Developing Sectors in the Philippines

Developing Sectors in the Philippines

Without a doubt, Asia happens to be one of the relatively more developed regions of the modern world. Asia has some of the highest populated countries in the world, like China and India. Aside from population matters, the Asian finance sector is rapidly growing and expanding.

Virtually all the countries of Asia are today highly progressive. Indeed, the different sectors of these already developed countries are continually attracting new investors who wish to invest in the vast markets found here. Among these countries is the Philippines.

High GDP

The Philippines is among the most rapidly growing economies of Asia. The modern state of the Philippines boasts of a highly developed GDP. Most sectors of the nation's economy are undergoing rapid evolution, leading to an impressive increase in growth.

The areas and sectors where the Philippines state is generally focused include the automotive industry, electronics, aerospace, agriculture, shipping, tourism, and mining. If you want to try working in a few of these sectors, the prospects are good, especially if you organize matters strategically. Let us discuss a few areas where new investors can do really well in the Philippines.

Agriculture

Recent data suggests that agriculture is one of the mainstays of the Philippines' economy. The World Bank indicated that, in 2013, agriculture comprised about 12% of the Asian country's GDP.

The agricultural sector of the Philippines incorporates various segments, ranging from farming to fishing. One of the most essential and productive items in Philippines agriculture is coconuts. The modest-sized farms are well-known for coconut production in the Philippines.

Moreover, the Philippines is also famous for the high production of popular agricultural items like pineapples. The country also produces rice in high quantities. Indeed, the Philippines accounts for about 2.8% of the world's total rice production. Further, the agriculture sector in the Philippines also produces sugar on a large scale.

Automotive

The automotive sector in the Philippines market is quite famous. The country is well known for the production of the ABS. The product is widely used in many popular models of the modern era.

Some famous vehicular productions of the Philippines include the highly popular automotive models of Ford, Kia, Suzuki, Nissan, Toyota, and Honda. One other most- known brand that has sold millions in the world, includes Isuzu. Isuzu is today well- known for its production of the SUVs brand in the country.

Further, the Mitsubishi Motor Company recently announced that it has plans of increasing its market share in the Philippines. The Cherry motor company from China has also established a production plant in the Philippines.

Aerospace

The Philippines is a manufacturer of the various aircraft components. Many types of these crucial aviation industry parts are built in the Philippines. Some of the world- famous aircrafts that work with components made in the Philippines include the Boeing Airbus. The area’s largest aerospace production center known as Moog is also domiciled in the country.

Electronics

The biggest manufacturer of the DSP chips in the Philippines is the Exas Instrument plant. Similarly, the cell phone chips of the world popular Nokia model are manufactured here. That is not all. The phone chips of another famous brand, the Sony Ericson are also made in the Philippines, available for export.

Philippines is also a leading producer of hard disks. Other items that have their origins in the Philippines include the widely-used Lexmark printers. It is clear that the Philippines electronic industry is making good progress and contributing significantly to the growth of the nation’s GDP. New investors are always welcome to invest in this country, further leading to enhancement of the national GDP in the Philippines.

Mining and Extraction

The geothermal, energy and mineral resources comprise a major part of the national economy in the Philippines. These are available on a large scale in this country. Significantly, in 2003, about 27% of the nation’s electricity was produced from geothermal energy sources.

In addition, natural gas can also be found in certain parts of the country. For example, the Palawan happens to be a major source of production of electricity in the Philippines. Some famous minerals that can be found in this country include gold, nickel, copper, silver, chromite, coal, gypsum, and Sulphur. Moreover, there also small quantities of limestone, marble, silica, clay and phosphate.