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Philippine Economy
The Philipippine Economy has a mixed economic system. Important sectors of the Philippine economy include agriculture and industry, especially food processing, textiles and garments, and electronics and automobile parts. Most industries are concentrated in the urban areas around metropolitan Manila, while metropolitan Cebu is also becoming an attraction for foreign and local investors in recent dates. Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper. Recent natural gas finds off the islands of Palawan add to the country's substantial geothermal, hydro, and coal energy reserves.
As a newly industrialized nation, the Philippines is still an economy with a large agricultural sector, however services are beginning to dominate. Much of the industrial sector is based around manufacturing electronics and other high-tech components, usually from American corporations.
Industrial production is centered on processing and assembly operations of the following: food, beverages, its production yield to meet domestic demands]] The Philippines currently hosts the International Rice Research Institute (IRRI), which studies high yielding rice varieties. It has played a key role in the Green Revolution and was able to increase rice yields and rice production during the 1970s.
Source: wikipedia.com |
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