“TUWID NA DAAN”, gearing towards reality.

After several years of being into the agony of economic decline and deprivation, Philippines has equipped itself with so much opportunities that boost up its potential to become Asia’s next economic tiger. This is according to the report of the National Statistical Coordination Board (NSCB) survey during 2013’s first to second quarter.

As he was declared to be the country’s most high ranked official after the 2010 elections, President Benigno Aquino, III promised the Filipinos with the most wanted status in terms of economy. At first, Pnoy’s objective seemed to be much of impossibility because the administration before his regime had placed the nation into a severe economic condition that risen up poverty and unemployment rate, making the Philippines to be among the Asia’s sick countries. “To end corruption and cut callous alliances of the ill minded cabinet members” was the first step he has done to implement the mission of uplifting the country’s status; thus, inviting more investors worldwide to put in their investment in the Philippines as it is geared towards elevating itself amidst the recession in Europe and the United States. The recent issue particularly about Pork Barrel has been treated in order to organize a more competitive economic agenda. With this, it is undeniable that the Philippines can come up into a more stabilized economy. The aftermath of the issue has yet to come but the foreseeable encouraging impact is very strong that it could escort us into an uptick fiscal standing. Though the government has resolved this recently, before initiating the trek against the breakthrough of this issue, the administration has turned up with upbeat conditions which favor the haul up towards improvement. As mentioned earlier, the NSCB has reported many achievements that the Aquino Regime has arrived at. The economic growth of 7.5% is not a big joke. Among the Asian countries--- Indonesia, Vietnam, Malaysia, Singapore and Thailand, Philippines has made it way to surpass all of those countries even that of China during the second quarter of 2013. The reasons behind this very astonishing development have encouraged the leader to continually support and entertain global outsourcing. As many Filipinos work abroad, their transfer of funds have actually contributed much in the gross national income of the Philippines. Based on the 2011 survey, 22% of the GNI was that of the OFW remittances out from the compensations received abroad. This leads to a higher degree of expenditure of many OFW families here that eventually increases national productivity. Aside from this side of the industry, other fields have also thrown in substantially to the trade and industry boom. As the NSCB the said, “the resilient services sector, which grew by 7.4%, remained the main driver of the countries growth supported by 10.3 percent and 17.4 percent growth of manufacturing and construction, respectively boosting the industry sector to grow by about 10.3%.” On the other hand, fixed capital has also boosted the economy. However, exports were begged off. Arsenio Balisacan, the Socioeconomic Planning Secretary said, “the composition of our growth shows signs of the economy that is in the process of re-balancing, moving from being largely consumer- driven to becoming investment- led and industrialized, with the ability to provide higher quality jobs for the Filipinos. For the past three quarters, capital formation has been growing rapidly than household consumption and the growth of the industry has so far outpaced that of the services sector”. Meanwhile, Finance secretary Cesar Purisima said that this economic growth in the second quarter is “moving strength to strength” that is, the government established a well grounded maneuver to become economically better.

Though the Philippines has made its way towards economic excellence, there still trickling challenges that threaten those seated in the government. The economic growth must be sustained in order for us to give everyone the opportunity to gain something out of it. Continued education must be looked upon so that, many of us are eligible of making the country financially well off. Another thing is that the environmental impact from improving the infrastructure sector must be monitored. It will be hard for us to recover if we don’t have any resources within the country. The most intriguing part is that, the issue with regards to unemployment and poverty.  After resolving internal issues in the government, still the outside issues were not yet given resolution. Giving no consideration to this would resort the nation not to move out from it. In order to become very improved, these issues must be placed with necessary allotment in order to maintain this economic intensification.

my source article: philippinestar.net.ph/philippineeconomicstanding