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Basically in the category of newly industrialized countries, Philippines also comes. The economy system of Philippines is anchored on agriculture but there is significant contributions towards mining, manufacturing and remittances. Moreover, Philippines is now in the N-11 countries which are considered countries beyond BRICs and one of the major reasons for this is the increased tourism in Philippines. Business processing outsourcing is also increasing in Philippines and in future it will also contribute in making the economy stronger.
This shows that economic system of Philippines does not rely on a specific industry only. Agricultural sector has the largest contribution but industrialization is also emerging rapidly.
This shows that economic system of Philippines does not rely on a specific industry only. Agricultural sector has the largest contribution but industrialization is also emerging rapidly.
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