Pimarily an agricultural region producing copra, maize, hemp, rice, sugar, and tobacco, the land of Philippines was also notable for mining activities as researches have found out that the mountains of the islands contain substantial amounts of chrome, copper, gold, iron, lead, manganese, and silver. Fishing, centered in Manila Bay and the Sulu Archipelago, has been yet another significant occupation, especially for the tribesmen scattered across the archipelago. However, the prospects of fishing as an industry like that of the agricultural and mining industry in Philippines is quite bleak, due to expensive funds and equipments. Important sectors of the Philippine economy, apart from agriculture, mining and fishing, include food processing, textiles and garments, and electronics and automobile parts.

While most industries of Philippines are concentrated in the urban areas around metropolitan Manila, natural gas resources have been discovered in recent times off the islands of Palawan, which are sure to add to the country's substantial geothermal, hydro, and coal energy reserves.

Basically an agricultural economy with commerce, trade, and industry contributing to its growth and development, farming with the primary crops “palay” and “corn” and also minor crops like rootcrops, vegetables and fruits as well as cattle and swine raising are considered among the other major economic activities. Besides, the country’s oranges and mangoes are now major crops being exported fresh to Asian countries.

Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbouring south-east asian countries like Singapore, Malaysia etc. This was possible because there were the annual remittances of $7-8 billion from overseas workers. Besides, no sustained runup in asset prices or foreign borrowing happened over here, prior to the crisis. Therefore, from a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000. By the end of 2001, however, the country showed an economic slump in face of a global economic slowdown, but it soon recovered in the successive years, as GDP growth accelerated to 4.3% in 2002, 4.7% in 2003, and about 6% in 2004, reflecting the continued resilience of the service sector, and a much improved exports and agricultural output. Despite all these facts and figures, Philippines' high annual population growth rate and unequal distribution of income, its higher oil prices, higher interest rates on dollar borrowings, and higher inflation happen to be solid roadblocks to its consistent economic progress. Keeping these in mind, the government has to take a higher, sustained growth path to make appreciable progress of the economy.

Philippines Culture/Religion: