The industrial sector started to grow only after 1960. But it developed very fast and now Philippine is considered as an Industrialized Country.
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.
