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The Philippines is located directly in the heart of Asia, and today is the fastest growing region. In the 2002 World Competitiveness Year Book, Swiss Agency Institute for Management Development (IMD) ranked the Philippines as the 40th most competitive economy in the world. The Philippines was ranked ahead of Indonesia but behind other East Asian countries such as; Singapore, Hong Kong, Taiwan, Malaysia, South Korea, Japan, China, and Thailand. The Philippine economy is predominantly strong in its agriculture. The Philippines tends to spend a great deal more on imports than exports. ... The Philippines’ main exports were fish, textiles, coconut items, and electronic (electrical) items (Asian Info 2000, The).
Malaysia’s economy has progressed throughout the years, and is now one of the top exporters of manufactured goods. ...
Most of Vietnam’s economy is based on its agriculture; primarily its rice. ...
Crude oil, which accounts for about 40% of its export revenue, is Indonesias most valuable resource. ... The economy is a free market economy, and is the worlds 15th largest trading nation. ... Taiwans economy has changed almost entirely from agriculture to industry. ... Taiwans economy really improved after 1950, when it became highly industrialized (Asian Info 2000, Taiwan’s). ... Indonesia, Malaysia, the Philippines, Singapore, and Thailand formed the Association of Southeast Asian Nations (ASEAN) in 1967. ... As Asian economies integrate within the vast framework of the ASEAN Free Trade Agreement (AFTA), the Philippines is the natural and most strategic location for firms that want to access to the large ASEAN market and its immense trade opportunities (Department of Trade and Industry 2003).
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