PHILIPPINES AMONG THE WORLD'S QUICKEST-DEVELOPING MARKETS

1. PHILIPPINES AMONG THE WORLD'S QUICKEST- DEVELOPING MARKETS ABSTRACT The Philippines is a small country which is located in the southeastern part of Asia. The country consists of a total of 7640 small and big islands which are bifurcated into three major categories – Luzon, Mindanao, and Visayas. From the three directions, the Philippines is surrounded by three different and the most prominent water bodies – the Philippine Sea (East); Celebes Sea (South), and on West, it shares its boundaries with the South China Sea which is of utmost importance to this country as almost all international shipments to and from the Philippines are done through South China Sea route only.

2. The economy of the Philippines was initially dependent largely on the primary and agricultural sectors for generating revenue, but now the nation is transitioning to secondary and manufacturing sectors. Till January 2023, the total gross international reserves were close to USD 100.7 billion. Moving toward the relations of the Philippines with foreign countries, then we would like to mention that the Philippines is one of the honorable members of the security council of the UN. The Philippines is also a founding member of ASEAN and a member of very prestigious groups across the globe. RAPID GROWTH OF THE PHILIPPINIAN MARKET IN RECENT YEARS The economy of the nation went up at a very fast pace of 7.6% in the year 2022. This kind of growth rate was experienced by the Philippines in the year 1976 for the first time. As per economists and market officials, the cause behind this growth is the growing demand for household goods accompanied by a rise in capital formation. After all the restrictions of Covid-19 were lifted up in the year 2022, the economy of all the nations rebounded and the demand for various items again shot up. With this, the Philippines Trade Data also got a boost and as a result, the Philippines attained 4th rank in the list of large emerging markets of the world after Malaysia, Saudi Arabia, and Vietnam. NARROWING DOWN OF TRADE DEFICITS IN THE PHILIPPINE MARKET The rapid and steady growth has been seen in the Philippines Export Data due to the constant rise in the exports of apparel and garments from the Philippines to different countries like the USA, Japan, Singapore, Thailand, and Taiwan. The rise is close to 5.6% every year. As China was under complete lockdown, the commercial activities of the nation were stopped. The Philippines took advantage of this time duration and expanded its international trading to gain momentum. The result of this was that the Philippines Export Data saw a growth of 4.2% with respect to exports made to the US, while 17% growth in Singapore exports, and 21.5% growth in Korean exports.

3. The Philippines Import data also showed growth in the year 2022 due to a rise in imports of energy-generating items along with their prices. The trade deficit rose to USD 58.3 billion in the year 2022. This gap has now been narrowed by the large exports from the IT-BPO sector of the nation. The exports from this sector have taken a long jump from USD 9.5 billion in the year 2010 to USD 25.12 billion in 2021. PHILIPPINES TRADE DATA TREND (2017-2021) The table below consists of some very important insights into the past five years of the Philippines Trade Data trends. PHILIPPINES TRADE DATA (2017-21) YEAR IMPORTS 2017 USD 98.48 billion 2018 USD 115.11 billionUSD 67.48 billion 2019 USD 112.90 billionUSD 70.33 billion 2020 USD 90.75 billion 2021 USD 124.38 billionUSD 74.61 billion EXPORTS USD 63.23 billion USD 63.87 billion It can be observed that the Philippines Import data was on the rise in the years 2017 and 2018, which started to decline due to the coming of Covid-19 till the year 2020. With the upliftment of restrictions, the imports rebounded and went up as the domestic demand for various items increased. Similar is the case with the statistics of the Philippines Export Data which also experienced a similar pattern. Now, the market and economy of the Philippines are going up rapidly at a decent pace. It is expected that the GDP of the nation would rise by 5.8% in 2023. The plan for the next decade has also been set by the Philippine government which states that after 10 years, the GDP of the Philippines will touch USD 830 billion, i.e., in the year 2031. CONCLUSION

4. All plans and provisions are set by the government of the Philippines. A very strong forecast that is made by the Philippines is that if things go as per the plan, then by 2034, the Philippines will surely become a one-trillion worth of economy and will come on par with most of the developed nations of the Asia-pacific region like China, Japan, South Korea, and Australia. Let’s see what happens in the upcoming 10 years with the Economy of the Philippines. If you are interested to know more about this topic, then stay connected with us through our website and social media platforms as we will keep on updating you with the latest ongoings in the Philippine market. We also deal in providing the Philippines Trade Data and customized Philippines Import Export Data reports to marketers who love to trade their goods with the Philippines. Get in touch with us today to find out more. Source URL: https://www.atoallinks.com/2023/philippines-among-the-worlds- quickest-developing-markets/