The Republic of the Philippines is an archipelago located in Southeast Asia that is comprised of 7,107 islands. The country, which is bordered by the South China Sea, Sulu Sea, Celebes Sea, and the Pacific Ocean, has three main geographical divisions: Luzon, Visayas, and Mindanao. Its capital, Metro Manila, is where most central business districts are located, including cities like Makati, Ortigas, and Taguig.
The Philippines is the world’s 12th most densely inhabited country with a total population of 94 million where 62 million of whom live in urban areas while the rest live in the countryside. An estimated 11 million Filipinos reside overseas.
Majority of the Philippines’ labor force (52.2%) is in the services sector which is the largest contributor to the GDP. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. The country’s major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand.
According to the International Monetary Fund (IMF), the country is the 45th largest global economy with an estimated gross domestic product (GDP) of $200 billion as of Q4 of 2010.The rest of the labor force is in the agricultural (32.9%) and the industrial (14.5%) sectors. Investment bank Goldman Sachs has identified the Philippines as one of the “next eleven” countries that have the highest potential of becoming the world’s largest economies in the 21st century.