Philippine Business Competitiveness Cutting Across Industries
| Posted by Carina Roncesvalles in Business Articles,Business News,Business Tips on 5th February 2007 |
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Mining and jewelry industries – making the Philippines shine
The mining industry continues to draw out interests from almost all parts of the world as the country remains one of the top producers of valuable minerals.
The Philippines has rich mineral resources that offer limitless investment opportunities. The National Economic and Development Authority has placed the value of the country’s mineral reserves at $840 billion. The government expects the revitalized mining industry to attract $4 billion to $6 billion worth of investments by 2010.
The rich mineral resources in the Philippines continue to give luster to the jewelry industry which included natural and cultured pearls, jewelries in gold and sterling silver, and semi-precious stones set in precious metals.
In addition to the abundant supply of gold and other precious metals, the industry banks on the Filipinos’ design capability, technical and handcrafting skills, and stable product demand here and abroad.
Tourism industry – mirror of the Philippine beauty
The growing tourist arrival in the country affirms the grandeur of the Philippine islands. Latest figures from the Department of Tourism showed that foreign visitor arrivals from January to October 2006 reached 2.31 million, 9.2 percent higher from 2.114 million during the same period in 2005. Visiting tourists mostly come from the United States, Korea, China, Japan Taiwan, Hong Kong, Australia, Singapore, Canada, and the United Kingdom. The government hopes to attract three million foreign tourists in 2006 and five million by 2010.
Garments industry – clothing the Philippines with pride
The garments industry in the Philippines boasts of ample supply of skilled workers, abundant raw materials and suitable technology to boost productivity. Over the years, garments account for a sizeable portion of Philippine exports that showcase the creative Filipino designs.
Agribusiness – the fruit of Filipinos’ labor
The Philippines has the rich soil to nurture the agriculture industry. In addition to this important feature are the green hands and brilliant entreprenurial minds of the Filipinos who are always on the lookout for opportunities for their abundant harvest.
The healthcare industry is also on the list of preferred investment areas in line with the government’s goal to make cheaper medicines accessible to Filipinos.
The shipbuilding industry is another priority sector in the Philippines being an archipelago. Trade flow in and out of the country gets a lift from the shipbuilding industry to step up economic activities. The high demand for quality ships are in the tourism, transportation and trade sectors.
Undoubtedly, the Philippines holds the key to successful business ventures in the priority areas of Information Technology and IT-enabled services; Automotive; Electronics; Mining; Healthcare; Tourism; Shipbuilding; Fashion Garments; Jewelry; and Agribusiness.
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About Carina Roncesvalles: Carina Roncesvalles is a Journalism graduate from the University of the Philippines in Diliman. Carina has worked as a Reporter for BusinessWorld. She is nowworking as a full-time writer for a Makati-based public relations company.
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