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Philippines Economy

Based on the agriculture industry, the Philippines has gradually evolved today as one of the fastest growing economies in the whole of South East Asia. The service sector in Philippines is growing at a steady pace, keeping in tandem with the country’s phenomenal productivity in agriculture and industry.

Primarily an agricultural region producing copra, maize, hemp, rice, sugar, and tobacco, the land of the 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 becoming 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 recently off the islands of Palawan, which are sure to add to the country's substantial geothermal, hydro, and coal energy reserves.

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