The Philippines is a newly industrialized emerging nation. Its economic growth begun in the late 1950's until late 1960's. Due to political turmoil, its development fell dramatically during and after the Marcos regime. The Asian Financial Crisis of 1997 made it worse for the struggling economy. Exchange rate for a dollar surged to 40 pesos from 26 before the crisis. By 2000, political uncertainties further continue resulting to lowered foreign investments and financial instabilities.
The current Arroyo administration has committed to turn the country into a First World nation by 2020. Passing of the very controversial value added tax (E-VAT) law on November 1, 2005 received different reactions. EVAT was a measure to restrain the increasing foreign debt and to improve government services.
In 2005, the Philippines peso was named as the best performing currency of Asia. Remittances from Filipino overseas around the globe still continue to be the biggest source of foreign income. In 2006, the Philippines collected $12.8 billion compare to the annual average of $2.5 billion received from foreign direct investment. By 2007, its gross domestic product grew 7.3%, the most remarkable feat in 31 years. According to the International Monetary Fund (IMF), the Philippines ranked as the 25th largest economy based on purchasing power parity.
Major industries of the Philippine economy include electronics, garments, food processing, pharmaceuticals, chemicals, fishing, and petroleum refining. Its main export partners are China, United States, Japan, Netherlands, Taiwan, Hong Kong, Malaysia and Singapore. The Philippines is a member of the following financial/economic organizations: Asia Pacific Economic Cooperation (APEC), Asian Development Bank (ADB), the World Bank and World Trade Organization (WTO).
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Reaction:
We all know the country Philippines. The Philippine state is one of the colonized country by different people such as Spaniards, Americans and the occupation of the Japanese. After that the Philippines had its independence and started running the country. Now, let us talk about this progressive. The Philippines for the past decades had been struggling to reach the top. First, the Philippines in its current form is in a crisis. More people are poor, does not have a home, and the youth are not guided because once again our economy was not doing good. But, at the time goes by, we Filipinos began to open our eyes to the function of economy and recovered from this outbreak. Thanks to our government we slowly climbing up to the top. Second, the late Arroyo administration helps the to prosper. They created EVAT to earn more and help us recover. Since President GMA is an economist, that talent help the country to increase its investment.
The President of today is Noynoy Aquino. The recent survey states that the GDP goes up to 7.6%. Well, because of this the output of the Philippines produce would also goes up. The cash, investment and the probability for the Government to spend more would also goes up. Because of this the constitution would provide more employment, salary, and comfort to the people.
Therefore, We Filipinos have been doing its best for the past decades to improve the Economy. We were been progressing and I think that we should be consistent with our statistics. Be more aware that the incoming youth need the awareness so that they will do the same thing.
