Philippines Economic Performance Over 2004-2013 Essay

Philippines Economic Performance over 2004-2013 Introduction – An Overview of the Economy The Philippine economy has experienced repeated boom-and-bust cycles in the 5 decades since the nation achieved independence from the United States in 1946. In the year 1980s the democratic institutions in the country had severely crumbled, foreign debt inflated, and the country s economy descended rapidly (3). The Gross Domestic Product per capita in Philippines was last reported in 2014 at 1,665.29 US dollars. The GDP per Capita in Philippines is equivalent to 13 percent of the world s average (2). The GDP per capita in Philippines averaged 1,031.21 USD from 1960 until 2014, whopping of 1,665.29 USD in 2014 and the lowest record of 696.02 USD in 1960. (2) Meanwhile, the GDP growth rate increased steadily from 6.7 percent in 2004 to 7.18 percent in 2013, peaking in 2010 at 7.63 percent. The unemployment rate plummeted to 7.3 percent. Several industries critical to economic development was privatized, such as electricity, telecommunications, banking, domestic shipping, and oil. The taxation system was reformed; and external debt was brought to more manageable levels by debt restructuring and sensible fiscal management. (3) The first hosting was in 1996 when the Ramos administration was at the height of promoting globalization as a vehicle for development, APEC has effectively lobbied for greater trade and investment liberalization and raised measures that have been eventuallyShow MoreRelatedPros and Cons of Installing Closed-Circuit Television Cameras in Classrooms to Prevent Misbehavior1512 Words   |  7 Pagesin recent years. In some countries, surveillance camera systems – also known as closed circuit television (CCTV) cameras – have also installed in educational institutions as a security measure to address fears for the safety of the students (Hope, 2004; Corpuz, 2011). The trend, however, did not stop. 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