Refers to the human activities related with the production, distribution, exchange and consumption of goods and services.1
For the past decades, Presidents of the country from Former President Corazon Aquino to President Fidel V. Ramos to media frenzy ousted President Joseph Estrada and now the incumbent President Gloria Macapagal Arroyo for which all presidents made mentioned in their State of the Nation Address (SONA) the country’s economic growth. This has also been a part of debates from all walks of life.
Is the Economy Growing or Groaning?
The Economy of the country has always been a struggle. It is a struggle and challenge to the president serving the country. I made mention the fluctuation in the local currency with the high in prices of commodities and electric consumption. Oil and gas price hike in the world market that permits increase in our daily cost of living. We may add the political turmoil that plagues our government ever since.
In spite of all the things have been said and on what’s happening around us, I should say for the year 2007 the economy is picking up – it is growing. Based on the article posted thru GMA.T.v by Ms. Patricia De Leon quoted below:
“The Philippines on a roll,” President Arroyo said.
“This is the fastest phase in almost two decades. 9.1 percent growth in services; 5.3 percent in industries; 4.2 percent in agriculture. We have also gained from the tripling of investments in economic zones and priority sectors,” she added.”
Pro administration and the Opposition like wise as to say on the recent development in the Philippine Economy. High Economic growth was basically a shocked to all of us. The increase in Gross Domestic Product Of 6.9% for the first quarter indicates that the Philippines are really picking its way up.
(GDP – is one of the ways for measuring the size of its economy. The GDP of a country is defined as the market value of all final goods and services produced within a country in a given period of time.2
Based on the article that I read which tackles about the flight of the Peso in the Market (Philippine Stock Exchange).
“Stock market is an important component of the “leading economic indicators.” that means, what happens in the stock exchange becomes clearly evident in economic numbers several months down the road.3
True to the fact that Stock market has the numbers to show. The exchange rate of the Peso versus the dollar at 46.010 made way for the Influx of foreign investors to the country to try again and invest for believing in the confidence of the economy. The return of investment in terms of revenues will benefit both parties and will provide jobs to unemployed Filipino through out the archipelago. This investment will be in a form of rising job opportunities in the service sector specifically call centers, BPO and many outsourcing companies that will provide employment to fresh graduates and also to underemployment Filipinos. If again the trend in the economy will continue and will be sturdy for the rest of the year this will also prevent migration of Doctors and Nurses. According to Health Secretary Francisco Duque III he said that “the continued growth of the country’s domestic product (GDP), which rose to a 17-year high at 6.9 percent in the first quarter of 2007, will help encourage Filipino doctors not to try out working overseas. Filipino doctors have reasons to stay and work in the country’s private and public hospitals.”
This migration really has to stop; Because of these developments we can convince our health practitioners and other Filipinos who wants to work aboard is to just stay here and serve our people and to promote the sense of patriotism. Further more another domino effect in terms of the flight of peso in the stock market will be in a form of roll backs in price hikes as well as decrease in prices in commodities. The recent positive outcome I heard over the news the other day is that Manila Water Works will lower the rate in consumption effective July 1. If the trend will continue for the succeeding months Filipino people through out the country will now have the capacity to save more and a lot such expenses to other things. In addition to that, OFW remittances contribute in the surge of the peso as well. One factor is the increase in bank lending this also means that there is economic activity going on. BSP reported that lending to the wholesale and retail trade sector as well as the transportation, storage and communications sector grew by 14.3 percent each. “The rising volume of funds being channeled to the services sector reflects the evolving structure of economic activity which has increasingly relied on services as a key driver for growth,” the BSP said.
To end such a very Challenging piece of point view – Is it good or bad? The answer is the former and not the latter. The change the Philippines are experiencing right now in terms of economic growth is a good sign. The Growth was back up by the strong performances of Trade, Manufacturing, Agriculture, Fishery and Private Services. On the expenditure side, main growth drivers were higher household spending, exports of goods and services, and government consumption.4
These results to more investments, infrastructure, jobs and it will also enable Filipinos to alleviate their standards of living. It is a sign that the country is slowly but surely rising up for the first time in at least a decade. The facts show that.