If we look back into the history of Philippine Economy we will find that the in the following years of World War II the country had a very high Rate of Growth. But then the growth rate started to decline and after the Asian Financial Crisis, the economy experienced a serious fall back.
The economic down turn continued till 2001. After a long period of depression, the Philippine Economy has just started to grow from 2004. In the year 2006, the country achieved a growth rate of 5.4% and in 2007 it aims at scoring a growth rate of 7%.
Agricultural Sector of Philippine was always very strong and continued to contribute a substantial part to the GDP.The Industrial Sector which developed after 1960 is comprised of industries like Textile Industry, Electronics Industry,Food Processing Industry,Mining Industry and Automobile Parts Manufacturing Industry.