Economy of Philippines

Ranked as the 12th most populous country in the world, Philippines is home to a population of close to 99 million with 45 percent of the country's population categorized as urban.

Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world’s largest producer of coconut, pineapple and abaca. Philippines's main export partners are: Japan (21 percent), the United States (15 percent), China (12 percent) and Hong Kong (8 percent).

Major Industries of Philippines

The Philippines has been one of the most dynamic economies in the East Asia Pacific region.

The major industries of the Philippines include manufacturing and agribusiness. Within manufacturing, mining and mineral processing, pharmaceuticals, shipbuilding, electronics, and semiconductors are the focus areas. The Philippines is one of the most attractive pharmaceutical markets in the Asia-Pacific region. The Philippines is also richly endowed with metallic resources, and the country has attracted many foreign companies to its land. BHP and Sumitomo Metal Mining Co Ltd are among them. Moreover, the arrival of foreign players has helped the country to capitalize on its shipbuilding potential. The island nation is the fourth-largest shipping country (after China, South Korea, and Japan).

The Philippines’s electronic industry has been active since the mid-1970s when the companies from the West were looking to relocate production facilities to combat the issues of rising costs of production. The electronics industry in the Philippines has only grown bigger and better since then and is an important component of the nation’s economy in terms of job creation, tax contribution, exports, household income, and share in the GDP.

Textile Industry in Philippines

The Philippines garments and textile industry started from a cottage-type industry in the early ‘50s. From then, it has expanded, strongly positioning itself as the country’s leading non-traditional export. FromUS$36 million worth of garments and textiles exported in 1970, it has grown tremendously, reaching its first billion dollar in year 1987. In year 2000, the industry breached the three billion dollar mark.

The industry remains Philippines’ second biggest dollar earner, next to electronics.

The buyer profile of the industry has already shifted from “importers/mass retailers” to “brand holders” like GAP, Old Navy, Ann Taylor, Liz Claiborne and Polo Ralph Lauren. The Philippines is the first Asian country to implement social responsibility in manufacturing. Under this program, garment exporters are mandated to follow internationally accepted social and labor standards in manufacturing to meet the demands of the market for “clean clothes” (free from child labor, thrives in humane and ethical work conditions, allows freedom of association, etc.).

Textile Manufacturers in Philippines

Quality Control and Inspection Service Coverage in Philippines

Testcoo experienced team of inspectors and auditors is available nationwide in Philippines