Philippines Business
• 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
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
Office hours: Usually Mon-Fri 0800-1700. Some private sector offices are open Sat 0900-1200.
Conferences & Conventions
Business Contacts
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
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