Name: Kaye Alizon S.

Lozano Date: February 8, 2023

Grade & Section: 12-Rizal

The Philippines had one of the world's fastest growing economies in 2019. As the
Ferdinand Marcos government came to an end in the middle of the 1980s, it finally lost its
reputation as the "sick man of Asia" that it had acquired during the economic collapse. The
nation's economic resurgence began in the decade before the pandemic after decades of arduous
reform, not to mention repaying debts accrued during the dictatorship. The Philippines, which
saw above 6 percent yearly growth between 2010 and 2019, was hailed as the next Asian tiger
economy (Mendoza, 2021).
The economy of the Philippines is evidently poor. The economy has suffered throughout
the years due to high unemployment, a gradual reduction in poverty, and shrinking investment.
These negative economic status of the Philippines reflect the actions and the decisions of the
government towards the problems that are encountered by the country. According to the Asian
Development Bank (2011), low productivity development as a result of the Philippines' sluggish
industrialization, particularly in manufacturing, is to be blamed for the country's dismal growth
performance.
Currently, the Philippines is suffering from a high population growth rate and a low gross
domestic product (GDP). Millions of Filipinos still struggle to export their goods to countries
where imports outweigh exports of basic goods due to widespread poverty (Bertulino, 2022).
This situation causes the economy of the Philippines to decline. The inflation rate is also a huge
factor of slow economic growth of the country. It holds a family in a low status even if they have
huge earnings since the prices of the goods and services also increase.
Despite the negative situation of the Philippines, it is still aiming for development and in
becoming advance economically and socially. To improve the quality of life for Filipinos and
encourage sustainability, the nation is keeping up with industrialization. In order to invest in real
estate and exploit the nation's natural resources to promote the economy, it continues to seek out
international investors from Asia Pacific and even from the US and Europe. The Philippines
makes best use of its national budget for development by using capital markets (Bertulino, 2022).
The low economic profile of the Philippines still encourages the government to keep on trying
and taking action to improve and make changes towards the best. It may not be evident as of now
but soon, it will be felt and seen by the people especially the poor. It may be hard and
challenging but it is a way to escape the difficulties faced by the country.
In this situation, the country should identify the roots of the problems and find solutions
to make changes and to really help the economy to grow and develop. The Philippines should
start to improve its economy and keep up with other countries. Despite the history of the country,
people must still aim for what’s best for the Philippines and its people.