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Economics and Politics in the Philippines - Research Paper Example

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It has rich, arable lands, diverse flora and fauna, and a wide range of mineral deposits. Declining fiscal deficits, reduced external and public debt, and increase in…
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Economics and Politics in the Philippines
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Philippines: Country Reports The Philippines is an industrialized lower middle-income economy located in East Asia in the Pacific region. It has rich, arable lands, diverse flora and fauna, and a wide range of mineral deposits. Declining fiscal deficits, reduced external and public debt, and increase in spending on social services, infrastructure and facilities enhance the Philippines economic prospects.
Table 1: Philippine Economic Indicators 2006-2010.
Economic Indicator
2006
2007
2008
2009
2010
Per capita GNI (% per year)
1,250
1,460
1,700
1,790
2,007
GDP growth (% per year)
5.3
7.1
3.7
1.1
7.3
CPI (% per year)
6.2
2.8
9.3
3.2
3.8
Unemployment rate (%)
8.0
7.3
7.4
7.5
7.3
Export growth (% per year)
15.6
6.4
-2.5
-22.1
34.8
Import growth (% per year)
10.9
8.7
5.6
-24.0
31.5
Current account balance (% of GDP)
4.5
4.9
2.2
5.8
4.5
External debt (% of GNI)
45.1
39.2
31.8
29.0
31.8
GNI- Gross National Income GDP- Gross Domestic Product CPI- Consumer Price Index
The Philippines is a dynamic centre for commerce. It has opened up it economy to foreign markets and established free trade network agreements with several nations. Trade between the Philippines and United States amounts to more than US$15.4 billion. The government encourages more foreign investments in industries such as mining, tourism and business processing operations (Philippines Economic Statistics).
The Bangko Sentral ng Pilipinas controls the foreign exchange market. It ensures orderly conditions in the foreign exchange market. Supply and demand determine the exchange rates in the market and is consistent with the Government’s regulations on market-oriented reforms and strategies of achieving competitiveness via price stability and efficiency (from Bangko Sentral ng Pilipinas).
The Philippines has increased bilateral trade with many countries leading to increased trade volumes which increase economic growth. Its main trading partners are Japan 12.5%, United States 12%, China 8.8%, Singapore 8.7%, South Korea 7.9% and Taiwan 5.7% (from ADB Annual Report 2010).
The Philippine government has over the years implemented tax measures that increase government budget, lessening the budget deficit. This has led to increased control in foreign loans and improved repayment of foreign debts. Foreign investment has increased due to reduction of foreign debt thus resulting into increased economic growth (from Philippines Economic Statistics).
Works Cited
“ADB Annual Report 2010.” Asian Development Bank. Web. April 2011. http://beta.adb.org/documents/adb-annual-report-2010. Accessed on March 3, 2012.
"Bangko Sentral ng Pilipinas - About the Bank." Bangko Sentral ng Pilipinas. Web. 28 Apr. 2010 http://www.bsp.gov.ph/about/functions.asp Accessed on March 3, 2012.
"Philippines Economic Statistics.” Economy Watch. Web. 28 Apr. 2011 http://www.economywatch.com/economic-statistics/country/Philippines/ Accessed on March 3, 2012. Read More
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