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A look at the Phillipine

Ecomomy
Is the Philippines an industrialized country?
• The Philippines is primarily considered a newly industrialized country,
which has an economy transitioning from one based on agriculture to
one based more on services and manufacturing. As of 2017, GDP by
Purchasing power parity was estimated to be at $986.980 billion.
What is the type of economic system in the
Philippines?
• The Philippines has a mixed economic system which includes a variety
of private freedom, combined with centralized economic planning
and government regulation. Philippines is a member of the Asia-
Pacific Economic Cooperation (APEC) and the Association of
Southeast Asian Nations (ASEAN).
What is the main export of the Philippines?
• Primary exports include semiconductors and electronic products,
transport equipment, garments, copper products, petroleum
products, coconut oil, and fruits. Major trading partners include
Japan, China, the United States, Singapore, South Korea, the
Netherlands, Hong Kong, Germany, Taiwan, and Thailand.
Is Philippines is a rich country?
• The Gross Domestic Product per capita in Philippines was last
recorded at 2639.90 US dollars in 2015, according to
Tradingeconomics.com. That's just 21 percent of the world's average,
and well below the per capita GDP of such neighboring countries as
Indonesia and especially Singapore, which has become a rich country.
Is the Philippines a developed or developing
country?
• As of 2016, per capita GDP in the Philippines is $7,358, well below
any accepted minimum for developed country status. The country's
latest HDI is 0.66. ... The Philippines is very much a developing
country, and it has a long way to go to reach developed status
What are the major imports and exports of the
Philippines?
• Philippines Imports. Philippines major imports are: electronic
products (25 percent), mineral fuels (21 percent) and transport
equipment (10 percent). Philippines's main import partners are: China
(13 percent), the United States (11 percent), Japan (8 percent) and
Taiwan (8 percent).
What is middle class income in the
Philippines?
• They are very few, numbering only 0.1% of total families in the
Philippines. The middle income class is said to earn an average of
P36,934 per month while the low incomesegment earns an average of
P9,061 per month
How much does an average Filipino earn per
month?
• The survey results showed that the average annual family income of
Filipino families was approximately 267 thousand pesos. In
comparison, the average annual family expenditure for the same year
was 215 thousand pesos. Hence, Filipino families has savings of 52
thousand pesos in a year, on average.
How much is the average salary in the Philippines?
• The survey results showed that the average annual family income of
Filipino families was approximately 267 thousand pesos. In
comparison, the average annual family expenditure for the same year
was 215 thousand pesos. Hence, Filipino families has savings of 52
thousand pesos in a year, on average.
What is The type of government of the phillipines
• The Philippines is a democratic and republican State. Sovereignty
resides in the people and all government authority emanates from
them.
Current Economic Problem In the Phillipines
Poverty
• Despite the talk about economic growth, the poverty rates have not
changed significantly since 2006. As per the National Statistical
Coordination Board (NSCB), poverty incidence of the population
improved from 26.3 percent in 2009 to 25.2 percent in 2012.Even
though Philippines is a fast-growing economy, there's been just a
minor decline in the incidence of poverty. Poverty is very much linked
to unemployment. Unfortunately, the growth is restricted to the BPO,
retail, and real estate sector, and a large number of Filipinos remain
without jobs. On top of that, natural calamities further push people
below the poverty line. Thus, economic disparity is a common
feature. In general, the gains from higher economic growth have not
really trickled down to the poor.
Poor Infrastructure
• Infrastructure is one of the biggest challenges. In the Global Competitiveness
Report 2014-2015 of the World Economic Forum, Philippines didn't fare well
in terms of the quality of the overall infrastructure. It ranked at number 91
among 144 countries. This can be attributed to underinvestment in
infrastructure.In order to host global companies, Philippines will have to pay
more attention to enhancing the infrastructure. A well-developed
transportation (roads, railroads, ports, and air transport) and communication
system is extremely essential for economic activities. As per the World Bank's
Ease of Doing Business 2015 report, Philippines ranked 95 out of 189
economies. It needs to improve its ranking in certain categories. It ranked 161
in the category of starting a business, 124 in dealing with construction
permits, 108 in registering property, 104 in getting credit, 154 in protecting
minority investors, 127 in paying taxes, and 124 in enforcing contracts. Thus,
the policy makers should take steps to attract global companies or investors.
Heavy Dependence on Remittances
• Philippines was the third-highest recipient of migrant remittances in 2013, after India and China. According to the
Philippine Central Bank, remittances from overseas Filipino workers (OFWs) reached USD 25.1 billion in 2013. It was
7.6% higher than the remittances from the last year, and accounted for 8.4 % of Philippine gross domestic product
(GDP) in 2013.The source countries for the remittances included the United States, Saudi Arabia, the United
Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. The country heavily relies on these funds. Their
economic growth can primarily be associated to the remittances from the overseas Filipino workers, as well as the
growth in the Business Process Outsourcing (BPO) sector. Also, one cannot rule out that the growth is connected to
the global economy. In the event of any crisis, economic growth is bound to suffer. Thus, greater attention has to
be paid to addressing to the internal problems of the economy and enhancing domestic-oriented growth. A policy
of removing structural impediments to growth has to be adopted, with lesser focus on foreign investors and
exporters.Besides the aforementioned issues, corruption is another aspect that needs to be taken care of. The
current administration needs to prepare an industrialization program that encourages value-addition
manufacturing or services and builds Filipino-owned industries. Being overly dependent on global economy or
remittances from Filipinos living abroad will make the nation vulnerable to external shocks. Thus, the aim should be
to encourage inclusive growth in the country by creating employment opportunities and reducing poverty.
Food, fuel costs push up inflation
• Higher food, fuel and transport costs pushed inflation nationwide to
5.7 percent last month, the fastest rise in over five years, the
government said on Tuesday.Surging inflation reduced a family’s
purchasing power of P10,000 last year to only P9,430 last month.
• In Metro Manila, prices of basic goods and services rose further to 6.5
percent, up from 5.8 percent in June and 2.9 percent in July last year.