Life In Philippines

Economy
The national economy of the Philippines is the 46th 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.