Topics: Economic growth, Philippines, 1997 Asian Financial Crisis Pages: 2 (749 words) Published: March 3, 2013
Economic Crisis: People’s Greatest Problem in the Philippines

The Philippines has long been undermined with long-term structural problems such that sustainable economic development is yet to be a dream come true. According to the pages of Philippine economic history, the country has been dominated by a sequence of growth spurts, brief and mediocre, followed by shard to very-sharp, severe, and extended downturns—a cycle that came to be known as the boom-bust cycle. As such, economic growth record of the country has been disappointing in comparison with its East Asian counterparts in terms of per capita GDP. What makes matters worse is the seemingly perennial impoverished state of its inhabitants, that is, in the past years, an absolute poverty incidence of 13.2 percent—higher than Indonesia’s 7.7 and Vietnam’s 8.4 percent has been recorded, and thus giving further testimony of the unequal distribution of wealth that keeps growth and development a far reach for the Philippines. An increasing number of the Filipino workforce has become frustrated due to unemployment and low standards of living in the country. Thousands of Filipinos leave the country every day to seize better income opportunities and promise their children a better and secure future. Moreover, around five million of Filipino children are unable to go to school and are forced to work on the streets or in other various workplaces where they can find some food or other means to fill their appetites. When does financial crisis ends? As population of the Philippines keep on getting higher, do we still have the hopefulness to let the economic crisis prevented? It’s been out in the latest news on television concerning the negative effects of financial crisis in the Philippines. It is in the news concerning robbery hold ups, victims for natural calamity like bad weather that can cause gigantic destruction to the environment as well as the people living on it, unexpected explosion of fires that can cause...
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