How do you think the government can help improve the economy of the Philippines?
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Philippines high rise buildings view with a skyline
How the Philippines is planning for a brighter future
By EY Reporting
9 minute read
8 Nov 2019
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How the Philippines is planning for a brighter future (pdf)
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The Philippines has a booming economy, with enormous potential for further growth. EY Reporting looks at the steps taken to make it attractive to foreign investors.
The Philippines has emerged in recent years as one of the more dynamic Asia-Pacific economies, defying stereotypes with some impressive economic fundamentals. It is the world’s 34th largest economy and the 13th largest in Asia, with the potential for considerable further growth. It is considered a “newly industrialized” country – one whose economy is transitioning from being based on agriculture to relying more on services and manufacturing.
The country has been one of Asia’s fastest-growing economies in recent years. According to Government figures, gross domestic product (GDP) increased by 6.9% in 2016, 6.7% in 2017 and 6.2% in 2018. (By way of comparison, GDP in Emerging Asia grew by 6.5% in 2017 and 6.6% in 2018, according to OECD data.) Per capita income increased by 17% between 2016 and 2018.
Meanwhile, unemployment has fallen, partly as a result of the jobs created by foreign direct investment (FDI), which reached an all-time high of US$10.05b in 2017 (up from US$6.64b in 2015) according to central bank figures. Analysts say the country has consigned its former reputation as the region’s economic laggard to history. Indeed, by April 2019, Standard & Poor’s and the Japan Credit Rating Agency had upgraded the Philippines’ credit rating to just one step below an “A” territory rating.
Answer:
Here is what some of them said:
'Government needs to create more jobs' ...
'Increase demand and purchasing power of consumers' ...
'Government needs to provide skill-based education' ...
'Disinvestment, labour reforms & simplification of GST' ...
'Focus on providing skilled labour and not cheap labour'