February 26, 2016

Philippines Economy in 2016 - The Development

Jeepney
Jeepney by Stephanie Azarias & Alexander Olpindo (Wikipedia Takes Manila participant) - Uploaded from Wikipedia Takes Manila, CC BY-SA 3.0

Philippines has gone a long way since 1998 Asian Financial Crisis - the country must be a tiger economy today like Singapore if infrastructure and poverty reduction projects were executed very well in the past. Yet even though it is good to examine the past, it is more important to focus on the present and hope for the future.

2016 will be a critical year for the economic development of the Philippines - 2016 should mark the execution of more infrastructure projects and implementation (not only creation) of more laws. Many Filipinos now days are seeing their rights - and many Filipinos are well informed about problems of the society that needs solution. The key solution to problems of mega cities is to create and transform. The solution to traffic jam is to expand the roads and create more mass transportation; the solution to unemployment is to create simple jobs for the mass and provide free education and training to the poor; food security and sufficiency can be achieved by promoting and incentivizing agriculture business; Eco-friendly centralize industrialization can be encouraged through utilization of modern technology; Environment can be protected through promotion of responsible extraction of natural resources - making sure that all resources extracted would be renewed through the use of proper regeneration processes.

Even though crime is seen to be a problem in the country, the latter is only part of the big poverty problem, caused by lack of access to basic resources, due to unemployment. This is to say that Filipinos should have a security in terms of basic needs and everything else would follow. One of the basic solutions to poverty is utilizing the government funds – using these funds to create poverty reduction projects. Government can either improve infrastructure to improve business in the country and in turn result to creation of jobs or the government can provide people access to funds and teach people to create business; or the government can do both. For example, government can build renewable power plants to increase the supply of energy – which will result to lower electricity bill; which could be a big factor for increasing investment.

Philippines has a lot of resources, we just need to utilize and distribute it properly to every person in the country – in that sense, no economic numbers could be better than that.

Philippine Economist economic growth full year 2016 forecast is 5.9%. For more details about Gross Domestic Product (GDP) data and forecast visit this link: GDP Data.


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