All values, unless otherwise stated, are in US dollars. The Philippines is primarily considered a newly industrialized country, which has an economy transitioning from one based on forex currency rate from phil peso to us dollar to one based more on services and manufacturing.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. The Philippine economy is projected to be the 5th largest in Asia and 16th biggest in the world by 2050. The calculated figures express the change in the rate of creation of “real wealth”. This section needs additional citations for verification. The economic history of the Philippine Islands had been traced back to the pre-colonial times. The country which was then composed of different kingdoms and thalassocracies oversaw the large number of merchants coming to the islands for trade.
From the 12th century, a huge industry centred around the manufacture and trade of burnay clay pots, used for the storage of tea and other perishables, was set up in the northern Philippines with Japanese and Okinawan traders. Japanese, and were considered among the best storage vessels used for the purpose of keeping tea leaves and rice wine fresh. Hence, Ruson-Tsukuri pots became sought after in Northeast Asia. The people also were great agriculturists and the islands especifically Luzon has great abundance of rice, fowls, wine as well as great numbers of carabaos, deer, wild boar and goats. In addition, there were also great quantities of cotton and colored clothes, wax, honey and date palms produced by the natives. The Visayas islands which is home to the Kedatuan of Madja-as, the Kedatuan of Dapitan and the Rajahnate of Cebu on the other hand were abundant in rice, fish, cotton, swine, fowls, wax and honey.
In Mindanao, the Rajahnate of Butuan specialized in the mining of gold and the manufacture of jewelry. The Sultanate of Maguindanao was known for the raising and harvesting of cinnamon. The kingdoms of ancient Philippines were active in international trade, and they used the ocean as natural highways. Ancient peoples were engaged in long-range trading with their Asian neighbors as far as west as Maldives and as far as north as Japan. Aside from trade relations, the natives were also involved in aquaculture and fishing. The natives make use of the salambao, which is a type of raft that utilizes a large fishing net which is lowered into the water via a type of lever made of two criss-crossed poles. Night fishing was accomplished with the help of candles made from a particular type of resin similar to the copal of Mexico.