The Philippine Economy - 1677 Words

The Economy of the Philippines is the 43rd largest in the world; according to 2011 World Bank statistics and it is also one of the emerging markets in the world; according to the CIA Fact book, the estimated 2011 GDP (purchasing power parity) was 391.1 billion. Goldman Sachs estimates that by the year 2050, it will be the 14th largest economy in the world; Goldman Sachs also included the Philippines in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050. Echoing softly across the 7,100 islands that form the Philippines archipelago, the lilting strains of the†¦show more content†¦Supplying the U.S. with mainly agricultural and forest products, the Philippines was forced to import most manufactured items from the U.S. Industrial growth virtually grounded to a halt during this period. Post-independence, the Philippines economy swirled through a dizzying cycle of boom and bust. During the 1950s, the country tried to become an industrialized nation with the policy of import substitution, where domestic goods are substituted for imports. However, these protectionist measures had a negative effect in the long term leading to inefficiencies and misallocation of resources. For that period during the 1970s, however, economic growth spurted. The Philippines is rich in human and natural resources, it seemed then that the Philippines was destined to become one of Asia’s real superpowers. However, the overwhelming power of corruption tainted its leaders, and the Philippines struggled under Marcos’ long rule. By 1981, the nation was heavily in debt, the country was facing problems making payments on its international loans, and poverty was endemic as economic and democratic institutions collapsed. Plunged into a deep recession in the 1980s, the Phili ppines suffered from what came to be known as crony capitalism, as President Marcos built up aShow MoreRelatedThe Philippines: A Struggling Economy1620 Words   |  7 PagesThe Philippines has long been a country with a struggling economy. Ever since World War II, they have struggled to have a steady government and labor system. Independence did not bring any social changes to the country. The hacienda system still persists in the country, where large estates are farmed by sharecroppers. More the half the population are peasants and 20 percent of the population owns 60 percent of the land. Although the sharecropper is supposed to receive half of the harvest, mostRead MoreEconomy of the Philippines2796 Words   |  12 Pages ECONOMY Since the end of World War II, the Philippine economy has been on an unfortunate trajectory, going from one of the richest countries in Asia (following Japan) to one of the poorest. 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With the stories of corruption and bad business practices in the past have made international partners weary of doing business in the Philippines. However, with recent elections and a promise for a bright future, the potential gains for a rise in business and the lower risk of business failure, the Philippines is gaining recognition as oneRead MoreTarget Market And Market Segmentation1506 Words   |  7 PagesMarket and Market Segmentation: The above demonstrated Farmer’s Fridge log has been renovated to reflect a more modern, culturally stimulating and reflecting the country of the Philippines. The logo consists of a mango like shape in the back drop which also represents the sun. This decision is based off of one of the Philippines most popular fruits, the mango. The reference to the sun derives from the country’s flag which has a sun with eight rays shooting off that reflect the countries eight provincesRead MoreBusiness, Government and Society4777 Words   |  20 Pagesa tarnished reputation. Current Business Environment in the Philippines In the Market Environment, various industries form the dominant part of Philippines economy. In the Manufacturing sector, they are known for automotive parts, food processing, electronics, garments, and textiles. Philippines is a major importer of industrial and electrical machinery. Also, mining is potentially one of the biggest industries in the Philippines as the country is rich in chromites, copper and nickel. In additionRead MoreThe Philippines : Market Environment Analysis1791 Words   |  8 PagesThe Philippines: Market Environment Analysis Political Environment To begin, the political environment of the Philippines should firstly be addressed. In the modern day Philippines, they have established a multi-party democracy which has an elected president along with its legislature. Their democracy is set up exactly the same as ours in the United States. They have the framework of where the president is both the head of state as well as the government in general. Similarly their system is composed