Each country has its own economy. Economy is the process of production, distribution and consumption of certain goods and services by individuals in the society. The Philippines economy is a common-based economy. It allows the production and distribution of goods and services according to the control and imposition by certain men and women, organization or government.
In order for a country to be progressive, one must know how to plan and implement economic development while maintaining political stability.
Economy is often associated with politics. Politics is the power of governance. The Philippines has a representative democracy as a political system. It allows individual participation of governance through votation and elect representatives to govern them.
The Philippine economy has a mixed history of growth and development.
Back in the days, the Philippines was once considered as one of the richest countries in Asia but now we are one of the poorest and underdeveloped countries in Asia. The fall of our economy started in 1981 during the Marcos’ administration when the Philippines started experiencing economic problems like scarcity of resources and social unrest. Although there were some points that the Philippine economy flourished, like during Fidel Ramos’ administration, it wasn’t enough to bring it back on track. It even worsened during Joseph Estrada’s administration when foreign investors lost their interest in making business with the Philippines which can develop the Philippines’ economy.
So as you can see, the Philippine’s Economy is somehow dependent on the government of the Philippines and how it implements economic development. Filipinos complain about having a sucky economy and how a lot of people are unemployed and are in poverty but it is also their fault for not voting the right people to lead their country because the government plans and implements economic development. For example, we chose an actor, Joseph Estrada, to lead our country who in turn was corrupt and was impeached for cryonism, corruption and many more.
But now the Philippine economy is slowly growing. The Gross National Income increased from 4.2% to 5.0%. The unemployment rate decreased a little from 6.6% to 6.4%. The Gross Domestic Product increased from 5.0% to 5.6%.
The Filipinos should use their suffrage responsibly and correctly. The Filipinos should be educated so that they choose their leaders wisely in order for the country to grow and develop. We reap what we sow.
Sociology and Anthropology: Fundamental Concepts on Society and Man by Glenn Trajano