ven if they are on their way to growth, developing countries face more challenges along the way.

The
most difficult are decreasing poverty rates, access to quality education, and a good healthcare system
for all its citizens. Third-world countries, especially those in Southeast Asia, are experiencing these
challenges. One of them is the Philippines.

The roots of the problems in the Philippines economy can be traced back to World War II, when soldiers
from Japan occupied the country. The Philippines' worst inflation was then recorded in history.

The Philippines struggled again with its economic growth in recent years during the Marcos era of
Martial Law due, stemming from the negative image attached to the country. Marcos aimed to lead the
country for consecutive terms and use the country's resources following his agenda. Oppositions against
the administration then rose. This included Benigno Aquino Jr, a Filipino journalist, and politician who
was assassinated right as he landed at Manila International Airport (now named Ninoy Aquino
International Airport or NAIA). His death ignited the distrust of its citizens to its government.

The Philippines' debt in the world bank increased from $600 million to $26 billion during the Marcos
regime. The debt has caused macroeconomic effects in the Philippines, with the country continuing to
pay for this debt using the current national income and remittances.

At present, the Philippines is continuously facing a high population rate and low gross domestic product
(GDP). Millions of Filipinos are still suffering from poverty and struggling with exporting their products
up where inflow is greater than outflow of commodities within the country.

Yet, the Philippines is still aiming to become advanced economically and socially. The country is keeping
up with industrialization to increase the quality of life for Filipinos and promote sustainability. It
continues to look for foreign investors from Asia pacific and even foreign investments from the US and
Europe to invest in real estate and use the country's natural resources to advance the economy. The
Philippines also uses capital markets to optimize the national budget it has towards the country's
development.

Economists suggest that developing countries should focus on investing in education like developed
countries. However, Filipinos' income under the labor force isn't enough to afford basic education. The
Philippine government gives subsidies to far-flung areas, mainly in Mindanao, through public schools.
Yet, these schools are still lacking funds, resulting in low-quality education and subpar human developm
Source: https://studybay.com/blog/philippines-is-a-developing-country-essay/