Why is it important for the Philippines to diversify its export markets?
Answer (1)
Diversifying export markets means the Philippines should sell its products to many different countries instead of relying heavily on just one or two. This is important because if a major trade partner—like the United States or China—faces a recession or reduces its imports, Philippine exports could suffer. If we have multiple trade partners across Asia, Europe, and the Middle East, we reduce the risk of losing all export income during a global crisis. It makes the economy more stable and flexible, especially during unpredictable events like pandemics or financial crashes.
