Philippines vs. Singapore

Philippines

The GDP per capita for the Philippines is $4,700. The Philippines dependency ratio is alright. The number of older Filipino people is less that the working class. There is also a growing baby population. The unemployment rate of the Philippines is 16.3%. The population below the poverty line is about 26.5%. industry accounts for 15 % of the work force in the Philippines. Economy of Philippines is moving from agriculture to industry based. The change in job types has led to more factories being built to make ships, automobiles, and aerospace technologies. Industry of Philippines is having a hard time rising since global economic recession. Half of working Filipinos work under service sector. This sector alone produces 48% of country’s entire GDP. And this can increase if Philippines expand their tourism, encourage high technical jobs to stay in the Philippines rather than leave, more exports than imports.

Singapore

Singapore’s GDP per capita is $62,400. The dependency ratio is good in Singapore. The middle working class outweighs the old and young non-working class. The unemployment rate for Singapore is 2%. Their industry employs almost 20 % if the work force. The Singapore has highly educated population which discourages low-level jobs. Their government push through labor-intensive jobs to move off of Singaporean soil and keep high level positions with Singapore. More than 80% of the work force works in the service sector. Wholesale and retail trade make up most Singapore’s service establishment at 37.2%. service institutions are business base at 26.4 %. This section of the service sector has grown most due to increase in head offices, business management and consultancy firms, and engineering firms.

Conclusion

Philippines faces major obstacles that competitively harm its position and standing in the region. The country has a high tax regime. This effectively hurt the masses whose jobs attract almost mediocre wages except those in senior positions. The minimum wage in most places here in Philippines is P300 and the tax is high enough that can eat most of the regular of wag of a regular worker. Philippines has high crime rates points a higher index of poverty and unemployment. Combination of these factors contribute to the reduced levels of HUMAN DEVELOPMENT – whose index is much lower than that of Singapore. Meanwhile Singapore needs to level some effort bringing down the cost of healthcare. Better medical cover agreements and proper utilization of government health facilities needed cushion on the workers and consumers of the country’s healthcare against potential high medical costs.

Source:

https://landonandcoltoncountryproject.weebly.com/economy.html