The Philippines is a consumer-oriented society with a propensity to buy imported goods. There are also privatizations and reforms in the electricity, water and waste sectors; and infrastructure projects are increasingly being opened up to private finance. Sectors with opportunities include: power, transportation, water, construction, environmental technology, oil and gas. The Philippines is one of the founding ASEAN members and has developed a close relationship with Macao’s trade, culture and human resource provision. The government has promised to continue economic reforms to further support growth in the economy. These reforms will focus on areas such as infrastructure, taxation laws and further deregulation and privatisation of the economy. Bilateral trade has grown significantly, recording annual of 13.6% and 43% of exports and imports respectively to Macao from 2000 to 2008.
Key economic indicators and statistics for 2008:
■ GDP US$172.3 billion
■ GPD per capital US$1,908
■ Real GDP growth 4.4 percent
■ Inflation 12.2 percent
(Source: Australian Government Department of Foreign Affairs and Trade - Country economic fact sheet)
Area: 300,000 sq. km.
Population (2009 estimate): 92.2 million.
Natural resources: Copper, nickel, iron, cobalt, silver, gold.
Agriculture: Products--rice, coconut products, sugar, corn, pork, bananas, pineapple products, aquaculture, mangoes, eggs.
Industry: Types--textiles and garments, pharmaceuticals, chemicals, wood products, food processing, electronics and semiconductor assembly, petroleum refining, fishing, business process outsourcing services.