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simple questions for your honor..
Started October 14, 2008 @ 6:32am by ronald_ece
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| simple questions for your honor.. | October 14, 2008 @ 6:32am | Good day sir!
I am a student of First Asia Institute of Technology and Humanities and am taking up BSECE. We have a course subject History and Governance in the Philippines (HISTGOV) and as a project for our final period this semester, we are asked to join a forum and ask senator/s a question. And also will help us to understand more about our course subject. Your reply will be very much appreciated.
My question to your honor:
What is the difference in our present economy than last year? Are we in any way better than the past years?
Thank you for your time sir!
God bless!
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| October 22, 2008 @ 10:42pm | Good day to you, Ronald!
There are different indicators and statistics that may be considered to determine the status of our economy such as gross national product (GNP), gross domestic product (GDP), foreign exchange rate, consumer price index, purchasing power, inflation rate, and others. Apart from these quantitative indicators, there are also qualitative or non-market values such as standard of living, human health, environmental quality and equity.
If we are going to base our assessment on quantitative indicators, we can say that our economy performed poorly this year compared to last year. To quote the report of the Senate Economic Planning Office last September:
“After its very impressive performance in 2007, the Philippine economy is now wobbling under the pressure of soaring inflation and weak external demand. Gross Domestic Product (GDP) in the first semester of 2008 was a lackluster 4.6 percent growth. Although there is no danger of a recession, economic growth for this year will certainly be slack compared to its 2007 levels. Moreover, meeting the full-year growth target of at least 5.5 percent will be tough as the economy will need to grow by 6.4 percent in the second half.”
On the other hand, people’s perception reflects that their lives have never improved. According to Pulse Asia’s July 2008 Nationwide Survey on Quality of Life and State of the National Economy, “amidst the continuing oil and food crises, 75% of Filipinos say they are worse off now than a year ago while 84% believe most of their countrymen are in the same boat as they are.” The survey further states that “almost nine in ten Filipinos (86%) consider the state of the national economy to have worsened between 2005 and 2008”.
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