The Philippines is New Zealand’s 7th largest food and beverage export destination, with exports totalling US$436 million in 2010.Food accounts for nearly half of an average Filipino family’s expenses and Filipino consumers generally eat five times a day.
The economy in the Philippines has recovered from the 2009 recession due to government stimulus packages and a renewed trust in the government. In the fourth quarter of 2010, personal consumption expenditure (PCE), the primary driver of the Philippines economy, jumped to 7 percent. This was the highest since the 8.4 percent growth recorded in the third quarter of 1988.ii The country’s GDP grew by 4.5 percent in 2011, which resulted in a per capita income of US$2,012.
