The Philippines is a Southeast Asian archipelagic country located on the western side of the Pacific Ocean.
In terms of the largest economies, the Philippines ranks 32nd worldwide and 13th in Asia. As of 2019, the country had a Gross Domestic Product (GDP) of 376.8 billion USD and based on the sustained annual growth of 6.4% in the 2010-2019 period, it is a promising emerging market.
The Philippines is home to a diversified industrial sector. It is majorly dominated by the manufacturing and agribusiness sector. Among pharmaceuticals, electronics, and semiconductors, mining and mineral processing delivers a major contribution to the economy.
Statistically, the latest shares of economic sectors in the country are as follows:
Here are the partner share statistics according to the World Bank’s latest trade data on the Philippines:
The Philippines holds the 5th spot on the world’s most mineralized countries list. Its mineral assets are projected at a whopping 1.32 Trillion US dollars. These assets, though unexploited, speak to the tremendous mining industry potential of the country. Still, the mining sector only contributes> 0.65% to the GDP and 6.7% to the exports.
Currently, there are 44 mining and 64 non-metallic mining companies in operation and the Philippines’ government plans to increase these numbers for further economic growth. Thus, undoubtedly, the country is a great market for construction and mining equipment and we at Camamach, have got you covered with the latest high-quality mining equipment.
The construction industry of the Philippines accounts for 15% of the industrial sector and 9.7% of the GDP expenditure. As of 2020, hundred construction projects were approved by the public sector and the industry is expected to play a key role in recovering the economy from Covid-19. With 8.3% projected annual growth rate, the industry will contribute $75.1 billion to the economy in 2024.
The statistics reveal that the market is ripe for the construction equipment business. If you are looking to exploit such potential, Camamach is the perfect choice for your construction equipment needs.
The Philippines is an archipelagic country accessible through the sea. The top 5 seaports for international trade are:
For goods import, Camamach uses the largest port of Manila.
The Philippines imports a considerable amount of equipment for the construction and mining industry. As for the third quarter of the previous decade, the manufacturing machinery and equipment had a 0.5% share in the GDP. Some of the imported equipment include Excavators, Backhoe Loaders, Bulldozers, Road Rollers, Dump Trucks, Terrain Cranes, etc.
Importing in the Philippines requires an Import Clearance Certificate from the Bureau of Internal Revenue, registration with the Bureau of Customs (BOC), and an account set up with Client Profile Registration System (CPRS).
Businesses need to provide these documents when their equipment arrives:
United Nation’s Standard International Trade Classification (SITC) is followed in the Philippines. For exact information on import tariffs imposed by the Philippines, you can visit their official web portal.
The Philippines has huge industrial potential that needs to be fully tapped if the country aims to meet economic goals. The need to import industrial equipment for the following reasons:
Camamach prides itself in stocking the highest quality construction and mining equipment. From long term product sustainability to ease of use and comfort, Camamach considers everything’s for its customer.
Camamach has been exporting equipment to clients in the Philippines. Feel free to contact us at [email protected] or WhatsApp us at +86-131-2037-9271 for a FREE quotation. We also ship worldwide; for other countries, check out our experience here.