For more than years, Philippine is saddled with huge challenges on how to find a concrete strategy to cope up economic depression, mainly the main reason that analysts could see is the drastic population density that leads to various implications like poverty (the main symptoms of having overpopulation and every country’s problem that almost all cannot resolved), poor governance that results rampant corruption from public officials, colonial mentality also blocks progression (results from low market acceptance which forces the local firms to withdraw from doing business), exhaustion of natural resources made by the business sectors for production and the community as well for survival, are all resulting to vast economic regression that hinders development in the country.
Philippines' economy had been very unstable despite of the advantages of the state. Philippines is indeed an endowed country in terms of its natural resources, abundant fish in the sea, rich minerals in the soil, mountainous highlands, many tourist spots to brag with, and nevertheless, the lovely, hospitable, very caring, and kind people. The country remains to be left behind by the other countries that happened to be in the same spot and condition long time ago. Economic growth has been a big problem to sustain at least partial progression.
As the industrialization come into view, the country seek ways on how to get advantageous step towards achieving economic growth and the Philippine government was determined effort at "globalizing" the economy. The period 1990s saw the most intensive free-market restructuring of the economy the country has ever seen. Yet, the welfare only worsened and this was felt abruptly by the Filipinos and it continues to get even worse year by year. With no development to speak of, there is little point in asking if it was sustainable or not.
April of 2010, the International Monetary Fund's World Economic Report listed Philippines as one of the emerging and developing country around the globe. Developing countries are in general countries which have not achieved a significant degree of industrialization relative to their population, and which have in most cases a medium to low standard of living.
One of the factors which affect the cynical downswings of the Philippine's economy is the population explosion. There is a strong correlation between low income and high population growth. According to CIA World Fact book, the Philippines' population has been exploded to 101,833,939 as of July, 2011 with a population growth rate of 1.903%. Population explosion is a big burden to the economy which neutralizes sustainable growth and suppresses per capital income from rising, thus, most of the Filipinos cannot achieved the standard of living we long to aim for.
As the population continues to boost up, depletion of natural resources is also adding to the anxieties. The nation’s natural resources have been systematically use and exploited for the profits of foreign capital and domestic elites, with very grave implications which have constrained the economy’s potential growth. By offering to solve the needs of foreign monopoly and domestic elites immobilized economic development, the condition which has long been denied countries like Philippines which are captured by foreign feudal dominations.
Moreover, poor governance is one of the considerations that restrained economic efforts to achieved potential growth. This factor would eventually end up in the emerging corruption in the government because it plays a key role in the decision-making in favor to the society’s general welfare. Also ill- equipped public officials and lack of tools in governance reform impede the ability of the country to cope up with the declining situations. Now, there is no doubt that corruption erodes governance, subverts democracy, and is morally corrosive.
Other issues like poor quality of education, poverty, high crime rate,...
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