Philippine Economic Development

The Economy of Philippine has been named as one of the fast growing economies by the World Bank. It has been growing very fast in the last three decades. The gross domestic product of the economy is now at seven percent despite having hit a major setback of the financial crisis in the year 2008. Despite the good news and the good figures that are put on the paper, a lot of the same is not seen in terms of the living of the people. Many people are still living in poverty and in the slums. Very few families in Philippine enjoy these statistics. This is attributed to poor governance that had seen only a minority of the elite families sharing the national cake. This is a problem that the government of President Aquino is trying to fight to allow all his people to enjoy the economic growth.

Factors Contributing to the Fast Economic Growth in Philippine

The primary contributing factor to the fast growth is the large spending by the government. The government has invested a lot in projects that lead to the development of the economy. It has greatly invested in infrastructure. This promotes business and makes it easier than it was some decades back. The large numbers of people who work outside Philippine have also been a great boost to the economy. These people send a lot of allowances back to people in Philippine. Philippine also enjoys a large and hard working service sector. This has been the greatest contributor to the growth of the economy. The government has also taken major steps to make sure that it lowers or constricts the countries expenditure. This was a major step towards cutting on deficits. The government has reduced debts and in return has been able to cut on the debts ratio.

The Development Plan 2011-2016

Philippine is having a large population growth. It thus needs to have a sustainable economic growth. The development plan 2011-2016 is a government plan that is in progress. It aim is to make sure that it can be able to maintain the fest economic growth. The government is dedicated to doing so by creating projects that provide mass employment. This will raise the per capita income and in turn reduce poverty. This can only be achieved through attaining good governance and fighting corruption by all means. It has thus set strategies and goals to improve the quality of life of the people and give growth power and opportunities to the marginalized and the poor. It also aims at enhancing social and national cohesion.