Since 1980s, the Philippines have opened their economy to foreign markets, and established a network of free trade agreements with several countries. The United States is one of the Philippines top trading partner. In 2010, according to US Department of Commerce dad, trade between the Philippines and US amounts to US$15.4 billion. US is also the Philippines largest foreign investor, with foreign direct investment close to US$6 billion at the end of 2009.
Under the new Aquino administration, the government plans to open up the country to more foreign investment in industries such as business processing operations, mining and tourism. However, this move may be hindered by restrictions such a prohibition of foreign ownership of land and public utilities.
ASEAN - China FTA
ASEAN - Japan CEP
ASEAN - Korea FTA
ASEAN - ANZ FTA
ASEAN - India FTA
ASEAN - EU FTA
Total value of exports: US$50.72 billion
Primary exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Primary exports partners: US (17.6 percent of total exports), Japan (16.2 percent), Netherlands (9.8 percent), Hong Kong (8.6 percent), China (7.7 percent), Germany (6.5 percent), Singapore (6.2 percent), South Korea (4.8 percent)
Total value of imports: US$59.9 billion
Primary imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Primary imports partners: Japan (12.5 percent of total imports), US (12 percent), China (8.8 percent), Singapore (8.7 percent), South Korea (7.9 percent), Taiwan (7.1 percent), Thailand (5.7 percent)