As a result, the Philippines saw a period of rapid sustained growth, but the spreading Asian financial crisis has slowed economic development in the Philippines once again. Most industries are concentrated in the urban areas around metropolitan Manila. Mining also is important in the Philippines, which possesses significant reserves of chromite, nickel, and copper. Recent natural gas finds off the islands of Palawan add to the country's substantial geothermal, hydro, and coal energy reserves. Nonetheless, the country continues to be a weak economic performer.
Agriculture accounts for one-fifth of the Philippine economy.
Monthly exports continue to grow but at increasingly slower rates. Electronic and auto parts exports account for most of this growth. The Philippines' traditional exports are stagnant or declining. The commercial banking sector suffered from high interest rates and higher nonperforming loan levels during the Asian financial crisis, but the banking system remains sound. Interest rates have been brought under control, but loan growth remains slow as banks continue to exercise caution and clean up their balance sheets.