Considering that the Philippines are still a developing country, argiculture is a primary source of capital for the country as an entirity. Like most developing countries, it is extremely important to have a strong foundation in the global agricultural market to further the overall prosperity of the citizens. A recent article reports that the agriculture sector in the Philippines has shown a 3.88% percent growth in 2006. The market has grossed an estimated $18.2 billion in U.S. dollars, which is a 9% increase from 2005.
Although this growth of 9% from the previous year may seem miniscule, in reality for a developing economy it represents growth, considering that the Philippines encountered 5 typoons in the last year. The increase in agriculture is primarily due to the fishing market as well as some contributions from the poultry market. With increase in agriculture a country can continue to develop in education and information technology sectors. Throughout history developing countries have primarily relied on agriculture then used the capital and knowledge gained from it to gain and expand to further markets, usually ending in future development and prosperity. With intelligent farming and fishing technology hopefully the Philippines can continue to grow, not only in the Agriculture market, but in more stable and rewarding markets.
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The Arroyo administration has economically been successful (steady GPA growth, less debt, etc). But her administraton is too close to military backers.
Do you think Philipine keep its robust economic growth next year too?
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