pros and Cons of trading with the Philippines.

Pros:

  • The products manufactured in the Philippines are cheaper than other countries.
  • Philippine consumers buy the goods that is being traded. This will cause a higher demand for the product thus profits for the manufacturers in other countries who produce the goods.
Cons:

  • Other countries might not have enough jobs available for their people because of outsourcing in the Philippines.
  • Philippines might create competition for other countries in trading.

How other countries benefit from trading with the Philippines.

Other countries like the US might benefit from trading with the Philippines because their goods might be in demand in the Philippines.


  1. The Philippines was the United States’ 34th largest goods export market in 2013.
  2. U.S. goods exports to the Philippines in 2013 were $8.4 billion, up 4.2% ($341 million) from 2012, and up 5.2% from 2003.

Bibliography

  • "East & Southeast Asia :: Philippines." Central Intelligence Agency. Central Intelligence Agency, 02 Mar. 2016. Web. 18 May 2016.
  • "Philippines." OEC. N.p., n.d. Web. 18 May 2016.
  • "Philippines Top 10 Imports." Worlds Top Exports. N.p., 09 May 2016. Web. 18 May 2016.