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Economics
At its beginnings, the Philippines were under Spanish rule and as to be expected, they didn't have their own economy. When they began their economy, it rapidly soared. One of the key highs of the Filipino economy was in the 1960s, when other Asian countries, particularly Japan, also had a huge economic growth. The 1970s brought an economic slow to the Philippines, followed by increased slowness in the 80s. By the 1990s, unemployment was at 10.3%, and nearly 50% of the country was under the poverty line.
Today, the Philippines is working towards an increased GDP for real growth. They had a short slump and recession in 2010, and the government then announced a goal to increase their GDP by 6-7% by 2012. The Philippines achieved this goal and is continuing to progress upwards. Only 26.5% of their population is currently under the poverty line, which is a massive improvement from the 1990s, and their unemployment rate is 7.8%. Their current economy is mixed and they appear to be working towards more of a market economy.
As shown by the massive decrease in the poverty line, the Philippines is making it's way towards a more developed, stable economy. They are still considered a second world country, however with their rapidly improving government, economy, and technologies, they will emerge from this title soon. Another key factor affecting this is their labor distribution. In the past, most of the Philippines was involved in agricultural work. As a reflection of changing times, over 50% of their country now work in the service industry.
GDP: 6.6% 2012
Citations:
Library of Congress. (2012, March 12). Economics in the philippines. Retrieved from http://lcweb2.loc.gov/frd/cs/phtoc.html
Philippines. (n.d.). Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html
Today, the Philippines is working towards an increased GDP for real growth. They had a short slump and recession in 2010, and the government then announced a goal to increase their GDP by 6-7% by 2012. The Philippines achieved this goal and is continuing to progress upwards. Only 26.5% of their population is currently under the poverty line, which is a massive improvement from the 1990s, and their unemployment rate is 7.8%. Their current economy is mixed and they appear to be working towards more of a market economy.
As shown by the massive decrease in the poverty line, the Philippines is making it's way towards a more developed, stable economy. They are still considered a second world country, however with their rapidly improving government, economy, and technologies, they will emerge from this title soon. Another key factor affecting this is their labor distribution. In the past, most of the Philippines was involved in agricultural work. As a reflection of changing times, over 50% of their country now work in the service industry.
GDP: 6.6% 2012
Citations:
Library of Congress. (2012, March 12). Economics in the philippines. Retrieved from http://lcweb2.loc.gov/frd/cs/phtoc.html
Philippines. (n.d.). Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html
Current Events
One of the latest world wide disasters is occuring in the Philippines right now in the form of Typhoon Haiyan otherwise known as Typhoon Yolanda in the Philippines. This typhoon has been plaguing the Philippines since early October and has brought massive death and trauma. The Philippines has been recognized world wide for relief and aid, especially by musicians such as Justin Bieber. According to the New York Times, Typhoon Haiyan is one of the strongest typhoons and/or storm to hit ever. This was discovered after satellite imaging captured the storm's colossal power.The Philippines is still being plagued by this storm, hopefully the relief and aid being sent will help them to cope during this very difficult time.
Even before the disastrous Typhoon Haiyan, the Southern Philippines was having skirmishes with rebels, particularly in Manila. On September 29, 2013, six rebels were killed during a fight with Filipino police. The rebels were found when bomb sniffing dogs discovered explosives and other equipment. Over 200 hundred people have been killed from this standoff, which started on the ninth of September. During the standoff on the 29th, rebels took over 100 hostages. Several days after the hostages were taken, officers said the conflict was over and that the standoff as a whole was done with. The Southern Philippines is rich in resources, but economically in a bad state. Northern Philippines hopes to bring the South back to economic prosperity with them soon.
Wailey, F. (2013, September 29). Philippine standoff ends, but fighting goes on . Retrieved from http://www.nytimes.com/2013/09/30/world/asia/fighting-continues-in-philippine-city-after-standoff-ends.html
Wailey, F. (2013, November 8). A powerful typhoon speeds across the philippines. Retrieved from http://www.nytimes.com/2013/11/09/world/asia/powerful-typhoon-causes-mass-disruption-in-philippines.html
Even before the disastrous Typhoon Haiyan, the Southern Philippines was having skirmishes with rebels, particularly in Manila. On September 29, 2013, six rebels were killed during a fight with Filipino police. The rebels were found when bomb sniffing dogs discovered explosives and other equipment. Over 200 hundred people have been killed from this standoff, which started on the ninth of September. During the standoff on the 29th, rebels took over 100 hostages. Several days after the hostages were taken, officers said the conflict was over and that the standoff as a whole was done with. The Southern Philippines is rich in resources, but economically in a bad state. Northern Philippines hopes to bring the South back to economic prosperity with them soon.
Wailey, F. (2013, September 29). Philippine standoff ends, but fighting goes on . Retrieved from http://www.nytimes.com/2013/09/30/world/asia/fighting-continues-in-philippine-city-after-standoff-ends.html
Wailey, F. (2013, November 8). A powerful typhoon speeds across the philippines. Retrieved from http://www.nytimes.com/2013/11/09/world/asia/powerful-typhoon-causes-mass-disruption-in-philippines.html
Energy Production
Crude oil :
Production: 26,640 bbl/day (2011 est.)
Exports: 28,090 bbl/day (2010 est.)
Imports: 176,000 bbl/day (2009 est.)
Petroleum:
Consumption: 316 thousand barrels per day
Production: 26.64 thousand barrels per day
Exports: -284.11 thousand barrels per day
Imports: 299 thousand barrels per day
Analysis
In comparison to the United States, the Philippines uses very little oil. As a whole, the Philippines is less oil dependent and does not need to relay on such heavy oil usage. Since the Philippines is less advanced and has a much smaller population, their oil and energy needs are far less.As a bonus, the Philippines is less dependent on other countries for energy sources as they are able to meet some of their own needs. According to the U.S. Energy Information Administration, the Philippines is considered a net energy importer because they produce different types of energy ranging from oil to natural gas to renewable methods of electricity production. The Philippines is also in an important position of being able to produce much more petroleum and crude oil if the need arises. All of this tells us that the Philippines is playing it smart with their energy consumption and able to provide for all of their energy needs if they should need to, which puts them in a very good position. Questions I would have include: Why is the Philippines choosing to export more energy sources versus providing for themselves solely? and What kind of renewable energy methods are they using and are those methods cost efficient?
Citations:
U.S. Energy Information Administration. (n.d.). Philippines. Retrieved from http://205.254.135.7/countries/country-data.cfm?fips=RP
World Factbook. (n.d.). Philippines. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html
Production: 26,640 bbl/day (2011 est.)
Exports: 28,090 bbl/day (2010 est.)
Imports: 176,000 bbl/day (2009 est.)
Petroleum:
Consumption: 316 thousand barrels per day
Production: 26.64 thousand barrels per day
Exports: -284.11 thousand barrels per day
Imports: 299 thousand barrels per day
Analysis
In comparison to the United States, the Philippines uses very little oil. As a whole, the Philippines is less oil dependent and does not need to relay on such heavy oil usage. Since the Philippines is less advanced and has a much smaller population, their oil and energy needs are far less.As a bonus, the Philippines is less dependent on other countries for energy sources as they are able to meet some of their own needs. According to the U.S. Energy Information Administration, the Philippines is considered a net energy importer because they produce different types of energy ranging from oil to natural gas to renewable methods of electricity production. The Philippines is also in an important position of being able to produce much more petroleum and crude oil if the need arises. All of this tells us that the Philippines is playing it smart with their energy consumption and able to provide for all of their energy needs if they should need to, which puts them in a very good position. Questions I would have include: Why is the Philippines choosing to export more energy sources versus providing for themselves solely? and What kind of renewable energy methods are they using and are those methods cost efficient?
Citations:
U.S. Energy Information Administration. (n.d.). Philippines. Retrieved from http://205.254.135.7/countries/country-data.cfm?fips=RP
World Factbook. (n.d.). Philippines. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html