We are part of the society, therefore, we should be aware of what is happening around us.
what is an economy? Do you ever wonder what it is? An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location
The Philippines is considered as a newly industrialized country, which has been transitioning from one based on agriculture to one based more on services and manufacturing. In 2014, the GDP by Purchasing power parity was estimated to be at $692.223 billion.
Household consumption accelerated in the first half on 2015, driven by higher employment, low inflation, and rising remittances. Private investment also rose, but government spending was sluggish early in the year before rebounding. Net external demand weighed on Gross Domestic Product growth, which slowed to 5.3%.
The rebound in government spending is expected to spur growth through the rest of this year and in 2016. In July, growth in public expenditure excluding interest accelerated to 31% year on year. Election-related spending will also support domestic demand through May 2016, when elections will be held.
Manila, Philippines the international monetary fund (IMF) said the Philippine economy likely picked up speed in the second quarter of the year after slowing down in the first quarter on weak global demand and lack of government spending. IMF resident representative Shanakaa Jayanath Peiris said the country’s gross domestic product grew slightly faster in the second quarter due to improved spending by the Aquino administration.
Price hike in products like the rice and gas takes a lot of toll to the citizens . the cause of price increase laid a burden to the people especially to those who are living under the poverty line.
With good political leaders and good governance our country will surely be progressive. The government and the people should help each other for the betterment of our country. We need to work hand in hand to achieve our goal which is to have a progressive country today and for the future generations. corruption should be stop and should not be the reason for us to be left out. other country’s can do it why can’t we?