Q:

What type of economy does the Philippines adopt?

A:

The Philippines adopts a mixed economic system whereby the economy includes a variety of private economic freedom, including industries that are privately owned, together with centralized planning and government regulation. As an industrialized country, the Philippines is moving from an economy that was based on agriculture to an economy dominated by manufacturing services.

Philippines is an archipelago that is made up of 7,106 islands whose locations are associated with a number of water bodies in the region of Southeast Asia. These water bodies include the Sulu Sea, South China Sea, Luzon Strait and Celebes Sea. The country is also rich in minerals, such as sulfur, nickel, coal, silver and gypsum, and has significant deposits of phosphate, limestone, marble, clay and silica. However, despite the rich deposits of minerals in the country, the mining industry has declined compared to how it was in the 1980s when the Philippines was ranked among the top 10 producers of copper and gold worldwide.

The industrial production in the Philippines is centered on processing and assembling tobacco, beverages, footwear and clothing, paper products, pharmaceuticals, veneer and plywood, small appliances and paints. However, the larger industries are centered on the production of refined petroleum products, industrial chemicals, cement, fertilizers and glass.

 

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