Phillipines' Economy

Philippine: An Overview

and Role In ASEAN

National University of Singapore

EC3373 ASEAN Economics

Tan Hoong Chun

A0074667R

W2

Introduction

Philippine, situated at the eastern of Southeast Asia, has a total land area of over 300000 square kilometers and a population of approximately 92 million, making it one of the most populated nations in the region and globally.1 It is estimated the labor force of Philippine is consisted of 40 million persons, with an additional of 2.2 million of overseas Filipino workers.2 3

The geographical location of Philippine is ideal to volcano formation and therefore volcanic activities are always experienced. As a result, Philippine is rich in mineral deposit such as gold, copper and chromite and often ranked as one of the most mineral-rich countries in the world. It probably owns the second largest gold deposits after South Africa and one of the largest copper deposits in the world, but for several reasons such as environmental consciousness among the local community and relatively poor management, the mining industry in the country is yet to be fully developed.4

The colonization history of Philippine by western powers began in the middle 16th century. Initially ruled by Spanish, it is then ceded to the United States in the late 19th century before independence came to the nation in 1946. These briefly explain the prevalence of Christianity throughout the country with approximately 93% of the population is Christian.5

National Objectives

The GDP growth of Philippine was rather fluctuating over the years, but was able to attain an average of 5% growth in the past decade. This growth rate is comparable to its peers in the Southeast Asia such as Malaysia and Thailand, except Vietnam, which performed considerably better among the region. Yet, the benefits come from the economic growth is yet to be felt by majority of the population especially those living in rural areas.

National Economic and Development Authority...