Linkage to the International Economy

The Philippines is a member of many trade organizations like WTO (World Trade Organization), ASEAN (Association of Southeast Asian Nations), and APEC (Asia-Pacific Economic Cooperation). It has had more free trade in recent years because it is part of the ASEAN Free Trade Area. The Philippines is a newly industrialized country, and so its exports are mostly manufactured items like semiconductors and electrical products, transport equipment, clothes, copper products and petroleum products (oil, rubber, etc.), but it also exports natural products like coconut oil and tropical fruits. The Philippines imports electronic products, mineral fuels, machinery and transport equipment, iron and steel, textiles and fabrics, grains, chemicals, and plastics. Its major trading partners are Japan, US, China, Singapore, South Korea, Taiwan, Germany, Hong Kong, Holland, and Thailand. (Stanley St Labs)