Filipino Americans matter to the US economy because they are a rapidly growing and financially stable group that can have a significant impact on local and national markets.
Firstly, Filipino Americans have a high median household income and a relatively low poverty rate, which means they have a high purchasing power and are an important consumer group for businesses to target. They also tend to have more people in their households, which can lead to higher spending on necessities such as groceries and household items.
Secondly, Filipino Americans are highly educated and are well-represented in professional fields such as healthcare, education, and business. They often hold leadership positions in their communities and businesses, which can lead to increased economic development and job creation.
Thirdly, Many Filipino Americans are small business owners or entrepreneurs, they play a vital role in the small business sector which is a critical driver of economic growth and job creation.
Finally, Filipino Americans also have a strong sense of community and often contribute to the well-being of their families and communities through remittances and support for educational and economic development programs in the Philippines. This can help to foster strong economic ties between the United States and the Philippines. Overall, the Filipino Americans are an important and valuable part of the US economy.