PHILIPPINE ECONOMY

WONDERS

Puerto Princesa Subterranean River National Park Taal Lake

INTRODUCTION

The Philippines is one of the world's development puzzles.

Despite having many of the same conditions for successful economic
growth as its neighboring East Asian countries, the country missed out
almost completely on the Asian boom and never became one of the
“Asian tiger” economies. This research presents an overview and
thorough analysis of the Philippine economic experience. It covers a
wide range of specialized subjects including macroeconomic policy,
public finance, regional development, social conditions, and the
agricultural, industrial, and service sectors.
HOW PEOPLE MAKE DECISIONS
The population of the Philippines now stands at a little over 100
million citizens. This makes it the 12th most populous nation in the
world. Such a mammoth population presents many challenges for the
country’s development. These include unemployment and burgeoning
pressures on the state to provide social services and infrastructure across
the country.

MARKET PRODUCTION
In the Philippines many of households use their own capital and
unpaid labor by way of fishing, collecting wood and water, growing
vegetables and other food, building shelter and making clothing.
The total imported goods by the country for the month of January 2017 amounted to $7.444 billion, an increase
of 9.1 percent from $6.825 billion recorded during the same period a year ago. The increase was due to the positive
performance of eight out of the top ten major imported commodities for the month led by iron and steel (79.7%).
PH LABOR MARKET EFFICIENCY IMPROVES

• In the World Competitiveness Yearbook 2016, the Philippines is ranked 42nd

among 61 countries, a one-notch fall from its 2015 ranking. While the country’s
competitiveness record has been remarkably strong in the annual Global
Competition Review represented by a broad leap of 33 notches up in the overall
rankings since 2010, recent findings in the WCYs over the same period have
pointed to a rather relatively modest and sometimes erratic performance.

• The Philippine ranking in the Economic Performance declined this year by four
notches to 38th. Under the first factor, however, huge improvements have been
observed in Employment (from 26th to 19th) and International Investment (from 54
to 47th).
 Figure 7. Philippines Consumer Price Index (2017-2018)

CPI increased to 152.70 Index Points in January of 2018 from 151.10 Index Points in December of
2017. Consumer Price Index in Philippines averaged 45.77 Index Points from 1957 until 2017,
reaching an all-time high of 150.60 Index Points in November of 2017.
 Figure 8. Philippines GDP Growth Rate

• The Philippines GDP advanced 1.5 percent quarter-on-quarter in in the three months to December of 2017,
following an upwardly revised 1.7 percent expansion in the September quarter and below market estimates of a
1.8 percent growth.

• Considering full year 2017, the economy advanced 6.7 percent, slower than a 6.9 percent growth in 2016. For
2018, the economy is projected to grow between 7-8 percent.
 Figure 10. Philippine Unemployment Rate

• The unemployment rate in the Philippines increased to 5.0 percent in the fourth quarter of 2017 from 4.7
percent a year ago.
• Unemployment Rate in Philippines averaged 8.51 percent from 1994 until 2017, reaching an all time high of
13.90 percent in the first quarter of 2000 and a record low of 4.70 percent in the fourth quarter of 2016.
 Figure 11. Philippine Inflation Rate

• Consumer prices in the Philippines increased 4 percent year-on-year in January of 2018, accelerating from a 3.3
percent rise in previous month and above market expectations of a 3.5 percent gain. It was the highest inflation rate
since October 2014, as cost of food and transport surged while cost of housing continued to increase.
• In January, prices of heavily-weighted food and non-alcoholic beverages increased at a faster 4.5 percent, after a
3.5 percent rise in the preceding month.
Prices rose for : transport ,health ,furnishing, household equipment and routine maintenance ,restaurant &
miscellaneous goods & services and alcoholic beverages while prices for clothing and footwear ,communication
and education remained steady.
 Figure 12. Exports and Imports (as % of Nominal GDP)

• Figure 12 shows imports and exports as proportions of GDP. The graph indicates that except for very brief
periods, the balance of trade has been negative.
• It can be traced to the rapidly accelerating inflow of remittances from overseas Filipino workers (OFWs). By
this time, OFW remittances have grown by 12.8% to around US$ 8.55 billion.
USA
The Beauty of USA

Mount Rushmore Bryce Canyon National Park

Sedona Red Rock Country White House in Washington D.C.
Economy of USA

The United States of America is a union of fifty states in North

America. It is the world's third-largest economy. It is a mixed economy.
That means it operates as a free market economy in consumer goods
and business services. But, even in those areas, the government
imposes regulations to protect the good of all. It operates as a
command economy in defense, some retirement benefits, some
medical care, and in many other areas. The U.S. Constitution created
and protects America's mixed economy (Amadeo, 2018).
Exports of USA
CPI of USA
Unemployment rate of USA
Personal Consumption Expenditures
Cost of Living in USA
The cost of living in the United States will vary depending on
which region of the United States that you live in and whether you live
in an urban, rural, or suburban area. Many of the numbers that we will
explore in this article are based on averages throughout the United
States, and you may notice drastic differences in some instances. For
example, the Midwest region of the United States (Ohio, Indiana,
Illinois, etc) will have lower values than those shared in this article;
whereas New England’s numbers will be much higher. The university
that you are attending can help you determine the amount of money
that you need to budget per year for your living costs. All of the
numbers in this article are in United States Dollars (USD).
The economy of the United States is a highly developed mixed economy. It
is the world's largest economy by nominal GDP and second largest by
purchasing power parity (PPP). The U.S. dollar is the currency most used in
international transactions and is the world's foremost reserve currency,
backed by its science and technology, its military, the full faith of the US
government to reimburse its debts, its central role in a range of
international institutions since World War II and the petrodollar system.
SOUTH KOREA
 INTORDUCTION

South Korea is Northeast Asia’s third largest

economy after China and Japan. Roughly the
same size as England, the country has a
high-tech industrialised economy.
The country ranks 27th globally and
seventh regionally in the Index of
Economic Freedom and has signed Free
Trade Agreements with 24 countries
around the world
Wonders of South Korea
Seongsan
Sunrise Peak
Hydrovolcanic
eruptions
formed this
majestic
volcanic crater
5,000 years ago
on Jeju Island
Boseong Green Tea
Field (보성 녹차밭)
Approximately 40%
of Korea's tea is
produced in the
rolling fields of
Boseong, which has
also provided the
backdrop of many
Korean dramas and
films.
 Korean Currency

Korean currency
comes in coins and
bills. The
government
recently introduced
a new design for
bills and for some The bills are now smaller and
coins. the colours are different.
•Size: The higher the denomination, the
larger the bill. Previously, all bills were
the same size.
•Korean won is indicated by KRW or W
with a bar through it. You will also see
'won' written after the amount.
The Gross Domestic Product (GDP) in South Korea
was worth 1377.87 billion US dollars in 2015. The
GDP value of South Korea represents 2.22 percent of
the world economy
• GDP in South Korea averaged 387.10
USD Billion from 1960 until 2015,
reaching an all time high of 1411.33
USD Billion in 2014 and a record low of
2.36 USD Billion in 1961.
• Gross domestic product (GDP)
measures the value of finished goods
and services of a country
 Market Opening and FTAs

•As of June 2015, South Korea has signed

FTAs with 50 countries, including Chile,
Singapore, EFTA, ASEAN, India, the EU,
Peru, the United States, and Turkey. The
FTAs signed with Columbia and Vietnam
are awaiting effectuation. The country is
currently engaged in FTA-related
negotiations with RCEP, and Indonesia.