The Philippine EconomyIn recent years, the Philippine economy has undergone a remarkable transformation. In the late 1980s and early 1990s, the Philippines faced poor political leadership, poor economic growth, and slow economic development. Today, it is globally recognized that the Philippine economy has recovered and generated positive growth. One of their greatest achievements was increasing the GNP growth rate from zero in the early 1990s to between 5 and 6 percent today. The current president, Joseph Ejercito Estrada, is following the steady pace set by the former president. Under the Ramos administration, significant steps were taken toward economic liberalization. These measures included the opening of the banking and telecommunications sectors, as well as changes to investment laws, which created a more attractive trade alliance and stronger trade relations with the United States. Due to these events, the United States remains the Philippines' largest trading partner and is among the top 25 trading partners of the United States. According to President Estrada's speech on January 8, 1999, thanks to the actions of former President Ramos "Our country continues to experience positive growth despite the crisis in Asia. In the region last year, only Singapore and the Philippines recorded positive growth rates. Some of the main factors regarding economic growth during Ramos' term that Estrada intends to continue paying attention to are foreign relations, education, health, transportation, banking and trade. Modern education in the Philippines is becoming a major issue in growth. and the stabilization of the country's economy. Over the past fifty years, as the Philippines gained its independence, it became involved in a number of agreements with the United States. The agreements in fact maintained a close connection with the United States and protected American commercial interests in the Philippines. One of the reasons why we will not market our 3 wheel carts in the Philippines is the age range. 38% of the population is between 0 and 14 years old. 59% of the population is between 15 and 64 years old. The remaining 3% are aged 65 and over. Not only is the age range in which we could market our product rare, but the life expectancy rate in the Philippines is only 66.35 years. Since 3-wheeled carts are primarily used for transportation and shopping, they would not be necessary in this country. The youngest, who do not need this product, do most of the shopping and transportation..