What Is The Economic Goal Of The Philippines?


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Meg Hayes answered
The main economic goal of the Philippines is probably to remain as stable as possible whilst avoiding the kind of economic disaster that is affecting countries all over the world. Another main goal is probably to try and overcome the other problems that the Philippines face that have an impact on their economy such as the people who live in poverty and can't find work, the growing problem of underemployment. Another problem could be considered the corruption of the government and even though they are aware of the issues states, experts say that very little is being done about it.

The Philippines and other countries like a probably also struggling with trying to cushion the economic blow that they will be feeling due to the world's economic problems. This will affect the productive sectors the most whilst also having an effect on the most vulnerable people in the Philippines.

According to the International Monetary Fund (IMF) 2010, the Philippines economy is the 12th largest throughout all of Asia and is the 32nd largest throughout the World. The IMF claim that this is through purchasing power parity.

There are several industries in the Philippines that provide a large portion of their economic income such as textiles and garment marking, processing food and assembling electronic such as computer processors and the chips that are used in Nokia and Sony Ericsson phones worldwide. There is also a great potential for mining and then exporting the mined goods as the Philippines has rich deposits of copper, chromite and nickel.

The Philippines is also famous for producing automobiles and their parts. The type of anti-lock braking system (ABS) that are used in cars like Volvo, Mercedes-Benz and BMW are made in the Philippines. As well as this, the most prominent automobile manufacturers in the country are Toyota, Nissan, Ford and Mitsubishi.

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