Is the Philippines a developed country? Is the Philippines developed?

The Philippines was a developed country in the 1960s and the second richest country in Asia. Later, due to frequent political turmoil, government corruption and social instability, it became the main factors that hindered its development and led to becoming a developing country. It has become one of the least developed economies in Asia.

Extended data:

The ancestors of Filipinos were immigrants from the Asian continent, and Sulu was founded around14th century. 1565 became a Spanish colony. 1898 June 12 declared independence. In the same year, after the Spanish-American War, it became the territory of the United States.

From 1942 to 1945, it was occupied by Japan. After World War II, it became an American colony again. 1On July 4th, 946, the Philippines gained its independence.

The Philippines is mainly divided into three island groups: Luzon, Visayas and Mindanao. There are more than 7,000 large and small islands, a large number of races and cultures, and many eastern and western customs are integrated.

Prehistoric blacks may be the earliest inhabitants of the Philippines, and then ethnic migration, with the development of religion and trade, brought Malay culture, Indian culture, China culture and Islamic culture.

The Philippines is a major member of ASEAN and one of the 24 members of Asia-Pacific Economic Cooperation (APEC). ? The Philippines is a developing country, a newly industrialized country and one of the emerging markets in the world, but there is a big gap between the rich and the poor.

Since independence, the Philippines has experienced several high-speed economic growth, but the political situation is often turbulent, and government corruption and social instability have become the main factors hindering its development.

On March 2018 16, the Philippines officially informed the United Nations of its decision to withdraw from the International Criminal Court. ? On March 2019 17, the Philippines formally withdrew from the International Criminal Court. ?

The Philippines is an export-oriented economy and relies heavily on the external market. The tertiary industry plays a prominent role in the national economy, and agriculture and manufacturing also account for a considerable proportion. At the end of 1960s, China implemented the open policy, actively attracted foreign investment, and achieved remarkable results in economic development. After 1980s, influenced by the economic recession in the west and its own political turmoil, the economic development slowed down obviously.

In the early 1990s, the Ramos government adopted a series of measures to revitalize the economy, and the economy began to fully recover and maintained a high growth rate. 1997 The Asian financial crisis had little impact on the Philippines, but economic growth slowed down again.

After President Duterte took office, he increased investment in infrastructure construction and agriculture, promoted tax reform, and maintained rapid economic growth. However, it is also faced with high inflation, insufficient government financial resources, and corruption seriously affecting the economy.

service industry

In 20 16, the output value of service industry was about 7.85 trillion pesos, an increase of 8. 1% over the previous year. It accounts for 59. 1% of GDP. The Philippines is one of the major labor exporting countries in the world, with more than100000 workers working overseas. From 2065438 to 2006, overseas labor remittance in the Philippines reached US$ 26.9 billion, up 5% year-on-year, accounting for 7.3% of GDP? .

tourism

One of the important sources of foreign exchange income. The main attractions are: Baishengtan, Blue Harbor, Baguio City, Mayon Volcano, and primitive terraces in Ifugao Province? .

Finance and money

In 20 16, the fiscal revenue of the Philippines was $46.23 billion, up by 4. 12% year-on-year. The fiscal expenditure was $53.67 billion, a year-on-year increase of 14.3%. The fiscal deficit was $7.44 billion, accounting for 2.4% of GDP.

By the end of 20 17, the foreign exchange reserve was 8147 billion USD. In 20 16, the total foreign debt was USD 45.389 billion, accounting for 14.74% of GDP. (Source: Ministry of Finance, Central Bank of the Philippines)

The main banks are: Capital Bank, with assets of $6,543.8+05.5 billion; Philippine Island Bank, with assets of US$ 6543.8+03.8 billion.

foreign trade

As of 20 19, 1, the Philippines has trade relations with 150 countries. In 20 16, the Philippine foreign trade volume was1373.9 billion US dollars, an increase of 5.8% over the previous year. Among them, exports were 56.23 billion US dollars, down 4.4% year-on-year; Imports amounted to $811.60 billion, up 14.2% year-on-year.

In recent years, the Philippine government has actively developed foreign trade, promoted the diversification of export commodities and foreign trade markets, and the structure of import and export commodities has changed significantly. The export volume of non-traditional export commodities such as clothing, electronic products, handicrafts, furniture and fertilizers has exceeded the export volume of traditional commodities such as minerals and raw materials. ?

foreign capital

According to the data released by the Philippine Ministry of Trade and Industry, in 20 16, the Philippines absorbed 46 1 billion US dollars of foreign direct investment, down 10.7% year-on-year, mainly from the Netherlands, Australia, the United States, Japan and Singapore, and mainly flowed to industries such as manufacturing, water and electricity supply and service industry.

foreign aid

According to the statistics of the Organization for Economic Cooperation (OECD), in 20 15 years, the total official development assistance of OECD countries and multilateral donors to the Philippines reached US$ 3.523 billion, with the largest source being the Japanese government, accounting for about 38.5%.

References:

Baidu Encyclopedia-Philippines (Republic of the Philippines)