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Its biggest bane is its political landscape. It is marred with corruption, political dynasties, red tape and nepotism. Investors shy away from the country due to the difficulty of doing business there. As a result, the local economy suffered where unemployment is high subjecting many of its population to abject poverty. Also, many of its best brightest minds left the country to work and migrated overseas (Rappler.com). At present, this flaw in the political and economic infrastructure of the Philippines is not yet corrected as the remittances of its Overseas Foreign Workers are still the biggest contributor to its economy.
The second issue why the economy of the Philippines is not strong is because it does not have its own industrial and technological backbone. Its economic base consists merely of business processing units and assembly plants which are primarily owned by foreign enterprise. These enterprises can leave anytime exposing the vulnerability of the Philippine economy.
My two recommendations for Philippines for the Philippine economy to become prosperous 50 years from now are to reform its political system and build its own industrial and technological base. It can reform its political system by prosecuting corrupt officials and passing into laws that will democratize its political system such as banning political dynasties and nepotism. Its recent prosecution of corrupt officials under the former President Macapagal Arroyo supports this recommendation as investor’s confidence increased. Investment flourished amid a global crisis. During the period 2011-13 when the global economy is slowing down, Philippines registered a GNP of 7.2% which is considered as one of the highest in the world (NCSB). The reform undertaken by the present administration of President Aquino resulted in an upgrade of its credit rating in two succeeding years making it now a BBB+ which
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(“Economic opinion essay Example | Topics and Well Written Essays - 500 words”, n.d.)
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(Economic Opinion Essay Example | Topics and Well Written Essays - 500 Words)
“Economic Opinion Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/macro-microeconomics/1645710-economic-opinion-essay.
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