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What can you say about the economic system of the Philippines?

What can you say about the economic system of the Philippines?

The Philippines has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Philippines is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).

What is economic development in the Philippines?

The Philippines is one of the most dynamic economies in the East Asia Pacific region. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances.

What can you conclude about the economic history of the Philippines?

Since the end of the Second World War, the Philippine economy has had a mixed history of growth and development. Over the years, the Philippines has gone from being one of the richest countries in Asia (following Japan) to being one of the poorest. Growth immediately after the war was rapid, but slowed over time.

What are the Filipino qualities that would promote globalization?

Some of these advantages of globalization are:

  • High levels of education.
  • Export-oriented agricultural sector that has generated more than sufficient foreign exchange.
  • Because of the industrial sector growth, the Philippines has one if the highest per capita incomes in Southeast Asia.

What are the economic goals of the Philippines?

Goals included alleviation of poverty, generation of more productive employment, promotion of equity and social justice, and attainment of sustainable economic growth.

What are economic issues examples?

Micro economic problems

  • The problem of externalities.
  • Environmental issues.
  • Monopoly.
  • Inequality/poverty.
  • Volatile prices.
  • Irrational behaviour.
  • Recession.
  • Inflation.

What were the most significant changes of the economy in the Philippines in the 19th century?

The demand for Philippine sugar and abaca (hemp) grew apace, and the volume of exports to Europe expanded even further after the completion of the Suez Canal in 1869. The growth of commercial agriculture resulted in the appearance of a new class.

What are the 3 types of economics?

There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. Individuals and businesses make their own economic decisions. The state’s central government makes all of the country’s economic decisions.

Is globalization good or bad in the Philippines?

Evidence suggests that globalisation has a positive effect on the country’s economic growth and employment. In particular, trade openness and foreign portfolio flows have contributed to higher per capita GDP growth in the Philippines, following the implementation of FX liberalisation reforms.

What kind of economy does the Philippines have?

The service sector of the Philippines has contributed PH1397922 million to the economy by the end of the year 2018. The Agriculture has added 9.3% to the Philippines total GDP by the end of the year 2017.

Why does the Philippine economy need external support?

Or a respite must be provided while the rise of government spending and the fall of revenues has weakened the fiscal position of the government. In such cases, support from the external institutions would be justified. Such support would also strengthen the economy’s recovery.

Where does the Philippines rank in ease of doing business?

According to The World Bank, the Philippines now ranks on the 99th position in the world when considering the ease of doing business. Plenty of foreign investors may agree, as the foreign direct investments (FDI) were up 40.7% by the end of 2016. This is a record high number for the country.

How did trade help the economy of the Philippines?

This trade made the city of Manila one of the major global cities in the world, improving the growth of the Philippine economy in the succeeding years. Trade also introduced foodstuffs such as maize, tomatoes, potatoes, chili peppers, chocolate and pineapples from Mexico and Peru.