how would you describe the market system in the philippines
Answer (1)
Market System in the Philippines The market system in the Philippines is a mixed economy with elements of both free market and government intervention. Key characteristics include:- *Mixed economy*: Combination of private enterprise and government regulation.- *Service-oriented economy*: Services contribute significantly to GDP.- *Agriculture and manufacturing*: Important sectors for employment and exports.- *Overseas remittances*: Remittances from OFWs (Overseas Filipino Workers) play a big role in the economy.- *Government policies*: Regulations and policies influence business operations and trade. Challenges and Opportunities- *Infrastructure development*: Affects competitiveness and growth.- *Globalization and trade*: Participation in international trade agreements impacts the economy.- *Growing digital economy*: Tech and e-commerce are emerging trends.
