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→Philippines and the middle income trap
Despite its rich mineral deposits, the Philippine mining industry is just a fraction of what it was in the 1970s and 1980s when the country ranked among the ten leading gold and copper producers worldwide. Low metal prices, high production costs, and lack of investment in infrastructure have contributed to the industry's overall decline. A December 2004 Supreme Court decision upheld the constitutionality of the 1995 Mining Act, thereby allowing up to 100% foreign-owned companies to invest in large-scale exploration, development, and utilization of minerals, oil, and gas.
Despite its rich mineral deposits, the Philippine mining industry is just a fraction of what it was in the 1970s and 1980s when the country ranked among the ten leading gold and copper producers worldwide. Low metal prices, high production costs, and lack of investment in infrastructure have contributed to the industry's overall decline. A December 2004 Supreme Court decision upheld the constitutionality of the 1995 Mining Act, thereby allowing up to 100% foreign-owned companies to invest in large-scale exploration, development, and utilization of minerals, oil, and gas.
==== Philippines and the middle income trap ====
==== Philippines and the middle-income trap ====
See also: [[Middle-income countries]]
The Asian Development Bank is a regional development bank established in 1966 with 31 offices in the world designed to promote social and economic development in Asia. The Bank is headquartered in Manilla, Philippines.
At the present time, the Philippines has high GNP growth and is endeavoring to move from being a [[Middle-income countries|middle-income country]] to a high-income country.
=== Philippines and the middle income trap ==
''See also:'' [[Middle-income trap]]
''See also:'' [[Middle-income trap]]