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Hey, ever wondered what Philippine Economy is? What is it? What does it do for our country? How does it affect our daily lives? Well, if these questions have crossed your mind. Better continue reading this article.
The Philippine Economy, well as it explains itself, is all about the country’s ECONOMY. And what is Economy by the way? The word Economy is defined as the process or system by which goods and services are produced, sold, and bought in a country or region. So, Philippine Economy means, it is our country’s utilization of its resources to produce products or income.
Later, at the finale of the World War II, the Philippine Economy had a diversified history of development and progress. In the turn of events, the Philippines have gone from being one of the wealthiest countries in Asia to being one of the most deprived countries. Progression instantly after the war was swift, but decelerated over time.
A simple decline in 1984-85 proverbs the economy contract by more than 10%, and insights of political uncertainty during the Aquino administration promote diminishing of economic activity. During President Ramos administration, he presented a comprehensive range of economic improvements and enterprises designed to outgrowth business development and foreign investment. As a result, the Philippines proverb an era of higher growth, but the Asian financial calamity caused in 1997 slowed economic improvement in the Philippines all over again.
President Estrada succeeded to carry on some of the reforms created by the Ramos administration. Important laws to reinforce regulation and management of the banking system (General Banking Act) and market securities (Securities Regulation Code), to open foreign involvement in the retail trade sector, and to endorse and control electronic commerce were approved during his shortened term.
President Gloria Macapagal-Arroyo, despite irregular challenges to her presidency and confrontation to pro-liberalization improvements by entrusted interests, has made substantial improvement in restoring macroeconomic strength with the assistance of a well-regarded economic team. However, despite modern development, fiscal difficulties remain one of the economy's weakest points and its biggest weakness.
Vital areas of the Philippine economy consist of agriculture and industry, mostly food processing, textiles and garments, electronics and automobile quantities. Most businesses are focused in the urban areas all over the place of metropolitan Manila. Mining also has unlimited prospective in the Philippines, which holds substantial reserves of chromite, nickel, and copper. Major natural-gas finds off the islands of Palawan have supplementary to the country's important geothermal, hydro, and coal energy reserves.