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Philippine Economy Essay

765 Words4 Pages

For several years that President Benigno “Noynoy” Aquino had governed the Philippines there are changes that occurred in the aspect of the economy. The World Bank country director said “. The Philippines is no longer the sick man of East Asia, but the rising tiger. There is macroeconomic stability, and the fiscal situation of the government is sound and improving. The fight against corruption is being waged with the determination and it is paying off. Transparency is improving everywhere in the Philippines.” (Calica & Regalado, 2013, p.1) According to IMF Statistics, the Philippines ranked 39th as the largest economy in the world. (Bagacay, Delloro, Peiris & Xie, 2014) No wonder that the administration worked hard to achieve economic growth …show more content…

Cervantes, Dancel, Pagoso & Rillo (2010) elaborated that agriculture is about the production of raw materials such as crops, meat and grains. Agriculture is a priority concern of the government, since having this develop will help increase income and improve the quality of life of farmers and fisher folks. On the other hand, industrialization is the processing and manufacturing of raw materials into finished products through the use of technology. Agriculture is called the backbone of economy while industry is referred to as the life of the economy, that is why they play a vital role in the development of the economy. Both of them are source of livelihood, source of food supply and raw materials, source of earnings in foreign trade, development of technology and source of resource transfer. Aside from agriculture and industry, the education sector is also a priority of this study as it is one of the determinants of the economic growth not only in the Philippines but also in foreign countries. The Philippine government allocate great amount of fund to provide Filipino youth with education because of their aim of producing skilled, knowledgeable and competitive

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