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The economy of Philippines is increasing day by day but might be there are some economic problems of Philippines. So please tell me that which are the economic problems of Philippines.
Tags: Economic, philippines
The Republic of the Philippines is established in Southeast Asia and Manila is its capital city. The homeland comprises 7,107 isles and ranks as the 12th most populous country in the world. Like most other Southeast Asian districts, the Philippines too have hundreds of European colonization. It was a colony of Spain and the USA. The homeland is now dwelling to multiple heritage and traditional ethnicities. The economy of the territory furthermore mostly depends on the remittances from Filipinos residing overseas and investing in the homeland. However, exports are not equally balanced by the trades that encompass heavy electronics, garments, diverse raw material, intermediate items and fuel. Major Economic Problems of the Philippines Import-Export Imbalance: Among the numerous economic difficulties faced by the Philippines, one is the imbalance of import and exports. The contradictory trade is hefty and only counterbalanced by the service account surplus. Over the last two decades, Philippine trade items have moved from commodity-based goods to constructed goods. However, in the midst of the present international economic recession, the trade items of electronics, garments and textiles are yet to come to a grade of trade neutralization. Decline of the Philippine Peso: The economic worsening has produced in the devaluation of the Philippine peso and subsequently, a drop in the supply market. The fiscal conservatism scheme taken up by the Philippine government has yet to contemplate a affirmative result on acceleration of economic growth. 6% development in the whole household merchandise (GDP) in 2004 and 7.3% in 2007 has yet to accelerate to the linear GDP development projected by the government. Reliance on Remittances: President Gloria Macapagal-Arroyo has promised entire development of the finances by the year 2020. There have been several levy restructures put in location, beside comprehensive asset privatization. Nevertheless, Philippines' dependency on remittances from non-resident investors is large. Neighboring competitors have been siphoning away large-scale investors in infrastructure and outsourcing. This has produced in an uneven local development.
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