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The following article was published in our article directory on September 26, 2010.
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20 years of economic stagnation in the Philippines

Article Category: Advice

Author Name: xia zihui

On Indonesia, Singapore, Thailand, rapid economic development of Southeast Asian Nations, the Philippines, but because of corruption and regulatory issues fell far behind. This was the fastest growing Asian economy, after 80 years since the last century, sank into a stagnant, a few presidents in this country no law to bring new vitality.

"From the point of statistical indicators, the Philippines, the economy has continued to grow. But the overall level is still low, rich and poor divide is very serious. More importantly, political instability, leading to the Government and the country can hardly be placed in the center of gravity up economic development, it is probably the biggest problem in the Philippines. "In this regard, deputy director of Southeast Asian Studies, Jinan University, YAT of times weekly, told reporters.

Continuing deficit crisis

The fifties and sixties on the world, the Philippines in the Asian developing countries in the lead position. Philippines GDP per capita in 1960 was 254 U.S. dollars, South Korea's $ 156 more than in the same year, Thailand's $ 97 higher than a lot, just behind Japan. However, access to 80 years, gradually catch up with old neighbors, will be thrown in the back of the Philippines.

"In the late 80s of last century, due to the yen, Korean won against the U.S. dollar and other factors caused the 'Asia-Pacific capital' transfer to Southeast Asia, East Asia began to form in Japan as the lead Goose development. ASEAN countries, Japan and South Korea have attracted funds to promote the upgrading of domestic industries to expand exports, out of the early 80s of last century the developed capitalist countries the economic crisis, the rapid development of economic situation. exception to the Philippines alone, with little to attract Japanese investment. "The Chinese international issues Sun researcher at the Institute when the author of Road.

In 1986, the Philippines, to repay in the "February Revolution" Mrs. Aquino came to power. She introduced through economic liberalization and privatization of the Philippines to strengthen export-oriented economic program. Despite Mrs. Aquino's move makes the Philippine economy was a 5% growth, but late in her ruling, the economy fell into stagnation.

Until the time of President Ramos took office, he also launched a series of policies to stimulate the economy, however, the 1997 Asian financial crisis has seriously thwarted the country's economic development plan, manufacturing, agriculture and industry and other industries are serious blow.

Today, the serious impact on economic development in the Philippines is not a problem of growth or recession, but slow economic growth, heavy debt burden, and the growing budget deficit, budget deficit crisis, which actually lasted 30 years, the Philippines, today's budget spend about one-fifth of the debt used to pay interest.

In 2009, under the impact of the global financial crisis, the Philippines has suffered since the Asian financial crisis, the most severe test since the Philippines have fallen sharply for two consecutive years of economic growth, the Philippine government budget deficit hit a record, to 298.5 billion pesos, accounting for 3.9% of GDP.

"The main reason is the government deficit rising to tackle the financial crisis and a series of large reconstruction costs; the other hand, the economic downturn, the government also created tax lower than the deficit target. 2008, half of the international financial crisis hit Philippine economy, the government spending to stimulate economic expansion, coupled with the Philippines in 2009 repeated tropical storms, a huge reconstruction project, the fiscal deficit rising all the way, "which, Guangxi Academy of Social Sciences of Southeast Asian Studies, Associate Professor Huang Yaodong Road author.

Ineffective government policies

"In the Philippines, over the years there is a departure from the tendency of the market mechanism. The Government's policy is not conducive to development of market mechanisms play a role. Long-term price controls and regulations contribute to a number of various official and private enterprises the power of monopoly in some industries. the implementation of the Government over the protection of industrial policy. "stagnation of the Philippine economy, the country's former economic planning minister Gerado West Carter analysis, in his view, can not become an excuse for political reasons, because other countries in Southeast Asia encountered similar problems. Bad policy, lead to economic stagnation is the biggest reason.

July 26, 2010, newly elected Philippine President Corazon Aquino III, State of the Union, the State of the Union, his former economic behavior of the Arroyo government has made a harsh criticism.

Aquino III pointed out that import rice as the government blindly, leading to a large number of rice rotting in a warehouse, many Filipinos are poor, hungry; this year's typhoon has not yet struck the previous government had spent 2.0 billion (about RMB 14.83 100 pesos million) the majority of disaster relief funds, part of the government funding disappeared ... ...

Aquino III, also pointed out that the first half of 2010, the Philippine government's deficit has reached 196.7 billion pesos (about 29.17 billion yuan). The total amount of the entire 2010 budget of 1.54 trillion pesos, 93.5% have been spent in six months, "that the remaining 6 months, leaving only 6.5% of the funds." Aquino III, Nasheed "Where is the money going?"

In this regard, the first budget of the Ministry of Benjamin Kenobi Dior that since the Arroyo administration for two consecutive years during the huge budget deficit, the new government not to increase taxes in the case of difficult to improve this situation, it is difficult to extract more more funds for much-needed infrastructure improvements.

Moreover, widespread tax evasion and official corruption limits the government revenue, combined with the narrow tax base, the Philippine government revenue in 2009 fell to 14.6% of GDP, lower than other major economies in Southeast Asia.

"The government grants the privilege of certain private enterprises, such as duty-free import of goods, the formation of monopolies in some sectors of these private companies the situation. Not only that, the ruling group, as well as take care of their own small circle of our community. Some rulers close group, able to use this relationship to profits. "Gerado West Carter said.

Economic problems, and further lead to social problems and contradictions of the furniture. It is reported that in 2009 alone, by the financial crisis, the impact of natural disasters, the Philippines, poverty further exacerbated, 9200 million people about 1 / 3 earn less than $ 2 a day poverty rate of more than 35%. With serious employment problems, the unemployment rate remained at 7.6% of the high level, how to improve employment and reduce poverty rates, the Philippine government will also be a headache for the next great topic.

"Problem of the Philippines, mainly economic and political issues: the economy as a whole lagged behind, polarization; political instability, isolation and terrorist activities are rampant. On this basis, is the social, folk and other issues," said YAT .

Newly elected President Corazon Aquino III, whether the new by adjusting economic policy and the fight against corruption to promote the growth of the Philippines, perhaps, only time will answer.

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