Carlos Hilado Memorial State College

College of Business Management and Accountancy

Fortune Towne Campus, Bacolod City

Assignment #2
ECONOMIC DEVELOPMENT

NAME: Christian C. Magbanua Course & Year: BSMA 1-A Date: November 22, 2020

Reaction/Reflection Paper

Instruction: Write your answers regarding the 3 videos on the space provided below.

Topics:
1. Philippines fastest growing economy in Asia.
2. The Philippine Development Plan 2017 – 2022
3. The economy of the Philippines

Philippines Fastest Growing Economy in Asia

As I watch the video, I appreciate the development of the economy in our country.
Specifically, the processing of an economy would succor to preventive from the isolations like
the unemployment rate, bankruptcy, unaided infrastructures, etc. In order to perpetuate a
good economy, we need to insist on the conventional emphasis gently used to secure the
fastest growing rate of a popular country.

Here are the five factors which the Philippines have utilized for the enforcement of growth.
The main factors are business process outsourcing, OFW’s remittances to employment, offshore
gaming operators who shared condominium spaces with immigrants, tourism, and
enhancement of Philippine infrastructure. This would help to strategize the Philippine economy
to be globally competitive compared to other nations.

A dynamic inflow and outflow of the universal economy would be capitalized by the nations
to strive particularly to evolve their latter economics. In this case, the Philippines considered as
the highest per capita percentages in all the factors mentioned above. Furthermore, the
changes in the economy will step down the possibilities of a country to be unreachable.
 The Philippine Development Plan 2017-2022

Under the administration of President Rodrigo Duterte, currently, President of the

Philippines has ensured a logical plan about his country to modernize the advancement of
technological and amortization structures. The purpose of this development plan is to
systematically refine the archipelago that was not discovered by past leaders. This
administration made a collision with other departments to observe the modernization of the
next 6 years under the presidency.

In order to promote the identical planning of reinforcement, the President needs to

compromise the uniqueness of the Filipinos to socialize the integral values independently.
Indeed, the PDP is designed to eternalize the informative plans ahead into the national security.
President Duterte already knows what shortages of a certain economy where the officials are
making adjustments to the Filipinos to gain an everyday living. Naturally, he will make a
progressive way to achieve distinctive and competitive plans as part of the recovery of
economic growth.

PDP is generally created in order to maximize the ecological apartments in the

advancement of the 21st century. As we face struggles in political and economic, PDP is always
centered on some improvements and justifications of restoration and recommendation in our
country. The President will form some strategic planning to resolve and precipitate into normal
growth.

Economy of the Philippines

As I watched the video, it is important to say that the Philippines is the one of fastest
arising economy among the nations. The development of the economy becomes systematic for
the reason for processing the substantial growth of the country is still exists. In the
advancement of the 21st century, the evolution became different because of analytical changes
in terms to the pricing of products in certain merchandises or manufactures, the annual income
of business and services, the employment of the Filipinos whether nearby locality or
international which the offered salaries is enlarging, the refinement of infrastructures, and etc.
The contemporary economic development of other countries is now globally competitive but
our country actually deserves to rank as the fastest. The population is the main reason why an
economy is raising up until to the present times.
 The modernization of our country becomes productive since Filipinos are tending to find
decent jobs around the world. They were top priorities because not only to work within a
comfortable job but also to concentrate on the highest prior which is to develop the workplace.
It would be the possibility of lengthening the socioeconomic classes. Another example is the
exchanging of money for a product or service in an establishment. Eventually, the customers
have the right to buy and the suppliers have also the right to sell and give services. The
economy will be affected because the business is still growing essentially.
The Philippines are also known as a popular nation where the economy becomes
consistent. For instance, it empowers the following concepts wherein the objective is to
classifying maintained the overall growth of economical status. Suddenly in the present time,
the economy of the Philippines is moderate because of the pandemic wherein the businesses
are closed and many employees are losing of jobs. We are trying to lift up again to risen it
normally. This is how a real economy changes.