April 2, 2015 | Sharon Cheong
What many people don't know is that the Philippines have had a very close trade relationship with the United States for over 100 years. The Trade and Investment Framework Agreement (TIFA) that was introduced in 1989 included a more clear outline and understanding of the customs administration. In this agreement the full scope of the facilitation protocol was completely defined to make trade relations between the two countries flow smoothly. Because of this trade agreement, commerce and industry in the Philippines have grown at a much faster rate, as the United States is an important export/import partner for any nation.
Biggest Export Markets for the US
In 2013, the Philippines finally became the 34th largest export market for America. Among the top categories of goods and services exported are:
- Electrical Machinery ($2.6 billion)
- Machinery ($832 million)
- Cereals (wheat) ($640 million)
- Aircraft ($610 million)
- Miscellaneous Grain, Seed, Fruit (flour and meals of soybeans) ($458 million)
Rapidly Growing Economy
The U.S. exports a number of its own agricultural products to the Philippines each year, including, dairy products, wheat, soybean meal and pork products. The economy of the Philippines has grown rapidly over the last 50 years and is now the 39th largest economy in the world. As a newly industrialized nation, the country is working toward making it easier for investors and entrepreneurs to come in and set up new businesses.
A Global Exporter
The global export market for the Philippines is highly diverse and includes such products as copper, transport equipment, semiconductors, coconut oil, fruits, and petroleum products. As one of Asia's fastest growing economies, the Philippines has been named a Tiger Cub Economy, along with Thailand, Malaysia, and Indonesia. This name designates the island nation as a newly industrialized country that is export driven and follows a similar economic development plan used by Singapore, Hong Kong, Taiwan, and South Korea. According to Goldman Sachs, by 2050 the Philippines will become a major global economy.
The government of the Philippines is investing heavily in its infrastructure in order to prepare for future economic success and this includes reducing corruption and building better transportation options. The process for new entrepreneurs to set up a business in the Philippines is also being streamlined so that it's more efficient and business friendly.
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