Bits and Snippets of the Philippines

Basic Reading of Global Filipinos

Posts Tagged ‘Philippine economy

What the Philippines Needs for Inclusive Growth

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What will bring about more inclusive growth in the economy? We need more of our economy’s growth to come from sectoral inclusive growth drivers. And to be an effective driver of inclusive growth, an economic sector must meet two important criteria:

One, the sector must be job-rich or labor-intensive. It must employ large numbers of workers, such that growth in the sector will also translate into similar growth in jobs. A sad commentary to the lack of inclusiveness in our 2013 economic growth is the fact that while the economy grew by a hefty 7.2 percent, the number of jobs actually grew by a mere 0.17 percent then.

Two, the sector must have strong and wide interlinkages with the rest of the domestic economy. That is, it must rely on other domestic industries for its inputs such as raw materials and intermediate goods (backward linkages), or its products must find use as inputs by other domestic industries (forward linkages).

Read the entire article by Cielito F. Habito at The Korea Herald.

Photo by Stephanie Azarias & Alexander Olpindo (Wikipedia Takes Manila participant) – Uploaded from Wikipedia Takes Manila via wikimedia.org.

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U.S. Interested in Philippine Due to Its Economic Growth

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Philippine President Benigno Aquino III gestures while talking to visiting U.S. Secretary of Commerce Penny Pritzker during her visit to the presidential palace in Manila on June 4. –Reuters

U.S. Commerce Secretary Penny Pritzker told the Wall Street Journal that the United States is very much interested in expanding its economic footprint in the Philippines beside militarily.

The lift-off of the Philippine economy has clearly piqued American interest, with the Philippines’ gross domestic product – hitting $250 billion in 2012 – set to top $1 trillion by 2030, the Wall Street Journal wrote.

“We see that there’s a plethora of sectors where U.S. businesses could be more active here in the Philippines,” Ms. Pritzker told The Wall Street Journal, listing infrastructure, telecoms and healthcare as areas in which American businesses could thrive.

Read more at The Wall Street Journal Blogs.

Photo from source.

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