The Philippines Economy is Growing Massively

The Philippine economy has been growing massively. Yet, a lot of people don't seem to appreciate its growth.

Narrated by Tom McKay
Video Edited by iyanbriandi

Brought to you by the Behind Asian Team.

[BehindAsia]

What do you think about the Philippine economy? Let us know down bellow!

[ryangamboa]

Growth is nothing if it continues to be only enjoyed by the oligarchs and does not trickle down to the common Filipinos.

[AmericanFlyOnTheWall]

I retired from the U.S. to the Philippines last year, and the Philippines are about to boom. This nation is about to surge.

[edwinbartolome]

The Philippine 🇵🇭 economy has consistently been doing very well under different Philippine administrations because it has built a strong consumer economy where the national earnings from its key core economic drivers of overseas Filipino remittances, business process outsourcing and tourism and other service industries have been plowed back and generating further economic activities.

Huge infrastructure spending under the Build, Build, Build and the Build Better More programs have given tremendous boost to our economy in the form of better roads, massive new superhighways, an emerging mega-airport in the province of Bulacan and a sprawling new subway system in the National Capital Region of Mega Manila.

To diversify our economy even more, the Philippines needs to develop its Manufacturing potential, its Agri-Business potential, as well as its Mining industry where much of its national endowments lie.

The Philippines’ traditionally strong position in the global business process outsourcing eco-system need to be further strengthened to incorporate the new features of artificial intelligence (A.I.) to make it more competitive.

The combination of all these may propel the Philippine Economic Growth to 10% annually and drastically cutting down our poverty numbers.

[ignaciobalais]

Im Filipino living in the US for 30 years upon arriving back to the Philippines i felt & saw big improvement before i left my country 30 years ago

[pekengbot]

Impressive presentation. I felt like I was in my Economics class.

[nestorramirezjr]

BPO's and OFW's helped a lot to Phil economy..

[iyesju]

Since 1986, it grew drastically due to the Remittances of OFWs, BRUNEIYUKI and Japayuki then BPO and call centers came that floods The Philippines with foreign currencies such as dollars, liras, yen, euros, british pounds. Thus, there was overcrowding of establishments, businesses and developments everywhere in The Philippines.

[bulatog]

Lots of things have changed. Before we don't know where we will find our next meal. My younger brother haven't eaten and he is only silent in a corner. My youngest sister is crying saying her stomach is aching. My father was dying of tuberculosis while my mother was staring nowhere because of hardships. Because of sheer determination and hardwork one by one they are now graduating in college, and the other one owns her own company. Our government may be corrupt and inefficient but the Filipino people are very hardworking and far-reaching if work as a team.

[cheerLads]

Alot of smear campaigns but as long as filipinos continue buying filipino made product where 👌

[enricocontrerasaraneta]

pH is a consumer based economy...meaning local people spend more money

[AldrinAlbano]

Compared to Vietnam (now gearing up to take Zhenshen and Guangdong as the low-cost "everything" manufacturing hub) and Indonesia as tourism & mineral-based (e.g. oil & gas) exports, the Philippines is mostly a local/domestic-focused manufacturing & service economy - albeit with minor exports to expats abroad. The Philippines exports more talent than products, IMHO. That of OFWs, expats & Balikbayans, and outsourcing services. Growing those niches are not like those of Vietnam's or Indonesia's. They are nice niches but don't expect fast riches!!

Still, the Philippines should be able to keep the 5-9% GDP growth rate as the overall size of the economy is not that big (yet) in the sub-500B annually. I will keep my fingers crossed for BBM to succeed, though. The Philippines deserves better.

[GerryP]

The filipino worker or small online entrepreneurs will always find new creative ways to make money. But once you need to build a huge industrial plant hiring hundreds of laborers then corrupt and greedy politicians and errant government employees will take a bite and demand bribe money which will lead to the demise of the project. Intel Corporation, which operated for 35 years in the country, Hanjin (12 years) and Shell/Chevron (21 years). Then, as now, these companies closed their Philippine operations and left thousands of unemployed workers.

[seanaverion]

The real problem of philippines is we intend to vote for people who is more famous rather than people who is more deserving thats why theres so many ex- artist celebrities now are politicians...example is on our last election no1. who has votes in senator is an celebrity than dont even know politics and he said before he dont even want to be a politician before...so many filipino who are not voting for the right person then blame the governtment for curruptions..😢😢when its there own fault for voting them..

[preciousbarroga]

The government and private sectors need to create more industries so people can work. Industries like mining, oil and gas, robotics, transportation (vehicle assembly), electronics (components or assembly).

[nikkicortez]

It is time that Philippines needs to restore the monetary value! for what we the news the mission of Pres Aquino is pay some of the debts of the Philippines

[thefireballxyz]

I think it was during the former Philippines president Gloria Macapagal Arroyo who crafted the solid foundation of our economy today. The BPO started to grow since 2001 and the crucial increase of VAT.

[JosephSolisAlcaydeAlberici]

We need to further open up more industries to 100% foreign equity ownership like what we do to the BPO industry like natural resource extraction, agriculture, forestry, real estate, SMEs, mass media, publishing, advertising, and education.

[joshgalangvlog]

Filipinos are consumer driven economy.. We love shopping.. specially those who have credit cards.. Lol

[ephraim.]

Thanks for this detailed information. I hope this inspires Filipinos to work harder despite of ongoing corruption here in the country.❤