The Philippines has an abundance of goods and services that we've been exporting over the years, from our most famous fruits to electronics, to our very own people, there's no doubt our country has much to offer the world- so we've compiled a list of our country's top 5 most successful exports.
1. Coconut Oil - The Philippines is the world's biggest exporter of coconut oil. The extract of copra (the dried meat of the coconut), coconut oil, due to its high smoking point, is ideal for cooking, frying food to be specific. Coconut oil also has its health benefits, it contains Vitamin E, K and minerals like Iron. It can also be used as an alternative source of fuel for automobiles.
Coconuts being sundried for coconut oil
Homemade coconut oil
2. Copper - With about $840 billion in untapped mineral wealth. Aside from copper, the Philippines is also rich in gold and chromate deposits. Other minerals include limestone, clay, marble, silica and phosphate. Copper is used in a variety of different ways, these include: industrial uses, electrical products and in construction.
3. Fruits - As the second top exporter of bananas in the world, with Japan being our largest importer, bananas are worth $250 million in export revenues. Remember the banana diet craze in Japan in 2008, the demand for bananas then were so high Dole Philippines could hardly keep up.
Other major fruit imports are mangoes and pineapples.
4. Electronic products - Companies like Intel, which has been the country’s leading exporter of computer products for the last five years, is a major producer of the Pentium 4 processor and has been in the Philippines for 28 years. Another company is Texas Instruments, which is based in Baguio, and is the largest DSP chip producer for the past 20 years. DSP chips are used in 80% of Ericsson cellphones and in Nokia phones.
Until 2005, Toshiba laptops were produced in Sta. Rosa, Laguna. It's now focusing its production efforts on producing hard disk drives for computers.
5. People - Approximately 10 million Filipinos (almost 10th of the population) live and work abroad, and the money they earn and send back home, accounts for 11% of the country’s economy. Last year in 2011, remittances from OFWs breached the $20 billion mark, the biggest its been in a single year. This year, remittances are predicted to grow by 5 percent.
(Like this article? Check out: Quality-Made in the Philippines)