Business and Employment

Of this, approximately 40 percent is derived from services, 32 percent from industry and 28 percent from agriculture.

Of the value derived from industry three fourths stems from manufacturing, 15 percent from construction, and the rest from mining and utilities.

The Philippines yearly exports and imports products with a value of approximately five billion dollars. Exports are classified as traditional, which account for one third of all exports, or non-traditional, accounting for two third of the total exports.

Of the earnings from traditional exports, approximately 40 percent is from coconut products, 15 percent is from sugar, and almost 20 percent from logs and lumber. The rest mainly stems from minerals.

The main agricultural product of the Philippines, rice, is for local consumption not export. Rice accounts for approximately half of domestic agricultural output. Another fourth is corn. So, the exported agricultural products, coconut and sugar, together only make up approximately one fourth of the total harvest.

Among the non-traditional exports, electrical and electronic products make up one third. Garments are next in volume with approximately one fifth of the total non-traditional export products.

In imports, the biggest single expenditure is for petroleum which accounts for almost one third.

The total foreign debt of the Philippines is approximately 27 billion dollars, which makes an average per capital debt of 500 dollars, just equaling the per person gross national product for one year.

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