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Background information

The Philippines is among the fastest-growing economies in Southeast Asia and has not been strongly affected by the recent global economic shocks due to low export dependence, high domestic consumption and remittances. Main industries include electronics assembly, garments, pharmaceuticals and food processing next to industries related to its natural resources such as timber, petroleum or minor amounts of minerals. The Philippines is strategically located for international trade along major sea routes.

The mostly mountainous Philippine archipelago is made up of more than 7000 islands. Around two-fifths of the total land area is used for agricultural products such as sugarcane, rice, corn, cassava and fruits. Moreover, animal husbandry and fishing are also important sources of income. The overall agricultural sector contributes to around one-tenth of the nation’s total output and approximately one-third of the labor force. The harvest is highly vulnerable to typhoons, landslides, volcanoes and earthquakes. In order to fulfill the domestic demand, one-fifth of the total cereals consumption is imported.

The Philippines ranks in the medium human development category. The official unemployment rate declined in recent years, but misses to comprise informal and underemployment. Around a quarter of the young population is living below the national poverty line, especially in rural areas. Despite the large agricultural sector, the Philippines have a food deficit and approximately every tenth Filipino is undernourished and every third child under five years is stunted.