Philippines: No Other Place But Up

The Philippines is considered one of the fastest growing economies in Southeast Asia. As of 21st century, the country is a member in several worldwide organizations including the APEC, Association of South East Asian Nations (ASEAN) and World Trade presidential term (WTO). In addition the Philippines everyplacely squander a lot of vocation partners and trade agreements. though, the Philippines have suffered negative balance of trade for many years. In January of 2013, the Balance of Trade for the Philippines registered a deficit of $714 million from $1. 10 one thousand million deficit in the same period extreme year. This was due to the 8. 0 per centum downward trend of total imports from $5. 134 billion to $4. 725 billion in January 2013.Furthermore, the countrys total merchandise imports for January 2013 declined by 8. 0 percent compargond to same month a year ago from $5. 134 billion to $4. 725 billion. method of accounting for 24. 4 percent of the aggregate import bill , payments for Electronic Products in January 2013 amounted to $1. one hundred fifty billion. Imports of Mineral Fuels, Lubri sewerts and Related Materials in January 2013 ranked second with 19. percent look at and posted the highest negative annual growth ordinate of 30. 0 percent among the top ten imports for January 2013. This shows that the Philippines trade deficit has narrow. Under the radical Aquino administration, the regime plans to open up the country to more foreign enthronisation in industries such as business processing operations, mining and tourism. The Philippines liberalizing its trade f petty(a)erpot attract many foreign investors that stool open many doors of opportunities to the Philippines citizens.With countries investment more in the Philippines there would be many job openings that forget be a great uphold to support the welf atomic number 18 of the people. Though, the Philippines can overly suffer, due to the Philippines accepting the investment of other country their products would also be sold in our topical anaesthetic market that can slashed the demand for our local products. In addition because factories would also be formal in the Philippines territory the waste from those factories can affect our environment. In 2010, the Philippines have acquired debt totaling to US$60. 048 million dollars.With that like any other political relation the calculate that is supposed to be for education, health, agriculture and other development program of the Philippines is world spent to pay those debt. A great hindrance for the countrys sustain fitted development because those money are properly use in investing in the welfare of the Filipinos and not through paying the debt are country have the dependency of the citizens to the government may lessen. If the government would pass more money to the education of the youth in the Philippines they would be able to find easily or create their own welfare.But we should not forget that the Philippines will not attain sustainable development in effect(p) focusing on one sector. Philippines should also ensure to strengthen its support in the health sector of the country, because without a healthy body how can we study and work. Given these reasons the Philippines is losing so much money that can help the Filipinos welfare. A report conducted by Moodys Investor service, they report that the Philippines accredit rating has risen from two notches to and one notch.With a new rating from Moodys Investor Service, the Philippines expects to make the last step toward investment grade soon says Remo. Moodys said the improved assessment of the creditworthiness of the Philippines was based on its healthy footmark of growth, improving fiscal performance of the national government, still banking sector and projected ability to keep a robust pace of economic expansion over the medium term. Purisima noted that Moodys decision was the 9th positive deed that the Philippi nes got from various credit rating agencies since President Aquino took component in 2010.Moodys said the latest credit rating of the Philippines, which applies to debts denominated in local and foreign currencies, was assigned a immutable outlook. With the reserves, high than the combined foreign debts of private firms and government entities, the Philippines can pay debts to foreign creditors as they make sense due. The rise of the peso and the decline in interest rates, both of which are credited for improved investor sentiment, helped cause the decline in the governments debt stock over the years, according to finance officials.The upgrade in credit rating came side by side(p) the 10-notch jump in ranking from 76th to 66th out of 144 countries by the Philippines in the global competitiveness report that the World economical Forum released last month. Even though the Philippines were able to acquire these outcomes the Philippines should not relax. The government essential ensure that we wont repeat history again as what happened to Thailand that brought forth the Asian Financial Crisis of 1997. Foreign Investors should not suddenly spikelet out from their investment like what happened to Thailand.Given these the government must also ensure that local produce from the country should not be alone ousted by foreign products from the countrys import because it may be a hindrance to the Filipinos instead of it helping them. Lastly, the government should also harbour measure on the countrys environment not just the countrys economy. Foreign direct investments (FDI) breached the $2-billion mark last year, the graduation time it did so in the past five years, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. FDI register a last(a) influx of $2. 033 billion last year, up by almost 10 percent from $1. 52 billion the introductory year. The country continued to benefit from strong foreign investors confidence in the resilience of the domestic econo my, given strong economic growth amid low and stable inflation as well as strong outside(a) payments dynamics, the BSP said in a statement. Figures showed this segment reversed to a net outflow of $373 million last year from a net inflow of $311 million. The Aquino administration targets reaching investment grade this year in a bid to lower debt interest payments and attract more foreign investors to the country.Though the Philippines benefits from TNCs there is also the other side of the coin. Many Filipino players for these TNCs pitch to exploited by not paying them the secure amount of wage and not providing them sss, health care and other workers needs. besides as I always say the government should not endangered the Philippines environment just to make our economy stable this in regards in our trade agreement with Japan. The Philippines continues to rank relatively higher in human development than other ASEAN member countries and is also making progress in the attainment o f the millennium development goals (MDGs).The National Economic and teaching Authority (NEDA) cited the 2013 Human Development Report of the United Nations Development Program ranking the Philippines 114 among 187 countries, with a medium Human Development major power (HDI) at 0. 654 as of 2012. Wherein, the country is enjoying a satisfactory result of the literacy rate in the Philippines with 97. 8 % of the youth were able to read and write as of 2008. In addition access to clean water in rustic area where almost 92 % percent indicating that almost all Filipinos were able to drink clean water. In 2010 it is recorded that the life expectancy of the Filipinos is 69 years old.The government war able to achieve these feet because of the good establishment our current government is implementing. A good example for this is P-NOYs action in eradicating corrupt officials like former Chief Justice gloriole removal and former Pres. Arroyo pending case. With the governments money existen ce used properly to aid those in need. The good name odd by former Pres. Corazon Aquino and the governance his son is showing foreign investors tend to invest in the Philippines. To conclude, even though the Philippines is somehow at its gush in attaining a stable economy.We should still be careful on trade agreements we sign because a lot of these more beneficial to our transcript in the agreement. Though it provides the Philippines job openings we also acquire imports that endangers our local produce. Also for the Philippines to continue on going up the marginalized sector should also be able to feel it, because with foreign investor investing on things most belike only the rich can afford how would the marginalized people appreciate those investment. Thats when the marginalized people benefited from these investment I can say that the Philippines has reached sustainable development.