The Republic of the Philippines comprises some 7,600 islands in the western Pacific Ocean. Filipino and English are the country’s official languages – Spanish is widely spoken also. Such is the Philippines’ diversity that around 180 other languages are also spoken in the islands.
Currently the 34th largest economy in the world, the Filipino economy is predicted to be the world’s 16th largest by 2050. The Philippines’ primary exports include electronic and electrical products, including superconductors. The country also exports transport equipment, copper, fruits and garments. The Philippines has a large diaspora, and remittances from expats account for a substantial chunk of GDP.
The country’s main trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan and Thailand.
In recent years the Philippines has emerged as a global leader in business process outsourcing, or BPO. Many large firms have chosen to outsource call centres to the Philippines owing to low operational costs and the widespread use of English. Today around a million Filipinos are employed in the BPO sector.
The Philippines are home to large deposits of copper, nickel and gold. There are also significant deposits of silver, coal, gypsum, and sulphur.
Agriculture, the traditional mainstay of the Filipino economy, contributes around 10% to national GDP. The Philippines is one of the largest producers of sugar and rice in the world.
Our HLB offices across the Philippines are well-established accountants and business advisers with strong local roots and a network of global experts at their fingertips.
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