Philippines economic system
Philippines
Economic Efficiency:
According to a survey by the Switzerland-based Institure for Management Development (IMD), Philippines strength is on the quality of human resources
Based on a statistical data, Philippines vanted:
1st in terms of unit labor costs in manufacturing
1st in terms of availability of skilled labor
3rd for competent managers
4th in terms of skills in finance
This is manifested in the fact that OFW revenues hold a major impact on Philippines’ economy
Eqaulity of Income Distribution
Income of Filipinos, which are most commonly measured by household or individual, is distributed in an uneven manner
It is noted that the income of the Philippines’ richest ten percent of the population was in fact twenty times the income of the poorest ten percent of the population
One main factor of economic inequality is the lack of adequate education opportunity in the country
Abundance
Large of Philippines economy is based on Agriculture. As you can see a large part of the Philippines land is suitable for farming. There are also good mining opportunities within the country, with good reserves of nickel, copper and chromite.
Economic Sovereignty
Multi-millinaire businessmen owning large companies in the Philippines have been controlling wide scopes in country’s economy.
This results to the division between the miniscule elite and the masses including the sinking middle class
Recommendations
Philippines should invest bigtime on its education system. The more educated the people are, the more they are productive. The more they become productive, the more the economy will be strong.
Investing to Filipino scholars to study abroad might also help. Because after they are done with their studies, they can take home their knowledge gathered abroad and apply it to the country.
Economic Efficiency:
According to a survey by the Switzerland-based Institure for Management Development (IMD), Philippines strength is on the quality of human resources
Based on a statistical data, Philippines vanted:
1st in terms of unit labor costs in manufacturing
1st in terms of availability of skilled labor
3rd for competent managers
4th in terms of skills in finance
This is manifested in the fact that OFW revenues hold a major impact on Philippines’ economy
Eqaulity of Income Distribution
Income of Filipinos, which are most commonly measured by household or individual, is distributed in an uneven manner
It is noted that the income of the Philippines’ richest ten percent of the population was in fact twenty times the income of the poorest ten percent of the population
One main factor of economic inequality is the lack of adequate education opportunity in the country
Abundance
Large of Philippines economy is based on Agriculture. As you can see a large part of the Philippines land is suitable for farming. There are also good mining opportunities within the country, with good reserves of nickel, copper and chromite.
Economic Sovereignty
Multi-millinaire businessmen owning large companies in the Philippines have been controlling wide scopes in country’s economy.
This results to the division between the miniscule elite and the masses including the sinking middle class
Recommendations
Philippines should invest bigtime on its education system. The more educated the people are, the more they are productive. The more they become productive, the more the economy will be strong.
Investing to Filipino scholars to study abroad might also help. Because after they are done with their studies, they can take home their knowledge gathered abroad and apply it to the country.