In international business, two industries typically dominate the top 10 in terms of total value invested. These two industries are the manufacturing and industrial sectors. The manufacturing sector, which includes the chemical and pharmaceutical industries, the motor vehicle industry, and the machine production industry; and the industrial sector, which includes the metal and chemical industries, the electricity-generating industry, and the fabricated metal industry. From a statistical perspective, these two industries together account for nearly eighty per cent of the gross domestic product of the Philippines.
It Becomes A Part of An Overall Economy
In international economics, an industry sector is a part of an overall economy which produces a closely connected group of goods, materials, or services that are normally sold or traded within a market. For instance, one could refer to the retailing industry or the service industry. Within each of these, there are different sectors with their own characteristics. A supermarket is only one part of a retailer’s business. Retailers also sell their products through the outlets of different industries or they conduct business through brokers and agents.
The Retailing Industry Comprises of Wholesalers, Manufacturers, and Dealers
In the Philippines, the retailing industry comprises of wholesalers, manufacturers, and dealers. The wholesalers or suppliers are responsible for delivering products to retailers or establishments. The manufacturers or suppliers create finished products for sale such as clothes, shoes, bags, and other consumer items. And the dealers or distributors are responsible for selling these products to retailers or establishments.
Five Industry Sectors in the Philippines
There are five industry sectors in the Philippines that constitute almost eighty per cent of the Gross Domestic Product (GDP): the Manufacturing, Wholesale, Service, and the Public Sector. The manufacturing industry sectors employ the majority of people in the country. This is because these industries make up the large-scale units of production that determine the pace of economic activity in the country. The service industry, on the other hand, employs people like cooks, medical professionals, and secretaries. Lastly, the public sector includes government employees like police officers, civil servants, and teachers.
Two Main Categories Workers
Filipino workers in different industries across the country are divided into two main categories: the service-oriented workers and the production-oriented workers. The service-oriented workers are considered as blue-collar workers. They include taxi drivers, delivery drivers, and maintenance workers. On the other hand, production-oriented workers are known as white-collar workers. They include personnel in government agencies like the navy, Marines, and coast guard. These two groups of workers have vastly different jobs and responsibilities, although they usually go about doing the same thing.
The Philippines is an emerging economic power and has shown great potential in terms of its potential growth in the global market. In fact, it has surpassed China as the biggest manufacturer of export goods. Other countries like the United States, India, and Vietnam are also in the midst of an industrial revolution. For this reason, the Philippines’ ability to achieve economic growth and employment growth will be inevitable as long as it retains its diverse industry sectors and promotes a competitive economy through sound policies.