Economic Development Policies of Philippines
Executive Summary
Planning of economic policies & their implementations are the most vital facts of a country. Overall development of a country largely depends on economic policy design & its proper implementation. Every country has its own economic policies & specific way of their implementation. But some policies are same for all countries such as Fiscal Policy, Monetary Policy, etc. Philippines, as a developing country has set various economic policies & strategies over time with a view to seeking development. In course of time it has adopted a wide variety of economic policies, many of which had long term effects (both positive and negative impacts) on the lives of its people. The crucial policies that the government of the country adopted over time are – Fiscal policy, Monetary policy, Income distribution strategy, Government policy, Tax policy, Trade policy, etc.
The impacts of these policies have had widespread effects on various macroeconomic variables of the country. Various surveys and reports show that the economic growth has not been as expected. Growth of the variables has gone at a slow pace. GDP increases over time but with a high fluctuating rate. Rate of educated people, standard of health care, standard of living have improved but it is still poor in comparison with other countries of the region.
It is one of the countries whose economy is based on agriculture. A huge portion of the country’s GDP comes from agriculture. But yet it has some major constraints due to what it is still facing some problems and fails to have that much development. Natural calamities are a fact to mention as one of the major constraints in way of agricultural development.
It is natural that limitations or constraints appear in the way of development. But achieving success needs to address these constraints properly and the way of their elimination. The main constraints that Philippines faced in the way of its economic development are – poverty,
Planning of economic policies & their implementations are the most vital facts of a country. Overall development of a country largely depends on economic policy design & its proper implementation. Every country has its own economic policies & specific way of their implementation. But some policies are same for all countries such as Fiscal Policy, Monetary Policy, etc. Philippines, as a developing country has set various economic policies & strategies over time with a view to seeking development. In course of time it has adopted a wide variety of economic policies, many of which had long term effects (both positive and negative impacts) on the lives of its people. The crucial policies that the government of the country adopted over time are – Fiscal policy, Monetary policy, Income distribution strategy, Government policy, Tax policy, Trade policy, etc.
The impacts of these policies have had widespread effects on various macroeconomic variables of the country. Various surveys and reports show that the economic growth has not been as expected. Growth of the variables has gone at a slow pace. GDP increases over time but with a high fluctuating rate. Rate of educated people, standard of health care, standard of living have improved but it is still poor in comparison with other countries of the region.
It is one of the countries whose economy is based on agriculture. A huge portion of the country’s GDP comes from agriculture. But yet it has some major constraints due to what it is still facing some problems and fails to have that much development. Natural calamities are a fact to mention as one of the major constraints in way of agricultural development.
It is natural that limitations or constraints appear in the way of development. But achieving success needs to address these constraints properly and the way of their elimination. The main constraints that Philippines faced in the way of its economic development are – poverty,