Name: Casaa, Julie G. Course & Yr.

: BSN 3B Subject: SocSci3a Economy of the Philippines

The Philippines officially known as the Republic of the Philippines (Filipino: Republika ng Pilipinas), is a country in Southeast Asia in thewestern Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam. The Sulu Sea to the southwest lies between the country and the island of Borneo, and to the south the Celebes Sea separates it from other islands of Indonesia. It is bounded on the east by the Philippine Sea. Its location on the Pacific Ring of Fire and its tropical climate make the Philippines prone to earthquakes and typhoons but have also endowed the country with natural resources and made it one of the richest areas of biodiversity in the world. An archipelago comprising 7,107 islands, the Philippines is categorized broadly into three main geographical divisions: Luzon, Visayas, and Mindanao. Its capital city is Manila. With an estimated population of about 94 million people, the Philippines is the world's 12th most populous country. An additional 11 million Filipinos live overseas. Multiple ethnicities and cultures are found throughout the islands. In prehistoric times, Negritos were some of the archipelago's earliest inhabitants. They were followed by successive waves of Austronesian peoples who brought with them influences from Malay, Hindu, and Islamic societies. Trade introduced Chinese cultural influences. The arrival of Ferdinand Magellan in 1521 marked the beginning of an era of Spanish interest and eventual dominance. Manila emerged as the Asian hub of the ManilaAcapulco galleonfleet. Missionary work led to widespread Christianity. As the 19th century gave way to the 20th, there followed in quick succession the short-lived Philippine Revolution, the Spanish-American War, and the Philippine-American War. In the aftermath, the United States replaced Spain as the dominant power. Aside from the period of Japanese occupation, the United States retained sovereignty over the islands until the end of World War II when the Philippines gainedindependence. The United States bequeathed to the Philippines the English language and a stronger affinity for Western culture. Since independence the Philippines has had an often tumultuous experience with democracy, with popular "People Power" movements overthrowing a dictatorship in one instance but also underlining the institutional weaknesses of itsconstitutional republic in others. Politics and government The Philippines is a constitutional republic with a presidential system of government. It is governed as a unitary state with the exception of the Autonomous Region in Muslim Mindanao which is largely free from the national government. The President functions as both head of state and head of

government and is the commander-in-chief of the armed forces. The president is elected by popular vote for a single six-year term, during which he or she appoints and presides over thecabinet.[2] The bicameral Congress is composed of the Senate, serving as the upper house, with members elected to a six-year term, and the House of Representatives, serving as the lower house, with members elected to a three-year term. The senators are elected at large while the representatives are elected from both legislative districts and through sectoral representation.[2] The judicial power is vested in the Supreme Court, composed of a Chief Justice as its presiding officer and fourteen associate justices, all of whom are appointed by the President from nominations submitted by the Judicial and Bar Council.[2] There have been attempts to change the government to a federal, unicameral, or parliamentary government since the Ramos administration.[52][53] 1) Economic Status The national economy of the Philippines is the 46th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.[7] Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleumproducts, coconut oil, and fruits. [4] Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands,Hong Kong, Germany, Taiwan, and Thailand.[4] Its unit of currency is the Philippine peso ( or PHP). The economy of the Philippines is the 12th largest economy in Asia and the 32ndlargest economy in the world by purchasing power parity according to the International Monetary Fund in 2010. It was the 4th largest economy in South East Asia. A newly industrialized emerging market economy, it posted a real GDP growth rate of 5.3% in 2006 and 7.1% in 2007. Growth slowed to 3.8% in 2008 as a result of the global financial crisis. In 2009, the real growth rate was 1.1%[12] The Philippine economy grew by 7.6% in 2010,[1] which several reports described as the fastest growth in 34 years.
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According to Goldman Sachs, the Philippine economy will become the 14th largest economy in the

world by 2050.[13][14] A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million,[4] the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
[101][102]

The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%.[102] Gross international reserves as of February 2010 are $45.713 billion.[103] In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%.[4] Gross external debt has risen to $66.27 billion.[4] The country is a net importer.[102] After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan.[58][104][105] However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility.[58][105] The country suffered from slow economic growth and bouts of

economicrecession. Only in the 1990s with a program of economic liberalization did the economy begin to recover. The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of thepeso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth.
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There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and

7.1% in 2007, its fastest pace of growth in three decades.[7][106][107] Yet average annual GDP growth per capita for the period 19662007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.[108][109] Despite enjoying sustained economic growth during the first decade of the 21st century, as of 2010, the country's economy remains smaller than those of its Southeast Asian neighbors Indonesia, Thailand, Malaysia, and Singapore in terms of GDP and GDP per capita (nominal).
[110]

Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with LuzonMetro Manila in particulargaining most of the new economic growth at the expense of the other regions,[111] although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.[102][112] Goldman Sachs includes the country in its list of the "Next Eleven" economies.[113] But China and India have emerged as major economic competitors.[114] The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions.[4] Important sectors of Philippine industry include food processing, textiles and garments, and electronics assembly. Most industries are concentrated in the urban areas aroundMetro Manila, while Metro Cebu is also becoming an attraction for foreign and local investors. Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper. As of 2008 it was reported to be ranked as one of the five most mineral-rich countries in the world by the Fraser Institute, with the Philippine Government estimating mineral wealth at $1 trillion, however with investment being discouraged by excessive and slow regulatory procedures, along with laws that give local governments significant power over the exploitation of mineral resources.Recent natural gas finds off the islands of Palawan add to the country's geothermal, hydro, coal, and oil exploration energy reserves.

2) Health Services
Religion in the Philippines is spiritual beliefs held by Philippine citizens. Religion holds a central place in the life of the majority
[1]

of

Filipinos,

including Hindus,Buddhists, animists, Muslims,

Aglipayans,Protestant and Catholic.

It is central not as an abstract belief system, but rather as a

host are experiences, rituals, ceremonies, and adjurations that provide continuity in life, cohesion in the community and moral purpose for existence. Religious associations are part of the system of kinship ties, patron-client bonds and other linkages outside the nuclear family. More than 90% of the population are Christians: about 80% belong to the Roman Catholic Church while 10% belong to other Christian denominations, such as the Philippine Independent Church, Iglesia ni Cristo, the Church of Jesus Christ of Latter-day Saints, Seventh-day Adventist Church, United Church of Christ in the Philippines, Jehovah's Witnesses, and the Orthodox Church.[134] The Philippines is one of two predominantly Roman Catholic countries in Asia, the other being East Timor. Between five and ten percent of the population are Muslim, most of whom live in parts of Mindanao, Palawan, and the Sulu Archipelagoan area known as Bangsamoro or the Moro region.[135][136] Some have migrated into urban and rural areas in different parts of the country. Most Muslim Filipinos practice Shafi'i, a form of Sunni Islam.[31] Philippine traditional religions are still practiced by many aboriginal and tribal groups, often syncretized with Christianity and Islam. Animism,folk religion, and shamanism remain present as undercurrents of mainstream religion, through the albularyo, the babaylan, and themanghihilot. Buddhism, Taoism, and Chinese folk religion, are dominant in Chinese communities.
[136]

There are also followers of Baha'i.[137]

Christianity and Islam have been superimposed on ancient traditions and acculturated. The unique religious blends that have resulted, when combined with the strong personal faith of Filipinos, have given rise to numerous and diverse revivalist movements. Generally characterized by antimodern bias, supernaturalism, and authoritarianism in the person of a charismatic messiah figure, these movements have attracted thousands of Filipinos, especially in areas like Mindanao, which have been subjected to extreme pressure of change over a short period of time. Many have been swept up in these movements, out of a renewed sense of fraternity and community. Like the highly visible examples of flagellation and reenacted crucifixion in the Philippines, these movements may seem to have little in common with organized Christianity or Islam. But in the intensely personalistic

Philippine religious context, they have not been aberrations so much as extreme examples of how religion retains its central role in society.

3) peso