The Philippines is rich in natural resources. Its fertile land produces a variety of crops such as coconut, copra, banana, pineapples, sugar, gum, resins and rubber. Some of these agricultural crops are raised for export. Rice, which is the staple food of Filipinos, is produced, largely, in the Central Plains of Luzon.
Why Philippines is very rich in natural resources?
The Philippines is rich in natural resources. It has fertile, arable lands, diverse flora and fauna, extensive coastlines, and rich mineral deposits. … Despite the rich natural resources of the Philippines, the government is restricting its exploitation.
Is Philippines still rich in natural resources?
The Philippines is a country rich in natural resources, such as minerals, agricultural land and fisheries, but this wealth is threatened by fast economic growth, rapid urbanisation and climate change. Evidence-based decision making can help balance the need for economic growth with sustainable resource management.
Why is Philippines rich in natural resources but still poor?
Aside from social, economic and political issues, environmental factors also contribute towards making the Philippines poor. Many rural Filipinos depend on the country’s extensive natural resources, particularly for the fishing and agricultural industries.
How rich in resources is the Philippines?
The Philippines has a bounty of minerals, cropland, timber, and coastal and marine resources. These natural resources make up an estimated 19% of the nation’s wealth, contributing to the country’s consistent GDP growth.
What is Philippines known for?
The Philippines is known for having an abundance of beautiful beaches and delicious fruit. The collection of islands is located in Southeast Asia and was named after King Philip II of Spain.
What are Philippine resources?
The natural resources of the Philippines include copper, timber, nickel, petroleum, silver, gold, cobalt, and salt.
Is Philippines rich or poor?
Luxembourg on the left is the world’s richest country and Burundi on the right is the poorest.
Why do you think the Philippines have a less developed economy?
high inflation during crisis periods; high levels of population growth; high and persistent levels of inequality (incomes and assets), which dampen the positive impacts of economic expansion; and.
Why Philippines is still a developing country?
Table of contents #1 Rapidly growing economy#2 Young and growing workforce#3 Filipinos are very proficient in English#4 High level of infrastructure spending#5 Robust household consumption#6 Foreign direct investments#7 Government initiativesAsia’s economies continue to lead global growth and Philippines has its own …
How does Philippine natural resources contribute in the economic growth of the country?
Natural resources play a critical role in the Philippine economy, as agriculture, fisheries, and forestry represent about 10 percent of gross domestic product and account for almost 30 percent of employment.
What country is rich in natural resources?
The Democratic Republic of Congo is widely considered to be the richest country in the world regarding natural resources; its untapped deposits of raw minerals are estimated to be worth in excess of U.S. $24 trillion.
What natural resources are abundant in the Philippines?
The country is rich in gold, copper, chromite, silver, nickel, cobalt, and other minerals. Coal and limestone are also abundant. According to advertisements placed in The Financial Times in 1989: “The Philippines is more densely mineralised than Australia, the tonnages are larger and the terrain is largely unexplored.