Philippines a country with increasing urbanization a growing middle

class and a large young population.

Usually countries increase their economic growth by slowly

transitioning from agriculture to industry and to the service sector

Yet for Philippines this transition was very quick the service sector
overtook the industrial sector in terms of GDP contribution during the
early 80’s it increase from 36 % in 1980 to 60% today the services
sector today employs 56 percent of the countries workforce which is
more than agricultural and industrial sectors combined

The main reason behind the growth of the service sector is the
Philippines was former US territory and the us had a very strong
cultural impact on the Philippines more than 90 % of the people in the
country speak English as their second language the cultural similarities
gave them the opportunity to become the most popular business
process outsourcing country plus a popular destination for other back
office jobs too and the significantly low cost definitely adds a cherry to
the top another source brings a big chunk of income is remittance

The remittance accounts for more than 9 percent of their gross

domestic product this a result of their good education system which is
suitable for many foreign countries now if we come to the industrial
sector it still holds 30 % share in the country’s gdp and employ’s 18
percent of the country’s workforce these seems considerably low and
the reason behind this lies in the geography of Philippines

You see the country is spread over 7000 islands this makes
transportation very difficult this also limits land for development and
explains why manila the capital of Philippines is one of the densest city
in the world the other problems include high energy prices poor
infrastructures low fdi and lack of ease of doing business

So this was a glimpse of the Philippines economy.