Philippines and Vietnam Economy
Republic of the Philippines TAGUIG CITY UNIVERSITY Gen. Santos Ave., Upper Bicutan, Taguig City
COLLEGE OF ENGINEERING, TECHNOLOGY AND COMPUTER SCIENCE
Principles of Economy with Taxation and Agrarian Reforms
Xeres Yvonne O. Quimora A Comparative Study
Of Philippines and Vietnam’s
Economy
Laserna,Marknel S. Caraig, Ma. Joy Angeline E. Serrano, Ismerald BSCS-C32 Morning Philippines Vietnam
Economic and social environment
Philippines
The Philippines is a large country, with high population density, and a population growth rate relatively higher (2.2 percent per year in 1990-94) then the SEA standard. The ratio of urban population is high. The country spends a sizeable proportion of government budget, 16 percent in 1993, on education; and literacy rate is more than 80 percent.
In the beginning of the 70s, the Philippines was one of the richest countries in Asia, next only to Japan and Malaysia, with an economic growth of around 5-6 percent per year. The economy started sliding down after that, and in 1980-85 it registered a negative growth rate of -1.88 percent per year. There has been a revival since then. In the latter half of the 90s, growth has picked up to 5 percent per year.
The major reason for the economic decline lies in faulty economic policies: current account imbalances were rising, inflation could not be curbed, and external debts reached 90 percent of GNP. There was a clear urban bias in the development expenditure, land reforms were implemented only halfheartedly. External factors, particularly the terms of trade for its exports, were also adverse. Political instability was an additional handicap.
All these resulted in slow growth of economy, and slow change in the sectoral composition in terms of the contribution to GNP and in terms of occupational diversification. Share of agriculture in GNP declined only marginally, from 25 percent in 1985 to 22 percent in 1995. Inflation was high and real wages
COLLEGE OF ENGINEERING, TECHNOLOGY AND COMPUTER SCIENCE
Principles of Economy with Taxation and Agrarian Reforms
Xeres Yvonne O. Quimora A Comparative Study
Of Philippines and Vietnam’s
Economy
Laserna,Marknel S. Caraig, Ma. Joy Angeline E. Serrano, Ismerald BSCS-C32 Morning Philippines Vietnam
Economic and social environment
Philippines
The Philippines is a large country, with high population density, and a population growth rate relatively higher (2.2 percent per year in 1990-94) then the SEA standard. The ratio of urban population is high. The country spends a sizeable proportion of government budget, 16 percent in 1993, on education; and literacy rate is more than 80 percent.
In the beginning of the 70s, the Philippines was one of the richest countries in Asia, next only to Japan and Malaysia, with an economic growth of around 5-6 percent per year. The economy started sliding down after that, and in 1980-85 it registered a negative growth rate of -1.88 percent per year. There has been a revival since then. In the latter half of the 90s, growth has picked up to 5 percent per year.
The major reason for the economic decline lies in faulty economic policies: current account imbalances were rising, inflation could not be curbed, and external debts reached 90 percent of GNP. There was a clear urban bias in the development expenditure, land reforms were implemented only halfheartedly. External factors, particularly the terms of trade for its exports, were also adverse. Political instability was an additional handicap.
All these resulted in slow growth of economy, and slow change in the sectoral composition in terms of the contribution to GNP and in terms of occupational diversification. Share of agriculture in GNP declined only marginally, from 25 percent in 1985 to 22 percent in 1995. Inflation was high and real wages