Navigating the Complexities of the Philippine Economy
To start with, this is economy of the Philippines essay in which I will briefly reveal this topic and discuss the main issues. Our economy today have facing different problems or issues regarding the most important thing in stimulating the Philippine national economy, thrusts spotlighting featuring microeconomics and macroeconomics. Let me define economics first, it is talk about the production, distribution, and consumption of goods and services either big or small on how economies work.
Economics have two major types which is microeconomics and macroeconomics. When we say microeconomics, it talks with the behaviour of an individual or a small scale while macroeconomics deals with overall economy as a whole or a large scale. Microeconomics is all about the actions of an individual regarding the allocation of scarce resources within an economy. It looks at how individual decisions affect specific economic relationships and systems. It is usually used by businesses to set prize and levels of supply. Macroeconomics studies the totality aspects or how economy functions as a whole. It looks at how economic systems affect many people and it is currently used by governments and central banks to explore economic trends and track variables like inflation and unemployment.
In these branches of economics, I can say that the most important in stimulating the Philippine national economy, thrusts spotlighting is the macroeconomics because it greatly caused a severe issues in this country and it is common problems we encountered recently. Philippine nowadays is suffering from poverty or crisis because of the economy. The economy were corrupt and many companies having a bankrupt. In our country Philippines, there are three main risks. The country is not industrializing fast enough. It's over reliance on BPO, remittance, and consumption creates a looming import risk. Yes, it is cheap to employ Filipinos, but for how long. And this is the main problem of the Philippines economy. The basic economic issues in the Philippines for a long time are poverty, corruption, and lack of education. Poverty, many Filipinos think that the cause of poverty is the lack of education, which is true.
Aside from this are graft and corruption in the government and the opportunities are centered in urban areas. This contribute to wealth inequality distribution in the Philippines. Employment often requires a lot of manual labor for insufficient income to support even a small family. The financial security for people that become disabled or too old to work is very weak, and as a result, many people cannot afford basic medication needs and health care. Also, it is hard to start a business here that can compete in regional markets since before you start expanding. The local government will expose taxes to make businesses here less competitive.
Last for economic issues in the Philippines essay but not least, corruption in the governmental infrastructure is a big issue also, although it seems that President Duterte's regime has reduced this some what. I believe that improving education, industry, and environmental awareness would do wonders for the economy. Regional instability is also hindering economic growth throughout the country especially in the southern provinces. And now the political issue in the Philippines as we know. Good politics lead to good businesses, which leads to good economy.
