Give a brief summary of about the mineral resources present in the Philippines?
Answers
Answer:
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Explanation:
Although the Philippines is rich in mineral resources, mining activities constitute only a small portion of GDP and employ an even smaller fraction of the population. Most of the country’s metallic minerals, including gold, iron ore, lead, zinc, chromite, and copper, are drawn from major deposits on the islands of Luzon and Mindanao. Smaller deposits of silver, nickel, mercury, molybdenum, cadmium, and manganese occur in several other locations. The Visayas are the principal source of nonmetallic minerals, including limestone for cement, marble, asphalt, salt, sulfur, asbestos, guano, gypsum, phosphate, and silica. Petroleum and natural gas are extracted from fields off the northwest coast of Palawan. Copper has remained the country’s primary mineral, although changing world market demands and investment incentives have rendered its production somewhat volatile.
Many factories are licensees of foreign companies or act as subcontractors for foreign firms, turning out finished products for export from imported semifinished goods. A large segment of the manufacturing sector, however, produces goods intended for domestic consumption. Major manufactures include electronics components, garments and textile products, processed foods and beverages, chemicals, and petroleum products.
The Philippines became a member of the World Trade Organization (WTO) in 1995. Although the United States and Japan have continued to be the Philippines’ top trading partners, a number of new markets have been emerging, especially in China, Singapore, and other countries of East and Southeast Asia. The Philippines’ principal exports include electronic equipment, garments and accessories, coconuts and coconut products, and minerals (copper, gold, and iron ore). The principal imports are machinery and transport equipment, fuels, chemicals and chemical products, and food.
Services
The service sector is the principal single component of the Philippine economy, contributing more than two-fifths of GDP and employing more than one-third of the country’s labour force. Trade and hospitality services together constitute the largest employer in the sector. Public administration and defense account for less than one-tenth of GDP and an even smaller portion of employment. However, the government engages in business in its own right, owning such enterprises as the National Development Company, the Philippine Ports Authority, the Philippine National Railways, and many other entities. With ongoing privatization, however, the number of corporations owned and controlled by the government has been decreasing.
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Answer:
Resources and power
Although the Philippines is rich in mineral resources, mining activities constitute only a small portion of GDP and employ an even smaller fraction of the population. Most of the country’s metallic minerals, including gold, iron ore, lead, zinc, chromite, and copper, are drawn from major deposits on the islands of Luzon and Mindanao. Smaller deposits of silver, nickel, mercury, molybdenum, cadmium, and manganese occur in several other locations. The Visayas are the principal source of nonmetallic minerals, including limestone for cement, marble, asphalt, salt, sulfur, asbestos, guano, gypsum, phosphate, and silica. Petroleum and natural gas are extracted from fields off the northwest coast of Palawan. Copper has remained the country’s primary mineral, although changing world market demands and investment incentives have rendered its production somewhat volatile.
Until the late 20th century, hydroelectric power supplied only a small proportion of the country’s electrical output, and thermal plants (most of which burned imported oil) supplied the major proportion. The completion of several dam projects on Luzon and the expansion of another project on Mindanao have increased the percentage of power generated by hydroelectric installations; irrigation and flood control have been additional benefits of some of the projects. Dependence on foreign oil has also been reduced by the construction of geothermal and conventional coal-fired thermal plants and, to some degree, by the exploitation of Palawan’s offshore petroleum reserves.
Manufacturing
Much growth in manufacturing took place in the Philippines in the 20th century, particularly in the 1950s and (after a slump in the ’60s) the ’70s. Since that time the sector has remained relatively stable, contributing roughly one-fourth of GDP, though it employs less than one-tenth of the workforce. The government has assisted the private sector by exempting certain new industries from taxation for a certain period. Only nominal taxes are imposed on selected industries, and loans on favourable terms are available to others.