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As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy. Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.
Filipinos who go aboard to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as theFitch Group and Standard & Poor's.
Agriculture
Agriculture employs 32% of the Filipino workforce as of 2013, according to World Bank statistics. Agriculture accounts for 12% of Philippines GDP as of 2013, according to the World Bank. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.
The Philippines is the world's largest producer of coconuts producing 19,500,000 tons in 2009. Coconut production in the Philippines is generally concentrated in medium-sized farms. By 1995, the production of coconut in the Philippines had experienced a 6.5% annual growth and later surpassed Indonesia in total output in the world.[41] The Philippines is also the world's largest producer of pineapples, producing 2,198 thousand metric tons in 2009.[42]
Rice production in the Philippines is important to the food supply in the country and economy. The country is the 8th largest rice producer in the world, accounting for 2.8% of global rice production.[43] The Philippines was also the world's largest rice importer in 2010.[44] Rice is the most important food crop, a staple food in most of the country. It is

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