This news item is encouraging, but we need to be skeptical in the sense that such a figure and a ranking will guide us better, the country, to a conditions that the figure is our reckoning for a greater future, and rise from poverty.
It is still bad but the results of hard works by some few good men, but most of all the private sectors who are the engine of this economy.
We need to aspire the best. The government must create climate investment that will be irresistible to everyone, that is to make everything conducive and and compared to perfect as possible.
We need to aspire the best. The government must create climate investment that will be irresistible to everyone, that is to make everything conducive and and compared to perfect as possible.
It must be competitive and better than China in Cost-Labor factors. The taxes and regulations must be well suited and favorably nondiscriminatory, it must be rather healthy and supportive to the trade conditions affecting the industries.
We need to strengthen foreign as well as local investments that are dollar generating in order to make and sustain our economy to such conditions that it will defeat others in fields.
We need to strengthen foreign as well as local investments that are dollar generating in order to make and sustain our economy to such conditions that it will defeat others in fields.
Profile
The economy has weathered global economic and financial
downturns better than its regional peers due to minimal exposure to troubled
international securities, lower dependence on exports, relatively resilient
domestic consumption, large remittances from four- to five-million overseas
Filipino workers, and a rapidly expanding business process outsourcing
industry. The current account balance had recorded consecutive surpluses since
2003; international reserves are at record highs; the banking system is stable;
and the stock market was Asia's second best-performer in 2012. Efforts to
improve tax administration and expenditure management have helped ease the
Philippines' tight fiscal situation and reduce high debt levels. The
Philippines has received several credit rating upgrades on its sovereign debt,
and has had little difficulty tapping domestic and international markets to
finance its deficits. Economic growth in the Philippines averaged 4.5% during
the MACAPAGAL-ARROYO administration, but poverty worsened during her term.
Growth has accelerated under the AQUINO government, but with limited progress
thus far in bringing down unemployment, which hovers around 7%, and improving
the quality of jobs. Underemployment is nearly 20% and more than 40% of the
employed are estimated to be working in the informal sector. The AQUINO
administration has been working to boost the budgets for education, health,
cash transfers to the poor, and other social spending programs, and is relying
on the private sector to help fund major infrastructure projects under its
Public-Private Partnership program. Long term challenges include reforming
governance and the judicial system, building infrastructure, improving
regulatory predictability, and the ease of doing business, attracting higher
levels of local and foreign investments. The Philippine Constitution and the
other laws continue to restrict foreign ownership in important
activities/sectors (such as land ownership and public utilities).
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