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• GDP: US$116.9 billion (2006).
• Main imports: Electronic products, raw materials, machinery and transport equipment and fuels.
• Main exports: Electrical equipment, transport equipment, garments, copper products and petroleum products.
• Main trade partners: China (PR), Japan, USA, Singapore and Hong Kong (SAR).
• Main imports: Electronic products, raw materials, machinery and transport equipment and fuels.
• Main exports: Electrical equipment, transport equipment, garments, copper products and petroleum products.
• Main trade partners: China (PR), Japan, USA, Singapore and Hong Kong (SAR).
Economy
The agricultural sector produces rice, corn, coconuts, copra, sugar cane and bananas as the main crops. Production of timber, formerly a major export earner, is suspended due to deforestation. There is a modest mining industry and offshore oil. Most recent economic development has been industrial.
Financial incentives to attract foreign capital and the creation of export processing zones prompted strong growth during the early and mid 1990s. However, it also produced a skewed economy in which the Manila area hosts 15% of the population and accounts for one-third of GDP.
Following a substantial slump in 1997, the economy has since recovered. In 2006, growth was 5.4% and inflation slipped to 6.2%. Unemployment was at 7.9%. Industrial production has picked up and substantial foreign aid has helped the country's finances. As such, the peso was East Asia's best performing currency in 2005-06.
The Philippines belong to the Association of South-East Asian Nations and the Asian Development Bank.
Financial incentives to attract foreign capital and the creation of export processing zones prompted strong growth during the early and mid 1990s. However, it also produced a skewed economy in which the Manila area hosts 15% of the population and accounts for one-third of GDP.
Following a substantial slump in 1997, the economy has since recovered. In 2006, growth was 5.4% and inflation slipped to 6.2%. Unemployment was at 7.9%. Industrial production has picked up and substantial foreign aid has helped the country's finances. As such, the peso was East Asia's best performing currency in 2005-06.
The Philippines belong to the Association of South-East Asian Nations and the Asian Development Bank.
Business Etiquette
The weather is almost uniformly warm and humid and so a shirt with a tie can be worn for business visits. Filipinos have an American business style and English is widely spoken. Best months for business visits are October to November and January to May. Unless you have urgent business matters to attend to, business visits around Christmas and Easter are not recommended as delays tend to be unavoidable.
Office hours: Usually Mon-Fri 0800-1700. Some private sector offices are open Sat 0900-1200.
Office hours: Usually Mon-Fri 0800-1700. Some private sector offices are open Sat 0900-1200.
Conferences & Conventions
Many establishments are members of the Philippine Convention and Visitors Corporation (PCVC). Popular locations for conferences and conventions are the Philippine International Convention Centre and the World Trade Centre. For further general information, contact the PCVC (see Business Contacts below).
Business Contacts
Philippine Trade and Investment Promotion Centre in the UK
1A Cumberland House, Kensington Court, London W8 5NX, UK
Tel: (020) 7937 1898.
Philippine Chamber of Commerce and Industry
3rd Floor, ECC Building, 355 Gil Payat Avenue, Makati City, the Philippines
Tel: (2) 896 4549.
Website: www.philippinechamber.com
Philippine Convention and Visitors Corporation (PCVC)
4F Legaspi Towers, 300 Roxas Boulevard, Metro Manila, the Philippines
Tel: (2) 525 9318.
Website: www.dotpcvc.gov.ph
1A Cumberland House, Kensington Court, London W8 5NX, UK
Tel: (020) 7937 1898.
Philippine Chamber of Commerce and Industry
3rd Floor, ECC Building, 355 Gil Payat Avenue, Makati City, the Philippines
Tel: (2) 896 4549.
Website: www.philippinechamber.com
Philippine Convention and Visitors Corporation (PCVC)
4F Legaspi Towers, 300 Roxas Boulevard, Metro Manila, the Philippines
Tel: (2) 525 9318.
Website: www.dotpcvc.gov.ph
