Philippine Economy Today

The Philippines faces many problems. Some are critical, like the Marawi rebellion; others are merely annoying, like the fact that when school starts, so does the rainy season. However, overall, the Philippines does not have economic problems despite Filipinos being told constantly that we do.

The negative bias is glaring and never ending. The headline about a new World Bank study reads, “Filipinos are working hard but remain poor”. But for us, the most interesting part was this statement: “This new report shows that, contrary to some (actually should be all) perceptions, economic growth in the last 10 years has created enough jobs to absorb the growing labor force. Still, many workers remain underemployed,” World Bank Country Director Mara Warwick said.

So, if a business grew profits faster than revenues, there is a strong likelihood one important reason is that the company spent less on paying offer debts than it did in the previous years probably due to having less debt, another sign of business success.

Here is the economic reality. All sectors of the Philippine economy—government, corporate and particularly consumer—are arguably some of lowest in the world. A cash-based economy, particularly on the consumer side, may grow more slowly but that growth will be more sustainable and robust.

Source:

http://www.businessmirror.com.ph/philippine-economic-reality/