DO YOU BELIEVE THAT THE PHILIPPINE ECONOMY IS IMPROVING?

The following article is made for a student report.Our government authorized representatives are flaunting the good numbers that show the positive side on our economy.  Our Gross Domestic Product (GDP) recorded expands of 6.9% in 2016, 6.7% in 2017, and 6.8% in the first quarter of 2018.  But despite these good numbers, it is fact that we had these record-breaker figures in inflation rate, dollar rate, unemployment rate.  Accordingly, the country’s annual inflation rate as of October 2018 is at 6.7 percent.  Looking at the trend, the rate is growing from 3.4% in January of the same year.  While the dollar exchange rate continues to remain at 50 pesos per dollar. 

In the eyes of the common Filipino, these numbers are just merely numbers that cannot help to ease their sentiments: poverty.  The prices of food commodities are soaring high especially the basic goods and services such as rice, diesel, transportation fare, and vegetables to cite a few.  The dollar exchange rate is still at record high.  No matter how they flaunt these good numbers, this is nothing if the basic needs of the common people will be not addressed and if their daily lives will not be impacted by these they called economic growth.

Given these mentioned numbers, we can say our economy is improving or somehow stable if not improving.  Well thanks to the ever reliable overseas Filipino worker’s remittance who still keep our economy afloat. Then next to Business process outsourcing (BPO).  But then again, these numbers did not change the life of the ordinary people.  Numbers mean nothing for the common Filipino level which is the masses.  Let’s admit, at this point it is very hard to believe that the Philippine economy is improving.  Did your one peso or one thousand pesos give you a purchase you feel fair enough the price?  Did the masses get incentives from working very hard when they received their salary?  Did the number of OFWs decrease because there is increase in available fair compensated-job opportunity in our country?  Is our life easier now?  Did the masses experience to go local travel tour?  Are they not afraid now to see doctor for medication?  Your answers are same as mine.

The Philippine economy may be growing but along this, our neighboring countries are improving too.  Philippines actually improved between the years 2010 to 2015.  To compare our economy today against 2016 where the new administration took over, despite the political controversies, ambitious Build-Build-Build project, high inflation due to TRAIN law and peace and order issues, these factors slow down our economic improvement but still it remains to be manageable.  Our economy is still stable which should be attributed to OFWs and BPOs contribution.

The rollback of price of diesel that happens today is not for long term but for temporary and for the meantime only especially these holiday season and upcoming mid-term election.  To answer if the country’s economy is improving is difficult to directly answer.  It is tricky because it needs to take years to effect any growth of numbers in GDP.  And more importantly, when those years come, it will be depend on the number of population that will share on that growth of GDP.  While improving the economy, we must work hand in hand to manage the population explosion, unemployment and peace and order.