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General
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Economy
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Thanks to
President Fidel Ramos! His vision that aims to transform Philippines into
a newly industrializing country by the year 2000 have triggered a remarkable
economic turnaround for the country.
During the
past years, protectionism and state intervention have been replaced by
economic liberalization and industry deregulation. With the near completion
of privatization of major state-owned companies, plans for the subsequent
privatization includes the sale of public utilities and some basic social
services. This is done in hope that the country will be placed in a good
position to exploit its potential traditional strengths such as a good
strategic site, a working democracy, bountiful natural resources, a highly
westernized business atmosphere and a high standard of living.
There is
no doubt that much of the economic activities remain concentrated in Metro
Manila. However, there are a number of other dynamic growth centers spreading
across the Philippines. A notable example is the Subic Bay Freeport Zone,
which has been transformed from an American naval base into a successful
commercial-industrial-tourism center with a new international airport.
The agricultural
sector sees the involvement of about two-thirds or more than 40% of Filipinos.
Rice remains the most important agricultural product. In order to increase
the economic growth of the country, the Filipinos rely on major products
such as coconuts (copra and coconut oil), abaca (Manila hemp), tobacco,
and sugar for export purposes. The island republic is, however, diversifying
from agricultural and mineral product exports into higher value manufactured
and luxury goods such as electronics, apparel and clothing accessories
as well as computer-related products.
Despite
the growing economy, the government was able to keep the domestic inflation
under control at an approximate 4.8% in 1998.
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