If we are to address the issue of poverty with some degree of success, history tells us we have no choice but to actively encourage entrepreneurial ventures. On Thursday, the PSA announced that the country’s gross domestic product (GDP) growth rate declined by 16.5% in the second quarter of 2020, which was the lowest recorded quarterly growth since 1981. TIMELINE: VP Robredo's short stint as anti-drug body co-chair US State Secretary Mike Pompeo might decide on whether or not to enforce the banagainst Philippine officials involved in the “unlawful detention” of Senator Leila de Lima. The country is now home to multiple cultures and ethnic groups. The Government must focus on this kind of Problem because lots of Social Stratification is a classification whereby people rank and evaluate each other as higher and, based on evaluations; inequality rewarded one another with wealth authority, influence, and status. It is also looked upon as a perfect example of a ‘mixed economy’. 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. The country is now home to multiple cultures and ethnic groups. Infrastructure is one of the biggest challenges. He added that China, the greatest developmental success sto… Though Philippines too suffered in terms of exports, remittances from overseas Filipino workers, and foreign direct investments, during the 2008 global economic crisis, there has been steady economic growth in the recent years. Indigenous Peoples in the Philippines face a range of threats from what they frequently describe as 'development aggression'. In October 2013, unemployment rate was 6.5% in comparison to 6.8% in 2012. A number of developments during the last 100 days either have begun to cause grave damage to the Philippine economy or threaten to do so. According to the Asian Development Bank, the GDP growth, Inflation, and Current Account Balance (share of GDP) in 2015 is estimated to be 6.4%, 2.8%, and 4%, respectively. Traditionally, the economy stabilized on the agrarian contributions and the manufacture of garments, pharmaceutical products, and semiconductors. We've created informative articles that you can come back to again and again when you have questions or want to learn more! This category only includes cookies that ensures basic functionalities and security features of the website. The basic economic issues in the Philippines for the long time are, poverty, corruption and lack of education. Disclaimer: I do not own some of the clips presented in this video. Like most other southeast Asian regions, Philippines too has a history of European colonization. This website uses cookies to improve your experience. 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. These social issues are exceedingly diverse because they exist within the cultural, ethnic, and moral boundaries. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Despite rapid economic growth in the Philippines in recent years, unemployment remains a persistent problem for the sprawling Southeast Asian nation of more than 100 million people. PPTX, PDF, TXT or read online from Scribd, Boundaries: When to Say Yes, How to Say No. But opting out of some of these cookies may have an effect on your browsing experience. The Philippines has recorded the worst economic growth since the recession in 1981, according to the data released by Philippine Statistics Authority. Sign up to receive the latest and greatest articles from our site automatically each week (give or take)...right to your inbox. While these figures might paint a rosy picture, there are certain serious issues that need to be addressed. The current administration needs to prepare an industrialization program that encourages value-addition manufacturing or services and builds Filipino-owned industries. Thus, three-fourth of the workers are unemployed or informally employed, with lack of opportunities to find good jobs. The country heavily relies on these funds. So let us make a list of the biggest problems facing our country today. Being overly dependent on global economy or remittances from Filipinos living abroad will make the nation vulnerable to external shocks. It is the hierarchical arrangement and organization of social categories that develop into a social group together with status and their equivalent roles. CONTEMPORARY ISSUES FACING THE FILIPINO ENTREPRENEUR LESSON 6 Group 5 February 2019 TAXES A minimum wage is the lowest remuneration that employers can legally pay their workers. Besides the aforementioned issues, corruption is another aspect that needs to be taken care of. Philippines’ economy largely depends on the remittances from the Filipinos residing overseas and investing in the homeland. There are disagreements around social issues that are worth solving, or that should take precedence. Philippines was the third-highest recipient of migrant remittances in 2013, after India and China. APPLIED ECONOMICS A B M S P E C I A L I Z E D S U B J E C T This course deals with the basic principles of applied economics, and its application to contemporary economic issues facing the Filipino entrepreneur such as prices of … Amidst the welter of issues, two of them have managed to stand out in importance: quality and relevance.The major difficulty in education in the Philippines is the short-sighted policy of sacrificing the quality and quantity of education for reasons of economy. Over-dependence on Global Economy The growth of the Philippines economy drastically slowed to just 3.6% in the first three quarters of 2011, which is significantly less than the 7%-8% growth targeted by administration's Philippine Development Plan (PDP). Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. A2A. Here is some information on the economic problems of the Philippines. With more than 100 million people currently living in the Philippines, it is ranked as the 12th most populous country in the world. Even though Philippines is a fast-growing economy, there’s been just a minor decline in the incidence of poverty. We'll assume you're ok with this, but you can opt-out if you wish. This can be attributed to underinvestment in infrastructure. Economic problems in the Philippines include high unemployment and the concentration of wealth in a small number of wealthy families. Like most other southeast Asian regions, Philippines too has a history of European colonization. Applied Economics 1. As the Philippines has financially limited resources and a high poverty rate, the rapid increase in population has become a problem because there is already insufficient resources to support the population, which leaves much fewer resources to improve the economy. In January 2015, out of the 62.87 million Filipinos in the age group of 15 years and above, the labor force comprised 40.11 million. Military abuses, police brutality and violation of human rights. Poverty is a major social problem in the Philippines with 21.6 percent of the Filipino population earning an income below the poverty line, according to the Philippine Statistics Authority. Traditionally, the economy stabilized on the agrarian contributions and the manufacture of garments, pharmaceutical products, and semiconductors. The Philippines is currently facing different problems especially in the sector of agriculture. Most of our farms are have already shrunk … TOP 7 TOP 6 POVERTY A drug is any substance other than food, that when inhaled, injected, smoked, consumed, absorbed via a patch on the skin or dissolved under the tongue causes a physiological change in the body. This website uses cookies to improve your experience while you navigate through the website. Here is my list of 10 and everyone is invited to tell me which problems I missed or which problems should have been not … 1. 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. More than 10 million Filipinos are currently living abroad. Typhoon Haiyan alone cost the Philippines' agricultural sector an estimated US$724 million after causing 1.1 million tonnes … A policy of removing structural impediments to growth has to be adopted, with lesser focus on foreign investors and exporters. Many of the unemployed individuals are college graduates. Philippines has emerged as one of the fastest growing economies in Asia, with an annual GDP growth rate of 6.1% in 2014. Thus, the aim should be to encourage inclusive growth in the country by creating employment opportunities and reducing poverty. This is because Mr. Duterte regards the issue and a peace-and-order problem when it is a health concern. 1. These cookies will be stored in your browser only with your consent. It is also looked upon as a perfect example of a ‘mixed economy’. Rappler looks back at the issues and controversies that dominated each month of the Philippines’ first year under the Duterte presidency. Social issues are the source of a conflicting opinion on the ground of what is perceived as morally correct or incorrect personal life. In general, the gains from higher economic growth have not really trickled down to the poor. Polar Bear, Polar Bear, What Do You Hear? 10 Economic Problems of the Philippines 1. Thus, the policy makers should take steps to attract global companies or investors. Though a fast-growing economy, Philippines still needs to address the issues of poverty, unemployment, and poor infrastructure. Structural Problems:The roots of underdevelopment lie in the underlying structure of the Philippines’ economy, which is mostly rural, agricultural, and suffers from low productivity, Nye said. As the Philippines has financially limited resources and a high poverty rate, the rapid increase in population has become a problem because there is already insufficient resources to support the population, which leaves much fewer resources to improve the economy. Eradicating it would be impossible. Located in Southeast Asia, the Republic of the Philippines comprises 7,107 islands. 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. Small farm size; 78% farms are less than 3 hectares. Copyright © Opinion Front & Buzzle.com, Inc.
They issue permits and licences for all establishments and harass and threaten those trying to rescue the children, gather evidence and bring charges against them. The United States Embassy in the Philippines states that some officials condone a climate of impunity for those that exploit trafficked women and children. Despite having many of the same conditions for successful economic growth as its neighboring East Asian countries, the country missed out almost completely on the Asian boom and never became one of the “Asian tiger” economies. The decline in poverty in the Philippines is slower than that of other nations in the region, and for those who depend on farming and fishing for income, economic trends keep them poor, largely due to misuse of … A well-developed transportation (roads, railroads, ports, and air transport) and communication system is extremely essential for economic activities. These cookies do not store any personal information. Thus, economic disparity is a common feature. As I have said, the police and the Philippine Drug Enforcement Agency may be able to kill the last drug user and pusher, but the problem will persist. Necessary cookies are absolutely essential for the website to function properly. They should feel the benefits of the growing Philippine economy. Thus, greater attention has to be paid to addressing to the internal problems of the economy and enhancing domestic-oriented growth. According to the Philippine Central Bank, remittances from overseas Filipino workers (OFWs) reached USD 25.1 billion in 2013. Over the three decades ending with 1979 gros, s … Prevention It needs to improve its ranking in certain categories. Unfortunately, the growth is restricted to the BPO, retail, and real estate sector, and a large number of Filipinos remain without jobs. 6789 Quail Hill Pkwy, Suite 211 Irvine CA 92603. Rapid Population Growth. 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