Thursday, October 24, 2019
Philippines Economic Growth Essay
The Philippines has a representative democracy modeled on United State’s system of government. Its republic type of government has also a presidential system of government with bicameral legislature and an independent judiciary wherein the president is limited to six years of terms. Whenever there are troubles experienced within the government of the Philippines, leaders tends to seek help and often times united States always offers help and assistance to the Philippines. Although historically speaking, they were once the conquerors of the Philippines. Both government are being attcked by terrorist which opposes the kind of leaders and leadership in the country.            Philippines is considered as one newly industrialized country located in South east Asia. It is also the fastest growing economy in Southeast Asia posting a GDP growth rate of 7.5% in 2007’s second quarter. (Hookway, 2007.p.A1). As compared to the United States the GDP of the Philippines is really far from US’ GDP rate of 88% over the past decades and until the present. United States is really a great country and is considered to be where the world’s largest gross domestic product rate is.            GDP per capita of the Philippines is estimated to be $5,700 in 2007 which is far behind the GDP per capita of the United States which is estimated $44,000 for this year.( US treasury Dept. 2007)            Unemployment rates in the Philippines is 7.9% while US is just half of it at 4.4%. This reflects how hardworking the Americans as compare to Filipinos who merely wants a simple life and simple way of living. Inflation rates in the Philippines is 2.3% which makes the economy more hopeful in the present statistics. The national government debt as a percentage of GDP rates in the Philippines is as high as $316.65 billion or 69.9% of GDP while United States only has $19billion or 0.16% of GDP. (wikipedia)            The level of technological development in the Philippines is not also as greater than in the United states. The Philippines is attracted to Japan made products and China influenced imitation of much lower quality technologies as compared to hight technological quality provided in the United States. This is one great disappointment regarding consumer decision making bf Filipinos who tends to buy more goods and commodities at a cheaper price but not of high quality. They tend to overlook the specifications of a certain of product because of high costs.            The level of infrastructural development in the Philippines is not really that far, because the country is taking its phase in cities where rises of buildings and commercial establishments are rampant. There are certain issues concerning how this infrastructures will be built because tax in the Philippines is really high thats why investors sometimes thinks twice of getting involved in dealing businesses in the country.            The high cost of materials, manpower and cost of permit is sometimes unfair on the part of investor. It becomes a gamble investing on a place where you will think twice if it will really profit once its already made and set up there. While infrastructural developments in the United States can be considerably good because in cities like New York where it is known to as the city that never sleeps, one business establishment will really profit because people keeps on going and going all day and night long.            Socioeconomic indicators that greatly affects the statistics of a certain country such as education, access to health care, clean water, etc. is also considered as one great factor in a progressive nation. For a country like Philippines, educational system can be considered competitive enough because it produces competent and skilled professionals nowadays. As far as United States education is concern because of course reality speaks that American Student are really ahead in terms of quality of education. Going back to History, American are also known as Thomasites which brought up high standards of education in the Philippines. Brain Drain is one common problem in the Philippines, after years of studying where Filipinos receive of high quality education, they goes out of the country and work for a higher salary. The tendency is the economy of such country raises and the downfall of professional statistics in the Philippines is experienced. They prefer to use the knowledge they’ve learned from their own country as a stepping stone to more opportunities abroad. Health Problems and medical assistance is also a factor in a country’s economic growth for Filipinos who lives in a country with more illness there is a bigger tendency not to perform well in school for students who are still studying and for employees who works hard int heir professions. The more persuasive you are working, the more tendency of being sick is. The sad part is that there are some instances that medical assistance is far at hand like in cases that we still need to ask help from other countries like the United States which is more medically advanced and this also results a deduction in our statistics because we need to pay for those medicines and medical experts from foreign countries. Abusing the environment is also one reason why people tends to suffer economically. Improper use of natural resources and pollution is one great threat on the Philippines Economic growth.            At present, there are many Foreign investors who wants to take risk and be involved in having business with the Philippines and this also provides greater opportunity on the countries statistics because it paves way for a more chance of paying debts and increase employment rates to Filipinos.            Talking about change, we really don’t need to compete with any other countries, we can content our economic needs by providing what it needs and at the same time going about business in supporting services and exports that have brought in much needed foreign exchange and help raising our economic status at its best. Great rates and percentage economically comes from people who strives hard and decides best in doing businesses and witty decision making. References                         Hookway, James. (2007). Wall Street Journal p. A1                         United States Department of Treasury 2007                        www.wikipedia.org
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