Philippine is a small country comprised of many small and big islands in the Western Pacific Ocean. Its main source of income is sea food and farming. The capital city of this country is Manila and it is the 64th largest country of the world. It has various natural resources and it has the greatest biodiversity of the world. It has about 100 million population and it exports its various products to other countries. Its population is busy with agriculture, services and manufacturing.
About few decades before, there was dictatorship in the country but now there is democratic system and a political party is in government. The country has developed its industry and it has developed good track record of business. The present government has taken many steps to bring the peace and prosperity and this political atmosphere has given the chance to the people of this country to make good progress in all fields of life. The government has addressed the worst evil of corruption, which was more than various other countries like US, India and China and it was great danger for the prosperity and development of country. The government was spending less on its R&D sector and they have to depend on the external factors for the provision of new technology and it has weak infrastructure of roads and railways (Philippines Market report, 2015).
After restoration of democratic system in the country, the country has made progress in service sector and it has done good performance in various sectors. The government has introduced various new political reforms in the government and people become more aware about their rights and their responsibilities. When the government of Dictator Marcos was toppled, then his huge amount of money was kept in the banks of western countries especially Switzerland, which was taken back to the country and it was used in the economy of the country and now there is no sign of political turmoil.
The economy of the country has made quick progress due to various political reforms in the country. Now the economy of this country was resilient to present global economic recession. Its growth rate was 1.15% in 2009, which is now reached to 7.8% in 2013. The government has planned various business investment and market entry after introducing various holistic view of the country. Now they have complete understanding of political situation within the country in which key figures and governance indictors are included. They have understanding about the demographic of the country and they are taking steps in healthcare and education (MarketLine, 2014).
The GDP of the country is making growth and it is expected to reach to $372 billion by 2018. There is economic development in the government and various rapid structural changes are being undertaken to make its economy stable. It is moving towards globalization and it is getting benefits from its economy. It has educated workforce and huge domestic demand and it is also rich in natural resources, which is taking the economy of the country to the sustained growth during 2013-2018. Their economic policies show that they are now focusing on their FDI and FII and they have attractive investment policies and support to the industry and trade activities by the government. It is now member of International Monetary Fund, World Trade Organization and World Bank (Philippines Market report, 2015).
This country has given special emphasis to education and now you can find educated people, its trained and professional workforce is present in the government and they are taking part in all financial and social activities. People have religious freedom and they can participate in their religious rituals. Their constitution recognizes English but Filipino is also used as official language and also in the courts. Its most of the people shifted from agriculture to industry and they are taking steps in making some good products in various industries. The government has implemented its policies for the welfare and well being of its population, which has brought certain changes in the country. The policies and regulations of the country are now implemented at the appropriate level and it also showed the ultimate goal of the government to make economic development in the country (Philippines Market report, 2015).
The country has made significant development in the technological field. Various technological developments have been introduced in the country and people will have latest and fresh information about their investment and strategic decisions so that they can make their investment in this country. The country is using latest equipments and products to grow their industry and agriculture. It has introduced latest IT developments in the country and most of the people have their own cellular phones with the internet facilities. It has provided the financial transactions to the people over the cellular networks and about half of the population of this country is using the cellular phones (Philippines Market report, 2015).
Philippines is located in the West Pacific ocean separated from other countries of the world and its ecological environment is unique. There is no serious issue of pollution, as this is the agricultural country and now it started setting up industries. The government is making new regulations for the protection of environment and it is also implementing it in its true spirit in order to preserve the natural atmosphere and its biodiversity. The industrial sector and trading agencies and companies are complying with the instructions and regulations governing the environmental protection.
The government is focusing on the effective legislation in every field especially in the industry. It has introduced the laws for the protection of their minimum wages, their working time, facilities of health and education to all citizen of the country and for the environmental protection. The government is adhering with the strict policies so that they can maintain the good legal infrastructure of the country. Now people have more rights of their life, education and work and they are satisfied with the policies of the government and they are taking steps in the development and well being of their country. Their parliament is the main source of formulating new legislations and it is consistently taking steps for the making of new laws and regulations, which can also protect the foreign investment and it has good atmosphere for the investment of their wealth.
Philippines Market report (2015), PEST Analysis of Philippines, available at http://www.marketresearchreports.com/countries/philippines
MarketLine (2014), Country Analysis Report: The Philippines, In-depth PESTLE Insights, available at http://www.just-drinks.com/market-research/country-analysis-report-the-philippines-in-depth-pestle-insights_id231437.aspx