October 26, 2013

One View: The Growth of the Philippines

The growth of the Philippines is sending a strong signal to the society that "this is the start of new age" for the country. Credible development banking institutions upgraded the forecast for 2013 and 2014; like World Bank and Asia Development Bank to name the few. Even international economists have brighter prospects for the country. With all of these things happening, this gives the society a boost to work hard and be part of the growth trajectory.

The good thing about what is happening today is that Philippines is "moving forward". This is not a question whether the best decision (equilibrium) has been achieved; or, best resource allocation (equilibrium) has been put into best use; but a question if the government is working to achieve its goals. There are signs that things are getting better, but it is still too early to conclude if the efforts made by the government will be translated to the food of the future (jobs). What is important now (in short term) is that the country is moving forward, and that, the idea of progress is slowly being accepted by the society; in this case equilibrium is set to take place.

Every nation has its own potential; it just needs to be unlocked by good policies, proper use (utilization) of the resources, and right mindset of the society.

In the East Asia and Pacific Economic Update released on October 7, 2013 by World Bank, Philippines economy is projected to grow to 7% in 2013 and 6.7 in 2014. On one hand, Asia Development Bank (ADB), in its Asian Development Outlook Report, sees the growth of the Philippines this year at 7%.

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