Discuss The Monetary System In The Philippines?


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Shane Richardson Profile
The Philippines currency is called the peso and its value against many of the leading currencies is very low indeed. However, due to the cost of living in the Philippines also being a lot lower than western countries it is all relative.

According to the International Monetary Fund 2010, the Philippine economy is the 12th largest economy in Asia and the 32nd largest economy in the world.

The majority of the Philippines income and trade is from the following industries:

· Textiles
· Clothing
· Food processing
· Electronic assembly

The Philippines have always been a place where a lot of the big western superpowers of the clothing industry will base their factories. This is due to very cheap labor and a hard work ethic. Brands such as Nike and Adidas have used Philippine workers to make much of their clothing.

However, the introduction of the technological age has increased the fortunes of the Philippines and opened up fresh avenues of business and world trade. The Philippines are now one of the largest companies in Asia and even the world for producing electronic equipment and this looks to increase even further in the near future.

There have also been recent gas finds in the Philippine regions and this is another great boost for their economy. It is predicted that they could be a major player in the exportation of gas and oil within the coming years and this should help their economy greatly.

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