Over the years, the Philippines has gone from being one of the richest countries in Asia to being one of the poorest. It has experienced growth and development since World War II. The current administration under President Gloria Macapagal-Arroyo is aiming for a more rapid growth in the coming years. In 2004, the Philippine economy grew by 6.1% surprising everyone. In 2005, the Philippine peso appreciated by 6%, the fastest in the Asian region for that year. At present, the administration is meeting its expected target growth and is continually looking positive for the future.
With its tropical climate, heavy rainfall, and naturally fertile soil, the Philippines is predominantly agricultural. It also has other industries that help boosts its economy: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, and fishing.
Consumption pattern in the Philippines is shifting over time. Once, the main priority for expenditure is on food, then education and health. Now, part of the expenditure pattern of an average Filipino is to spend a portion of their income on leisure and relaxation. Part of leisure expenditures are the buying of alcoholic beverages. And one of the newest entrants in this commerce is the wine industry. It has posted the fastest growth rate of 15% in 2005 among the alcoholic drinks. The population now has increasingly warmed to wine. It has shifted from the mass spirits (beer) to the more sophisticated, affordable and healthier alcoholic beverage.
One of the most familiar characteristics of the Filipinos is close family ties. An individual's decision will most likely be influenced by his/her family. A Filipino derives his/her inspiration from the family and this is where one's efforts will go. In typical homes, members of the extended family live under one roof. They have this notion of the more, the merrier'. Holiday...