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The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
850 W 4th St, Mansfield, OH. Built in 1979.
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As was common with some Kmart locations, a Kroger was built nearby. This was no exception. I couldn't really find out when it was shuttered, but it has since found new life as Startek, a "customer engagement business process outsourcing company." Whatever THAT is...
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
Vee Technologies is a premier Business Process Outsourcing (BPO) services provider, with focus on transaction processing. We are the market leaders in Back Office Outsourcing area, specializing in niche areas: Medical Billing Services, Insurance Payor Services, Engineering services, Logistics Processing Solutions, Finance and Accounting, Legal services and Media Monitoring.
Contact us.
Email: info@veetechnologies.com
Visit: www.veetechnologies.com
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
Promotes healthy heart and circulation
Shahnawaz Group is a leading industrial group of Pakistan with turnover in billions of rupees. This success has been achieved through honesty, professionalism, commitment and hard work spanning a period of 63 years. For example, Shezan International Ltd last year paid 110% cash dividend and its share was quoted as high as Rs. 290 for a Rs. 10 par value share on the Karachi Stock Exchange; Shahtaj Textile Mills Ltd is the record setter in Karachi Stock Exchange whose share at the time of IPO was oversubscribed by 2200%!
The name SHAHNAWAZ stands for a successful group of companies in Pakistan both in public and private sector. The network of Shahnawaz Group covers the whole country with full-fledged offices in all the main cities of Pakistan including Karachi, Hyderabad, Lahore, Rawalpindi, Hattar, Peshawar and Quetta with manufacturing facilities in all major cities.
Over 10,000 employees are working in a professionally managed environment and contribute to the progress of Shahnawaz Group and further enhance the technical advancement of Pakistan.
We operate in the fields of Pharmaceuticals, Fruit Processing, Beverages, Textiles, Sugar, Automobiles, Computers, Software, Real Estate Development, Satellite Communication, Restaurants, Business Process Outsourcing, Agriculture and Engineering.
Some of Shahnawaz Group companies:
Shahnawaz (Pvt) Ltd.
Shezan International Ltd.
Shahtaj Sugar Mills Ltd.
Shahtaj Textile Mills Ltd.
Shahnawaz Textiles Ltd.
Nawazabad Farms.
Shezan Services (Pvt) Ltd.
Information Systems Associates Ltd.
Shezan (Pvt) Ltd.
Shahtaj Services (Pvt) Ltd.
Shahnawaz Engineering (Pvt) Ltd.
First Global Sourcing.
Trigen Pharma International (Pvt) Ltd.
Brief Introduction of Shahnawaz Group of Companies
Shahnawaz (Pvt) Ltd: SPL represents, exclusively; a large number of the worlds reputed manufacturers. It is one of the first trading houses in Pakistan. SPL is proud to be the exclusive/sole distributor for DaimlerChrysler AG/Mercedes-Benz in Pakistan for the past 45 years and is authorized to deal in the entire range of Mercedes-Benz products. We have dealerships/workshops/showrooms all over Pakistan to cover the entire country.
We have an extensive network of offices throughout Pakistan having their own workshops, spare parts departments and other allied service & support facilities for the complete range.
SPL also undertakes installation of Industrial projects and is well known in a wide spectrum of diverse activities ranging from implementing turnkey computer based solutions to air-conditioning multistoried buildings.
Website: www.shahnawazltd.com
Shezan International Ltd: SIL was incorporated in 1964 with the main objective to set up an industrial undertaking for manufacturing of juices, squashes, sherbets, jams, pickles and preserves from fruits and vegetables. SIL was conceived as a joint venture by the Shahnawaz Group of Pakistan and Alliance Industrial Development Corporation of U.S.A. in 1964.
The agricultural background of Shahnawaz Group induced them to establish this agro-based industry. Taking advantage of the abundance of fruits available in Pakistan and the advanced technology provided by the American partners, Shezan became a pioneer in the field of converting fruits into pulps, concentrates and juices. It is the first company in Pakistan to specialize in this process.
Today Shezan is the largest fruit processing unit having developed and installed the capacity to meet the country's local as well as export needs. Over the decades, the company has shown sustained growth in both domestic and export fields. SIL has been steadily expanding its production capacity over the years with factories in Karachi, Lahore, Hattar and a 4th factory is expected to start production in 2007.
All SIL factories produce the entire range of Shezan products. Today Shezan is one of the most recognized brand names in Pakistan synonymous with quality products and available in more than 90% of the households. Shezan’s product range is over 80 products and growing.
Today, Shezan having most suitable location for export, with outstanding quality, flavors and packaging is exporting its products to Afghanistan, Central Asian States, UK, USA, Europe, Southeast Asia and Japan.
Website: www.shezan.com
Shahtaj Sugar Mills Ltd: SSML is a Public Limited Company, which is spread over an area of 1.5 Million square yards at a prime industrial zone of Mandi Bahauddin, Gujrat (Pakistan) and its Head Office is at Karachi. It is the second largest sugar mill in Pakistan according to crushing capacity. Its daily crushing capacity is over 10,000 tons.
Shahtaj Sugar Mills is one of the flagship companies of Shahnawaz Group. It has consistently won major awards as one of the best performing companies in Pakistan and has paid attractive dividends to investors and shareholders.
Shahtaj Textile Mills Ltd: STML is a hi-tech weaving unit and is equipped with 150 Air-jet looms and located in the Chunian Industrial Estate near Lahore and is spread over 100,000 square yards area of land.
STML was established by Shahnawaz Group in 1991 for the purpose of manufacturing and producing greige fabric. The mill is situated in the textile hub near Lahore and employs around 500 people.
The company has installed air-jet looms ranging from 190cm to 340cm. It has the most advanced high speed 4 color Picanol and 2 color Toyoda air jet looms of Belgium and Japanese origin to ensure versatility and production volume. The mill has established itself as a supplier to major Pakistani processors and exporters as well as marketing its own product to major US and European Textile manufacturers. It exports to UK, Holland, Belgium, Turkey, USA, Brazil, Australia, New Zealand, Malaysia, South Korea, Singapore, Hong Kong and Mauritius among others.
Website: www.shahtaj.com
Shahnawaz Textiles Ltd: This spinning unit of Shahnawaz Group produces high quality yarn with higher counts and has 22,560 spindles. It is spread over 85,000 square yards area and is located on Manga-Raiwind Road, near Lahore. It has over 600 employees working to make it a quality oriented spinning mill.
STL is a premium quality ring-spinning unit consisting of 22,560 spindles, producing 7800 tons of yarn per annum. The company commenced production in 1993 with the vision to be at the forefront of providing value to customers. The company produces 100% cotton combed and carded yarn. Our valued customers are from the air jet weaving, knitting and denim sectors. We also produce yarn for the sewing thread industry. Our quality speaks for itself.
The company is equipped with the most modern Japanese, European and Chinese equipment and the mill is being continuously upgraded with the latest machinery so that our customers get the highest quality standards.
This emphasis on quality is reflected in raw material selection. We aspire to use the highest quality of Pakistani, as well as imported cotton. Special effort is made to procure the highest grade of cotton from the best stations in Pakistan. Great effort is put to make our yarn contamination free. We also use imported cotton as well as specialized manufactured fibers like Lyocell to make high value added yarns for the apparel and home textile sectors.
Nawazabad Farms: Nawazabad Farms, the agriculture division of Shahnawaz Group is located around 150 miles from the port city of Karachi in Sind Province Pakistan. This is a fully developed fruit plantation and agricultural farm; spread over 12 Million square yards in Tando Allah Yaar, near Hyderabad. It is one of the largest Mango producers in Pakistan and is well renowned as having the best mango orchards in the entire country.
The farm is one of the most advanced and largest fruit farms in the country. The principal fruits grown at the farm are Mangoes, Lychees, Dates, Grapefruit, Pears, Oranges, Guavas, Chikoo, Banana, Avocado, Berries and Papaya. At the farms we grow more than 62 varieties of mangoes including Sindhri, Chaunsa, Sonera, Fajri and Neelum. The fruit orchards division of Nawazabad Farms alone has over 100,000 fruit trees where no chemical fertilizers and no chemical insecticides are used. Nawazabad Farms grows a variety of vegetables including carrots, cabbage, okra, green chilies and spices including red chilies and turmeric.
The water distribution system at our farms consists of over 100 km long water courses including 17 km long concrete main water course, which minimizes the water loss.
The farm has recently converted all its land into Organic under the supervision of the Soil Association UK. No pesticides, fungicides, insecticides have been used in the area and all the strict standards of the Soil Association have been adhered to. To avoid the use of harmful pesticide and insecticides EM Technology is used.
This highly successful farm has consistently won first prize in Horticultural Exhibitions. Most of our fruit produce is of export quality and is being exported to the Middle East and Europe.
Shezan Services (Pvt) Ltd.: Shezan Services owns the brand name "SHEZAN", which is one of the most recognized consumer brands in the country. This company also owns property in prime locations in Karachi, Lahore and other cities of Pakistan. We are in the process of building one of the highest buildings in Lahore to house the Shahnawaz Group companies and will be called "Shahnawaz Towers" .
Another prime real estate is being developed in Karachi to house the Mercedes-Benz showroom, a restaurant and another office for our group companies due to the expansion in the group’s portfolio.
Information Systems Associates Ltd: Comstar ISA Ltd. is primarily a Wide Area Network Provider. Licensed by the Pakistan Telecommunication Authority to establish and operate data networks throughout Pakistan.
Operating under the legal name of "Information Systems Associates" Comstar has been in business since 1996 – this year we celebrated our first decade of operations.
With Head Quarters in Karachi and regional offices in Lahore, Islamabad and Multan Comstar covers the entire length and breadth of the country ensuring error free services to its customers.
Comstar has been the service provider of choice for mission critical networks including Banks and Oil & Gas Companies, our customer list boasts many well known International and Local Organizations many of which have been with us for several years.
Our main focus has been on Wireless Communications – Satellite and Terrestrial Broadband.
This year we achieved yet another milestone by signing an agreement with Infosat Communications to jointly offer Infosat Satellite Services in Pakistan. Infosat is the largest VSAT Operator in Canada and is the largest I-Direct Service Provider in the World. Infosat has made a substantial equity investment in Comstar which is the first of its kind in Pakistan by a major Satellite Service Provider.
Website: www.comstar.com.pk
Shezan (Pvt) Ltd.: SPL as part of Shahnawaz Group operates popular restaurants all over the country. Shezan restaurants are the pioneers in Pakistan in setting up a network of restaurants all over the country and in England (London) and the US (New York and Washington D.C.). These restaurants have exclusively developed recipes that have been fine tuned over a period of decades to cater to the domestic as well as the international clientele covering Oriental, Pakistani, Chinese, Italian and Continental.
For over three decades Shezan has served the finest quality cuisine, being the only Indian or Pakistani restaurant in Great Britain to receive a "Star" rating by the Egon Ronay Good Food Guide also winning the Gold Plate Award and the Restaurant of The Year Award. The focus is mainly on the "Punjabi" style although Shezan boasts varied and delightful offerings from all regions suiting all tastes with the finest quality foods and ingredients. Served in one of the most pleasant and friendly atmospheres available in London just opposite the prestigious Harrods departmental store.
Shahtaj Services (Pvt) Ltd: Shahtaj Services is involved in exporting fruits to the Middle East and South East Asia including Malaysia, Dubai and Japan. It has also installed several satellite tracking systems at railway stations all over Pakistan to update passengers of arriving and departing trains. This is a pioneering project that is done in collaboration with Comstar, which is another Shahnawaz Group company. This company is further involved with indigenously developing advertising billboards to post at railway stations across Pakistan.
Shahnawaz Engineering (Pvt) Ltd.: Its client base includes some of the most illustrious organizations of the country. Shahnawaz Engineering has been instrumental in working on large scale projects of National and International importance.
SEPL is engaged in providing Engineering Services, including Air Conditioning design, Supply, Execution, Operation and Maintenance of large projects. It has a team of highly qualified and experienced professional engineers who are dedicatedly performing their services at various projects throughout Pakistan. Our Project Managers are acquainted with the latest professional techniques and tools, and are foreign trained in respective fields.
We are working for the last ten years at FINANCE & TRADE CENTER Karachi, under close monitoring of FTC Management Company. Shahnawaz Engineering is committed to providing a service of quality acceptable under international standards and as required for ISO 9001:2000 Certification.
First Global Sourcing: FGS is a sourcing organization backed by manufacturing alliances. FGS provides buyers with a cost effective sourcing base from major textile hubs. The FGS customer service and sales offices in markets such as North America, Europe, and the Middle East provide our customers with local language support backed by a sourcing team.
Our offices are staffed with experienced textile experts who understand the changing market requirements. Our goal is to provide buyers with a platform through which they source at the best quality/price ratio.
At FGS the Quality Assurance (QA) team provides quality control services to further strengthen our buying partners trust in our abilities.
Allstate Northern Ireland, the new name for Northbrook Technology, was established in Belfast in 1998 and provides high quality software development services and business process outsourcing solutions in support of its U.S. parent's global operations.
Allstate NI plays a strategic role in developing, transforming and maintaining the various technology platforms used within Allstate, to support it in its day to day business, looking after the different systems that you might expect one of the world's largest insurance giants to run.
Allstate Northern Ireland started recruiting in January 1999 and established its first office in Belfast's Corporation Street. The company quickly outgrew that location and moved to its current building at Lanyon Place in February 2002. For strategic reasons, including a large labour pool and growing demand for services, Allstate NI opened a second facility in Derry in August 2001, followed by its Strabane location in June 2004. Currently, the company employs more than 1500 people in these facilities.
There are a few exercises, operations, and undertakings which are regularly outsourced by health care associations to the outsourcing organizations gaining practical experience in IT administrations and information passage operations.
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
Prime Minister, the Most Hon. Andrew Holness (centre), breaks ground for the development of 150,000 sq. ft. Business Process Outsourcing (BPO) space at the Portmore Informatics Park in St. Catherine on February 16. He is joined by (from left): President and CEO of the Port Authority of Jamaica (PAJ), Professor the Hon. Gordon Shirley; Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Dr. Horace Chang; PAJ Chairman, Ambassador Nigel Clarke; and Portmore Mayor, His Worship Leon Thomas. The US$23 million project is being implemented by the PAJ and will create 3,000 jobs.
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
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Uncertain weather, as can be discerned from the clouds seen here, meant no hanging about was in order and the passage of the GBRf down the grade slowed, very slowly so there was no chance of getting the shot of the track unit on the grade up from Sheffield. And later I realised that I have in fact taken a shot of one of these units here before, almost exactly 4 years ago to the day it turns out, May 3rd 2011, when a similar unit came along here but instead of heading into Sheffield, it took the junction at Woodburn and went onto the single track branch-line up towards Stocksbridge, see-
www.flickr.com/photos/daohaiku/5684068680/
so I guess all is not lost! Today the star is GBRf liveried class 66, 66761 and this is the return aggregates train from Tinsley heading today for Coton Hill quarry on the 6Z32 working. Having left Tinsley Yard just 10 minutes earlier at 10:51 with its 600 tonne train, it is about to halt and wait passage through Sheffield Midland before heading off south to the Shrewsbury area, arriving 15:40 this afternoon. Heavy cloud hanging over the Capita building portends what's to come and the Capita building marks the end of the Sheffield Parkway (A57) with its slate-blue office building at Park Square; the area between there and here was taken up by the Nunnery Colliery, of which more in the next picture, along with a great deal of other 'traditional industry' at either side of a very complex railway layout; most of this has now been built over by the Sheffield Parkway. Capita proclaims that 'We are the UK's leading provider of business process outsourcing and integrated professional support service solutions', so in case you didn't know, they don't make the best cutlery in the world, or any cutlery for that matter! On the left of the picture is a remnant of part of the rail infra-structure here in the form on an old LMS signal-post and the Nunnery Single Line Junction signalbox was just this side of the signal where the small bush is located now. In front of the signal post is the track-bed over the road bridge which used to carry lines, behind the camera, into the LMSR carriage sidings and the Nunnery Colliery branch into the colliery works. This is another part of the complex of lines either side of the main, and once electrified, lines heading east through Darnall, its shed and on to both Lincoln and to the south via the GC's 'London Extension' which have now all been displaced by modern industry and roads. On the right, the GBRf is passing the front of the Veolia Environmental Services buildings which is the outfit which took over from the Sheffield Corporation's Refuse Recycler which used to be rail connected from the Midland Main line which passes just the other side of their installation. It was accessed just to the south-west (towards Sheffield Midland station) of the old Attercliffe Road station on Leveson St.; both that rail access and the station are long gone.
Prime Minister, the Most Hon. Andrew Holness, emphasises a point while addressing a groundbreaking ceremony for an additional 63,000 square feet of office space for the Business Process Outsourcing (BPO) sector, in the Montego Bay Free Zone, on August 25.
Prime Minister, the Most Hon. Andrew Holness (centre), breaks ground for the construction of 63,000 square feet of new office space for the Business Process Outsourcing (BPO) sector in the Montego Bay Free Zone, on August 25. Joining the Prime Minister (from left) are President and Chief Executive Officer (CEO) of the Port Authority of Jamaica, Professor Gordon Shirley; Attorney General and Member of Parliament for West Central St. James, Hon. Marlene Malahoo Forte; Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Dr. Horace Chang; and Mayor of Montego Bay, Councillor Glendon Harris.
Prime Minister, the Most Hon. Andrew Holness (left), speaks with Chairman of the Montego Bay Free Zone, Mark Hart (centre) and Attorney General and Member of Parliament for West Central St. James, Hon. Marlene Malahoo Forte, at a groundbreaking ceremony for 63,000 square feet for the Business Process Outsourcing (BPO) sector in the Montego Bay Free Zone, St. James, on August 25.
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