Philippines: No Other Place But Up
The Philippines is considered one of the fastest growing economies in Southeast Asia. As of 21st century, the country is a member in several international organizations’ including the APEC, Association of South East Asian Nations (ASEAN) and World Trade Organization (WTO). In addition the Philippines also have a lot of trading partners and trade agreements. Though, the Philippines have suffered negative balance of trade for many years. In January of 2013, the Balance of Trade for the Philippines registered a deficit of $714 million from $1. 010 billion deficit in the same period last year. This was due to the 8. 0 percent downward trend of total imports from $5. 134 billion to $4. 725 billion in January 2013. Furthermore, the country’s total merchandise imports for January 2013 declined by 8.0 percent compared to same month a year ago from $5.134 billion to $4.725 billion. Accounting for 24.4 percent of the aggregate import bill, payments for Electronic Products in January 2013 amounted to $1.150 billion. Imports of Mineral Fuels, Lubricants and Related Materials in January 2013 ranked second with 19.6 percent share and posted the highest negative annual growth rate of 30.0 percent among the top ten imports for January 2013.This shows that the Philippines trade deficit has narrow. Under the new Aquino administration, the government plans to open up the country to more foreign investment in industries such as business processing operations, mining and tourism. The Philippines liberalizing its trade can attract many foreign investors that can open many doors of opportunities to the Philippines citizens. With countries investing more in the Philippines there would be many job openings that will be a great help to support the welfare of the people. Though, the Philippines can also suffer, due to the Philippines accepting the investment of other country their products would also be sold in our local market that can weakened the...
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