The Philippines is a newly industrialized emerging market economy, with exports as its key driver of growth. Its P1.5-trillion GDP, the fourth largest in Southeast Asia, is accounted for by:

• Service sector (50%)
• Industry (33%)
• Agriculture (17%)

Key economic activities include business process outsourcing (BPO), food processing, textiles and garments, and assembly operations in the manufacturing of electronics and other high-tech components.

In the 2011 International Institute Management for Development World Competitiveness Survey, Philippines' quality of the workforce serves as an attractive competitiveness factor, assisting businesses to flourish.

The Philippines is one of the very few economies with positive economic growth during the 2008-2009 global recession. In 2010, the economy registered a record high growth, with the stock market breaking one record over another, making it one of the best-performing bourses in Asia.

The government has projected the Philippine economy to grow by 7 - 8% in 2011.

The Philippines exports continue with its upward trend throughout 2010. While US and Japan have remained the country's two largest export markets, China and ASEAN countries have grown in importance. Other key markets include Hong Kong, Germany, Netherlands, South Korea, France and India.

Besides diversifying its markets and increasing its concentration on the the production of goods and services with clear competitive advantage, Philippines is looking to further value add growth sectors such as IT-BPO and penetrate high growth markets in Asia to achieve the projected growth for the next 2 years.