The Philippines is a country rich in natural resources, has fertile and arable lands, diverse flora and fauna, extensive coastlines, and rich mineral deposits. The population has reached 114 million, of which, 77.3 million are in the working age. Despite its rich natural and human resources, the Philippine economy remains underdeveloped and around a quarter of its population is living below the poverty line (PSA, 2023).
Due to the decline in production in the industry and the continued reliance on the import and export of low-value goods, trade and government revenue are in the deficit. The country continues to depend primarily on debt and remittances to bridge the trade and expenses of the government.
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