Economic Development of the Philippines
Philippines’ Economic Development
Economic development: the qualitative process of structural change that involves the development of an economy’s economic and social infrastructure. Economic development involves the use of more resources or better quality resources to improve real increases in the quality of life of society. The construction of roads, railways, schools, hospitals, universities, dams, bridges, factories, power plants, ports and airport facilities are examples.
Statistics:
1980 GDP per capita – US$ 685
2013 GDP per capita – US$ 2,792
1980 GNI per capita – US$ 700
2012 GNI per capita – US$ 2,470
1980 Adult literacy rate – 83%
2010 Adult literacy rate – 95.4%
1980 Mean years of schooling – 6.1
2012 Mean years of schooling – 8.9
1980 Life expectancy at birth (years) – 62.2
2013 Life expectancy at birth (years) – 68.4
1980 HDI – 0.561
2012 HDI – 0.654
1985 GINI – 41.04
2009 GINI – 42.98
1985 Population below national poverty line – 44.2%
2012 Population below national poverty line – 27.9%
These economic indicators all indicate a general increase in the quality of life from the period of 1980 when the Philippines initially experienced rapid integration with the global economy due to globalisation compared with the current period of 2010. However, the GINI coefficient has increased, reflecting the stagnant level of high income inequality even after globalisation and how the country’s lower income groups are not benefiting from the country’s increased economic growth. The high levels of poverty are also another prominent social issue.
Impacts of Globalisation on Economic Development:
1) Through globalisation, the Philippines is able to access foreign aid to improve infrastructure since it is still a developing economy. The Provincial Road Management Facility (PRMF) initiative was created between Philippines and Australia to improve public access to infrastructure and services by incentivising governance reform. In return for
Economic development: the qualitative process of structural change that involves the development of an economy’s economic and social infrastructure. Economic development involves the use of more resources or better quality resources to improve real increases in the quality of life of society. The construction of roads, railways, schools, hospitals, universities, dams, bridges, factories, power plants, ports and airport facilities are examples.
Statistics:
1980 GDP per capita – US$ 685
2013 GDP per capita – US$ 2,792
1980 GNI per capita – US$ 700
2012 GNI per capita – US$ 2,470
1980 Adult literacy rate – 83%
2010 Adult literacy rate – 95.4%
1980 Mean years of schooling – 6.1
2012 Mean years of schooling – 8.9
1980 Life expectancy at birth (years) – 62.2
2013 Life expectancy at birth (years) – 68.4
1980 HDI – 0.561
2012 HDI – 0.654
1985 GINI – 41.04
2009 GINI – 42.98
1985 Population below national poverty line – 44.2%
2012 Population below national poverty line – 27.9%
These economic indicators all indicate a general increase in the quality of life from the period of 1980 when the Philippines initially experienced rapid integration with the global economy due to globalisation compared with the current period of 2010. However, the GINI coefficient has increased, reflecting the stagnant level of high income inequality even after globalisation and how the country’s lower income groups are not benefiting from the country’s increased economic growth. The high levels of poverty are also another prominent social issue.
Impacts of Globalisation on Economic Development:
1) Through globalisation, the Philippines is able to access foreign aid to improve infrastructure since it is still a developing economy. The Provincial Road Management Facility (PRMF) initiative was created between Philippines and Australia to improve public access to infrastructure and services by incentivising governance reform. In return for