The Philippines

The Philippines consist of over 7.000 different islands. It is a beautiful place, with more than 91 million people.

Although their economy is small by our standards, it is beginning to grow at a rapid pace. Currently, it is the fastest growing economy in Southeast Asia, with a second quarter GDP Growth Rate of 7.5% in 2007.

Most of the industries are concentrated in urban areas, specifically Manila. Textiles and garments, agriculture, food processing, automobile parts and electronics are just a few of the important sectors of their economy.

However, corrupt government officials in the past forty years destabilized the economy. This unfortunate trend began in the 1960's and continued until the election of current President, Gloria Macapagal-Arroyo.

Her administration developed policies favorable for economic expansion. Under her guidance, the economy grew by 6% in 2004 and 2005. The rate slowed in 2006, due mainly to two typhoons that caused serious problems in the agricultural sector.

The expected growth rate is also very encouraging. Seven-percent is forecasted for 2007, and a robust eight-percent for 2008. Combine this with the friendly relationship shared with the USA, and you have the opportunity to safely invest in a growing economy.

All indications point to the Philippines expanding rapidly. It is an enchanting place with beautiful people, and its future is beginning to look very bright.

The Philippines Recommendation

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