2007-10-03 14:27:22 · 14 answers · asked by annabelle p 7 in Travel ➔ Asia Pacific ➔ Philippines
The Philippines is actually catching up.
There was a time when all of our economic indicators looked like a mirror image of that of Thailand. Came the Asian Flu and all the economies in the region collapsed. Unfortunately, Thailand recovered faster than we did. Then China woke up, and gobbled up investments for the region.
The Philippines right now is getting good marks, in spite of what the political opposition says. And we are still doing better than Indonesia. Vietnam is growing fast due to very high FDIs (Foreign direct investments), but the size of the Philippine economy is still bigger, and our per capita income is still higher.
There once was a time when we were the envy of our Asian neighbors. Until politicians messed it up. There is an inherent capability in us to go to the top again. With grit and determination, and less politics, we should be able to do it.
2007-10-03 14:55:23 · answer #1 · answered by boyplakwatsa.com 7 · 8⤊ 0⤋
Sometime in the 50s up until 80s, the Philippines is one of the most progressive economies in South East Asia. But when globalization starts in the 90s, the Philippine economy lagged behind.
When the rich western economy was looking to diversify their investments, they were actually looking at the Philippines. But the incident that happened when Honasan staged a coup against Aquino, investors were scared. Thus, investments spilled over to Malaysia, Singapore, Thailand, etc. Imagine, the Philippines had an LRT in the 80s, Malaysia and Thailand got theirs in the mid 90s. Ever since that incident, the Philippine economy lagged behind.
But now, investors seem to be unfazed by political noise because the Philippine economy is built on a solid fundamentals. I would say, the Philippine economy is catching up.
I remember when the Malaysian money was pegged to the US dollar for quite so long because they want to protect their economy, the Philippines let the market decide.
In terms of buildings in Kuala Lumpur and Bangkok as compared to Manila, Kuala Lumpur and Bangjkok don't have high seismic activity. Hence, they can build very tall buildings. Plus, they have developed their petroleum industry, hence they have some extra money.
2007-10-03 15:50:42 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It would depend on who you asked. However, my Father tells me stories of back in the 60's when the peso rate was 2 peso to 1 dollar. Back then the PI was number one in Asia, booming and growing. And that growth continued with the creation of Makati, the building of the LRT and the expansion of EDSA. However, sadly the PI is falling behind if anything. You can buy rice in Manila from Taiwan for less than you can from Ilocos, and there is no actual growth in the PI beyond that pushed by population.
I'm not sure why the PI is behind, but I suspect that corruption plays a huge role. This is coupled by a tremendous lack of toruism probably aggitated by pollution in the cities, and a fear of crime. I don't think Manila is dangerous, but there's a perception. Investors get scared easy, and the death of Aquino was too public and probably set up by the Presidents (so people claim). So there's a feeling there is no responsibility to the laws there. For example, when Erap was in office he had what 4-7 wives that he admitted to but polygamy is illegal in the PI. So my point is that the law in the PI is so easily bent that there's no confidence in the govt. This extends to laws on construction, as some buildings are built substandard, and are maintained poorly, for example the LCP fire in Quezon in which many ICU patients died. So yes I think Manila is behind on progress having been to Hong Kong, Manila, Tokyo, and many Japanese Cities, Seoul etc, I think there very behind.
2007-10-03 20:05:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
specific the Philippines is exhibiting progression yet Filipinos could detect a thank you to derail the form. Many gifted and functional those with greater coming to their senses and recognizing the actual ills of the country yet additionally many ignorant idiots or those purely bamboozled into affliction because of the fact the ravings of a prior poster right here needless to say illustrates.
2016-10-20 23:29:12 · answer #4 · answered by ? 4 · 0⤊ 0⤋
No, not at all. Ask Pres. Arroyo.
see, all this things will happen. in every development their is always a risk to take.
what the economist can do is to minimize to negative effect of the changes that is taking place. for all people are, whether we like it or not, part of this struggle.
2007-10-03 15:36:34 · answer #5 · answered by mr_wow702 1 · 0⤊ 0⤋
Go visit bangkok & Kuala Lumpur and Singapore, Compare with Manila, then u will get the answer.
2007-10-03 18:39:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes. Though we are catching up with them in lieu of the pivotal effect of the Marcos era, the expanding population - w/c is the primary drawback (aside from corruption in diverse places) - seems to be holding us back.
2007-10-03 15:43:45 · answer #7 · answered by element_115x 4 · 0⤊ 0⤋
I was there a couple of times and I would say no BUT only lacks money
2007-10-03 17:27:40 · answer #8 · answered by ANTON D 2 · 0⤊ 0⤋
Well they are sure not behind with love and kindness.
2015-02-08 12:25:14 · answer #9 · answered by travaler_teacher 4 · 0⤊ 0⤋
not quite... we are part of the new industrialized countries...
and we are part of the developing countries...
but if compared with Japan, or Taiwan, maybe be we are quite behind...
2007-10-03 16:10:27 · answer #10 · answered by Juan C 6 · 0⤊ 0⤋