Good policy is good politics. If Congress (i.e., Senate + HoR) will only amend the economic provisions of the 1987 Constitution, & such amendments will bring forth sustainable/sustained economic progress to the country & its people, then it has already won the hearts of people politically-speaking. I like the proposal of Rep. Salceda in his latest bid to push economic reforms via constitutional amendments! I hope he'll bring this soon to the lower House floor for debate! I hope a significant change in the economic provisions of the 1987 Constitution will come to fruition before the incumbent government exits in 2022.
As a foreigner living in the Philippines its mind boggling how ofws are celebrated by the government that created the conditions in which their own people leave their country for a higher pay. this is instead of changing policies that would actually make wages rise and the ease of doing business rise. in other words ofws should not exist they are only forced to exist by the government policies and everyone acts as though its normal or a good thing... short term thinking and not actually solving the problem
Mr. Popo, You admitted to be a foreigner. Its not expected for you to understand. Here is the historical truth, if the communists did not make a blunder in 1986 then you would no longer see that problem in the philippines and perhaps you wont be in the philippines now trying to understand it at all.
@@bensantiago4590 "saying that I don't understand" is me just being polite, I'm saying it's a silly system, it's like being robbed and then driving the robber to the bank. communists type attitudes are a major factor in poverty in the Philippines. they want act like a rich county giving away things to their people without actually doing what is necessary to become a rich country in the first place. it's silly
@@GhostofTradition Thank you for your politeness if that is what you mean by not understanding. What I am telling you is the historical fact that you are not aware of because youre not here when those events took place. You're correct about the communists and I am not justifying them. My point is why try to understand and be disappointed or I hope youre not condescending if you cant understand and when you are not expected to do so especially coming from the outside.
@@Kiror0_ seriously? did you watch the video? it specifically explains how the stupid government keeps the Philippines poor. they love family so why would they leave??? they need to create conditions so people can get jobs instead of leaving their families!
@@bensantiago4590 , I am a former OFW. It is nothing with the past history. I choose to work abroad for these documentary said, better salary and opportunity. Did the history do that to me? seriously. It is because of our government fucking stupid leadership in the past and protectionism that makes a lot of Filipinos poor.
Let's try harder the Philippines. Try not to get stuck between the Games of the 02 Giants. We, Asian countries, try to get united. Together we get stronger. We support you, the Philippines. From Vietnam.
I agree man but its hard. We try and try but the elites wont listen the Filipinos do want change but the oligarchs will not. All they see is politicking and profit at the expense of the people. Sea transport for local island to island is expensive and underdeveloped. Instead of connecting the islands we are being disconnected greatly.
*This is what I called precise fact check reporting!* Unlike those youtube channels who only cares about pinoybaiting. No sugarcoating or global validization but pure facts!
@@raintnb3928 classic example for the major problem: Filipinos can explain every failure. The range of excuses is higher than articles in Lazada. It´s upon you to change it. Excuses are the nails for building houses of failure. Stop explaining everything and start changing step by step! Maybe you are strong and can watch this video-revealing the truth and showing that almost all investors you force to understand what is not to accept withdrawing the money they invested in the country. It seems people really fight the status of poverty with all power instead of changing what urgently must be changed. ua-cam.com/video/z-JWM4Y-DXc/v-deo.html
@@raintnb3928 I think he was talking about the Assassination of Benigno Aquino Jr. Benigno Aquino is one of three presidential spouses who had been murdered.
It's not just a content about the Philippines its a detailed accurate documentary that gives everyone interest about the country I feel that you truly care what you're doing, good job and good luck to your channel ⭐️💕
The economy of the Philippines is the world's 27th largest economy by nominal GDP according to the International Monetary Fund 2021 and the 10th largest economy in Asia. The Philippines is one of the emerging markets and the 3rd highest in Southeast Asia by GDP nominal after Thailand and Indonesia.
1. Congress has been planning to pass Charter Changes and Reforms such as FIST, CREATE, Bayanihan 1 and 2 and etc, which will be a game-changer for our economy. 2. I agree political instability is strenuous, from radicals such as the Communist (NPA) and radical Islamist to right-wing organizations. But I must say, there has been a significant development regarding Islam separatist , the Bangsamoro Organic Law has been in affect for a year, where greater autonomy will be given to the majority Islam regions. 3. In regarding Education, DepEd has plan to re-asses our K-12 Program and reform it to address the problems that hampers this system.
@@johnacer1727 Singapore? It only means that those weak companies that needs protection will be out pf. Business and efficient ones will rise. More jobs, higher wages and technology from abroad, then people will adapt and make their own. Look at Shenzhen. How can a Filipino create their own business if they couldn't even have enough income their their low quality jobs? Nad now Vietnam is garnering momentum with more balanced income because jobs generated are higher, incomes are rising thus, new home grown businesses arise, even competing the doreign brands stationed there.
@@johnacer1727 mostly big corporations are state owned and some are private companies like Vin. Sole proprietorship however is huge there, that is why in manufacturing, majority of exorts are Vietnamese owned but foreign owned have larger in terms of value, only Vingroup (private) have more than biliions in trades. Now because of the growing number of foreign owned businesses in Vietnam, technology is becoming more available and the workforce are more trained, thus if uou search in the statistics, more vietnamese private into manufacturing are sprouting. Alam mo pinagkakaiba dito sa Pinas? Puro retail and rel estate, kaya always negative ang exports.
What the heck! Are you a filipino?? This content is so accurate, exactly pin pointing the decades problem of our nation, you have this video in facebook?, it is worth sharing... thank you bro.....
Not possible with the country's richest families lobbying against a constitutional reform. They benefit from the status quo, so as the politicians. With more better paying jobs from foreign direct investments, politicians capitalizing on political patronage from it's constituents will lose their influence. Rich and greedy Filipino oligarchs will be forced to compete too in quality and in the labor market. We need to amend our protectionist constitution crafted by the elites for the elites interests!
Only idiots invest in a country, where they can not own what they invest in. That it still has so much foreign investors, speaks highly about the attraction that philippines has to foreign investors.
@Michael Hofer "getting there" doesn't have to be at the level of those countries you've mentioned,it's way difficult for PH for the timebeing. What matters for us filipinos is alleviation of poverty and government reforms 🤗
Thank you for this clear, informative and concise history of the policies that contributed to this current economic situation and it's trend in the Philippines. It's sad that this amount of care to explain why this is case is not found in textbooks, not just in the Philippines but almost every country. If the people of a nation are not educated, they can't make an informed decision. Sadly, this is partly due to Politicians not wanting their failures to be in the public consciousness.
@Prudencio Valencia although that may be true to an extent. It is still good that this information is available and free for us to view so we have the chance to understand the situation better.
@@ittastelikekool-aid7483 With all due respect to him, he's British, most likely with some affiliation to South Asia (he is very positive with India and Bangladesh's outlook, both countries with much lower HDI than the Philippines), what else could we expect? Brits in general have never been great fans of the Philippines. They're indifferent to it at best, and at worst they actively try to break the country's image or reputation to divert investment and interest to their former colonies (the "Commonwealth") instead. For example, any encouraging or any positive facts, such as the Philippines being right on the cusp of becoming classified as an upper-medium economy (just like their darling Malaysia), or that the PH is now classified as a high-level HDI country since 2018, or that the Philippine poverty rate has been falling down to the teens (16%) after decades struggling in the 40th percentile; all these facts were either suppressed until the end of the video, or not mentioned at all. British and European mainstream media has been unflattering for decades (just type in "Philippines BBC", or "Philippines Guardian News", or "Philippines DW", and you will see how unflattering it is), so generations of Brits have grown up believing the Philippines is a nothing more than a 'failed state' or a stereotypical "poor country" while their former colonies India (which has a much lower HDI level, much higher extreme poverty level, a caste system determining social mobility, higher inequality and lower GDP per capita than the Philippines), Malaysia (questionable internal politics tinged with racist and xenophobic (bumiputera) policy), militaristic autocracy Myanmar, and the low HDI level, highly corrupt countries of Nigeria and Ghana; as well as any lucrative business partners like the unstable undemocratic military junta in Thailand, as well as China, are all seen as "successful", "fast growing" or even "developed". And what is similar between all those countries? Except Thailand (which is an old monarchic ally of the Brits against the French) and China (who are too militarily and economically powerful now for the British to throw the denigration they used to throw at it with relish) all those countries are former British colonies that still have strong ties to the UK, and which the UK relies on for their resources, trade, and (especially for India, Nigeria and Ghana) their constant stream of low-to-medium skilled inbound migrants. It's obvious there is a political base to the negative opinions. You'll note there's always a tinge of disparagement when the Brits and other Europeans predict anything about the Philippines. Thankfully most Filipinos can spot the bias, but still a considerable amount of Filipinos still can't because they either are not familiar with Western or international media's portrayal of the country, or are simply naïve. I wish more Filipinos within the Philippines realize that certain countries like the UK are not "maka-Pinoy". In fact it is quite the opposite.
This s the reason y FEDERALISM si timely for the country!!!! The system is rusty already, As a Filipino myself you have done a great research on my country, you have gain my trust just subscribe on your channel. Keep it up hope to learn more!!!❤️❤️
Lol, I've heard people say that there's a need for government reform. First, you reform the people, then you can worry about political changes. Keep them stupid and they'll just repeat the same mistakes.
Keep voting the likes of dutertes,marcoses,arroyos etc and this country will be doomed forever. No future for this country so far. People are the main problem here. They are sooooooo dumb that they keep voting these kind of politicians.
@@make_riveragod3270 At least they improved enough not to vote that dumb Leni or any Liberal candidate. Leni's husband died=run for president, Noynoy's mother died=run for president, huband died=Cory run for president. Yellows are even dumber, oligarchy puppets. At least the old man who can't control his mouth in the palace did palpable changes in his presidency and his time as a mayor, non of which you can attribute to any yellow candidate.
@@make_riveragod3270 if people keep voting the likes of Arroyo and Duterte then this country's future is bright. Arroyo has just saved the country with her economic reforms from 2008 Financial crisis and Duterte is focusing on Infrastructures which is missing and vital for the economy. F*ck off buddy.
I just want to mention that the Philippines is already making steps. The CREATE Bill which is deliberated on the Senate seeks to gradually lower corporate income taxes by 25% or 20% from 30% in the following years. Also, our country recently allowed 100% foreign ownership on renewable electric production. However, I believe that the key for Philippines growth is the full abolishment of the constitution's several restrictions while maintaining its support for local industries. It is beacuse of the fact that several big companies in the Philippines uses this law to protect their own interests. A great example is in the field of telecommunications wherein only two companies are the major player, resulting to high internet price but with very very very low speed and inefficient service. Sadly, as far as I know, only one senator (Sen. Gatchalian) is pushing for that reform.
@@michaelangeloenriquez2212 Treating Filipinos like idiot is far more absurd. Have you asked my opinion and did we agree on having laws? You said there is now a law that will SPUR ECONOMIC GROWTH. For you to understand, to spur economic growth people must be encourage to become productive. that can only happen if they see that they will enjoy the benefit of their labor. How can our farmer be encouraged if the see their produced brought so cheap? Their land taken? their lives in danger? Did that law address the lack of respect of the government to it's people especially the unequal administration of justice? If all things fair, I will be encouraged to become productive.
@@SILVERCOIN2000 Geez. I do understand that there are atrocities in our government. I mean corruption is still rampant. I also agree with your thought that we need dedicated public servants. But again, that is the function of the legislative branch of the government. TO CREATE LAWS.
Until a surgical constitutional change aimed at the economic aspect to eliminate protectionism of the Filipino wealthy families, streamlining ease of doing business or setting up of Non-Filipino businesses (Start-Ups) ,ease of setting up Internet Infrastructures, incentivization through green and or carbon credits to emerging technologies startups or legacy entities , moratorium or deduction of the 30% corporate tax and possible elimination of the 6% capital gains tax to 0 % in the Philippines is executed the dream of the Philippines to be a "Tiger economy " will just remain a dream.
4:49 I don't believe that the archipelagic nature of Philippines is a nightmare per se. This geographical feature could be its advantage rather then a hindrance if only they didnt rush to adopt the continental mentality of the US. It should not be a nightmare if, for example, the southern (Mindanao) marine infrastructure grow at the same rate as the north (luzon) - and with it, so will the Visayas regions. What is also frustating - as you pointed out, but maybe not realizing it - Indonesia and the Philippines barely learn from each others mistakes. I can see no other country in the world that has similar challenges with Indonesia then the Philippines and yet, despite the obvious similarity and proximity, they are almost oblivious to one another.
I think you were spot-on with all the factors affecting the Philippines' growth. In my opinion, corruption and bureaucracy are still rampant unquestionably hindering the country from unleashing its full potential. Asian Tiger? Still a far-fetched reality. However, I'd say the economy is louder than a "meow" but weaker than a "growl".
Just to make it clear, there are industries in the Philippines where 100% foreign ownership is allowed. The business process outsourcing allows 100% foreign ownership. The big companies in numerous export processing zones allow 100% foreign ownership. Basically, any manufacturing company can be 100% foreign owned since they are more likely to build their factory in an export processing zone.
great video, very fair evaluation. i hope the economy comes roaring back once the pandemic lockdown eases but we really should do something about the points you raised for long term growth
I think it's also because Philippines has a huge underground economy just like Thailand. Not necessarily criminal stuffs, but people who work in informal sectors, thus not audited properly by the government. Best course of action is to remove the 60-40 rule to allow more FDIs and also put the focus back on manufacturing especially with hundreds of industrial firms leaving China and looking for other countries to transfer to. Back then, when you ride on a train going to the city, you'll see huge factories and warehouses, a sign that you're about to approach the economic heartland of your region or country. Now, factories are torn down to be replaced with condominiums and BPO specific buildings. Those BPO jobs don't contribute that much to the economy and working conditions there are worse than in manufacturing. Also the closure of factories left the factory workers jobless since the BPOs that replaced them had higher standards when it comes to hiring employees (they mostly hire college graduates for a shitty job & shitty pay). Also Filipinos aren't willing to take risks in opening businesses which if managed carefully, can bring tons of profit. They prefer to be employed with a steady income. De-fund political parties who only focus on destabilization. Slaughter the rebels and bandits. Those people who still think that communism will still work in 21st century are delusional and they don't even fight for their ideology anymore, they just spread terror and extort money. Don't worry about the the human rights commission crying about it if those bandits were killed, if they can't fix the human rights violations in poor African countries or in Myanmar, then they're too powerless to do anything to the Philippines.
A very good and accurate assessment of the Philippine economy. Just a minor detail in your content that needs correction- no president in the history of the Philippines has ever been assassinated. You are correct though in stating that our country is rife with political instability.
I live in the Philippines and I can't agree more. Your absolutely right. We really need reform. The minimum wage in Manila is 600pesos plus while here in the province it's only 365pesos half of what Malina earn. While our jobs are the same.
every management loves to pay you more. but as long the businesses can´t earn enough they also can not pay more. First, the businesses must get better conditions and especialöly foreign managements bringing latest management strategies instead of these expired and old fashioned economy rules from last century and you will see how fast salaries are rising.
@@alingaweddingeventconsulta7800 What I think is they're not willing to pay more if the government won't order so. The employer's mentally is why bother to give higher wages when they can find replacement in a blink of an eye. We have a large population and only a handful of jobs. Manpower is our countries main export. I'm not that optimistic about our counties future. We lack good management.
A vibrant, open, transparent debate, analysis, discussion of geopolitical & national crisis, events, affairs, issues promote world peace, democracy, freedom & human rights. Thanks for such a beautiful video made which has a lot of good objective analysis that benefits both PH & the world
Yes, they are huge difference in Rural and Urban areas. And also because it's an Archipelago, it's really difficult to trade your goods. We need reform also in the Constitution and also a better transportation because we lost so many money and time because of traffic.
Philippines will bounce back immediately after this covid lockdown. And hopefully, the constitution would be amended and the restrictions on the foreign investments relaxed
You're correct Joenel, corruption is like a heavy anchor that weighs down great progress! We the Filipinos in this age are more knowledgeable and educated about the country's whole governance. We must also acknowledge that our voices as commoneers these days are NOT easily silenced. For as long as the GOOD PROGRESS outweighs the bad, that in itself already is a great triumph. Fixing, undoing & solving past mistakes from the government will take time. We must keep the faith in love and justice to prevail for the greater betterment of all Filipinos!
Can't pretend to know what reforms are necessary for the Philippines to become more successful, attractive to foreign investment, and increase the wealth and security for the average Filipino. However, there is no other people I can think of who are more deserving of a break. I have traveled extensively around the world and must say that Filipinos are some of the most genuinely friendly, warm and hospitable people on the planet. The Filipino people are capable, courteous, and sincere. Even if they don't have much, they readily welcoming and willing to share what little they have. And no matter what country, if I end up in the hospital, I'm hoping for a Filipino nurse. Angels.
Kaya mahina manufacturing industry natin.. unang una mahal na kuryente dahil hindi na pinagana ang BNPP ng gaga na si Cory.. tapos naging talamak pa ang korapsyon..
Oo talagang si Cory yung pambansang demonyita ng Pilipinas. Dami pako na research tungkol sa kanya. Karamihan nakalimutan ko na nga. Napaka traydor ng gaga nayan. Dapat wala ng dilawan sa 2022.
5 reasons: Number one: corrupt politicians. Number two: we didn't support or help our farmers increase production and provide transportation of products. Number three: we ONLY focus on Luzon and metro Manila, thereby neglecting Visayas and Mindanao. Number four: we should focus on exporting rather than importing. Number five: high crime rates due to lack of death penalty.
Philippines has an economy that relies on their oversea workers. While the rest of Southeast Asian country like Vietnam are becoming successful in manufacturing fostering skilled workers.
Perfect. Almost perfect. You somehow piece things. I think if your points are spoken in Filipinos, some of Filipinos here would understand some of the fiscal and monetary policies of the government.
The main culprit in the drop of the GDP of PH in 2020 was mainly the Covid-19 pandemic and all the long lockdowns the country had for most of the year. Hopefully factors in the past do not affect what the country’s economic growth will be in the future. It may be a bit difficult, but the country could bounce back sooner than later, and resume the country’s former growth momentum.
The fact that the Phils don't even have Smart Phone payment transactions with bank apps, or better internet infrastructure when the majority of Fils use them and need them goes to show they will lag behind especially with the new normal. Really wishing them the best!
As a populous country, Philippines must develop manufacturing and increase the proportion of the secondary industry. It is not enough just to develop the tertiary industry alone. But this requires a solid foundation of basic education.
even more precise than Philipine documetaries. The narrator just forgot to tell about the 40/60 FDI policy which drives the foreign investors away. I feel sad for our country, the Philippines. Corruption is reason why it has become what it is now.
The Philippines, being an archipelago, should develop in earnest it's own marine transport industry as a national priority. Yes, roads and bridges are essential, but interisland traffic is very essential as well. A network of public and private RORO (roll on roll off ships) between islands, perhaps subsidized by government in some non-profitable routes is a good start. But for me, the crown jewels for Philippines is to develop and manufacture cheap homegrown sea transport vehicles, mass built boats or amphibious cars if you will, that could make interisland travel more convenient, affordable and mass-based - similar to thriving auto industry. Imagine yourself in a town in Cebu and wanting to go to Boracay , you just hop in to your vehicle parked on a nearby beach and go. No PPA fees, no terminal fees and no more of the extra travel and waiting hours for scheduled flights. Just as countries with big land mass are pushing for more roads and railways for local travel, we should be pushing for public and private sea transport system to easily travel our islands. We need to move people and goods between islands, anywhere and whenever they want to spur economic activities. Just my two cents worth.
Need constitutional reform. Big greedy businesses are protected while there millions of unemployed people. Reform for 1987 constitution,relax FDI ownership
Genuine question, wdym relax FDI ownership? One of the points in the video is that protectionist policies prevented the country from taking advantage of the growing globalization that the rest of Asia was undergoing. Today, the 60/40 rule still stands in the constitution, making FDI in the Philippines very unattractive. So why should we continue to suppress FDI ownership?
Another commenter said it, and I'll say it again: this video was way more insightful than Economics Explained's video on the Philippine economy. Good job, deserves a sub!
Yes, during marcos we are at the top and steadily died down and was revived during noynoy aquino. But, right now, we are at all time low with a bigger national debt
How that happen? Its same things with indonesia. During Soekarno indonesia was great but the military junta ruined everythings and steal the throne for decades until 1998 we gain our rights back
Yes, thats why we need to put the 1987 protectionist jaundice constitution into ashes and elect a federalist president that is pro-federal, pro-parliamentary, and pro-fdi.
@@t_0246 yeah, i hope it would be BBM too and also i hope that BBM has a good intention towards the Philippines. In my own sight and opinion i can really see the improvements when BBM will win if he really has a good intention.
@@speakmoreslush5805 unfortunately he's the president now and proves "nothing" so far. Dont get me wrong I voted for him,hoping that he'll be the saviour after 6 years of economic depression under duterte (which I voted as well). It seems that the main issue here is lack of electoral ediucation. We prefer those people whom we idolize instead of capable ones. I admit Leni should be the one running this country instead of bbm.
Philippines always had all the elements to succeed, educated English speaking people, skilled where they are in demand around the world and hardworking, yet Philippines has always lagged compared to other south East Asian countries.
Corruption on every level is STILL biggest problem for multinationals investing big in Philippines..local mindset what's in my hand today don't worry about next week.
Corruption is even worse in the west. At least people recognize it and see it as a problem in philippines. In the west people do not even seem to care about the corruption even if happen infront of their eyes openly. So philippines is far ahead on the battle against corruption. That mindset is not local but global, why do you think people/companies/govt all around the world is so much in debt?
@@mrslonglegs All the educated youth, joins the local communist insurgency here in the country coming from state universities, you can imagine all their talents and knowledge are wasted because of the brainwashing of the "communist" ideology taught by high ranking communist members masquerading as "professors". You might want to search in google the youth recruitment of the Communist Terrorist Group (CTG) joining the ranks of the New People's Army (NPA) or the armed wing of the Communist Party of the Philippines (CPP) who had been waging war for 52 years and is still going up to this date.
@@napadaanlng69 yes . It's happening . The so called geniuses are in the mountains brainwashed by the rebel partylist and the free university scholarships are only available for the elite and if you're poor and got no connections you to go to a tons of requirements just to get a scholarship . education system here in the Philippines sucks .
@@judithbriones3626 Bruh we are underrated. Just compare ourselves to Thailand both countries have wonders to offer but Thailand beat us by a lot, a lot! We have also one of the lowest tourists in SE Asia.
:3 pag naalala ko lng yung nag budots naging senador dun palang malalaman mo nang ang tao sa pinas madaling maloko at mauto hahaha taena "SANA ALL NAG BUDOTS LNG NAGING SENADOR"
As they say, when you reached the bottom, there is no way but up. 2020 is a challenging year for us Filipinos, but we also do have sound economic fundamentals to help us bounce back stronger than before. Nice content! You earned a new sub!
@@AltSimplified like you said the country has a growing population who are more aware of how screwed the country is and maybe just maybe Phil will reach the top
You can not say we have sound economic potential until we are able to stop or at least slow down the migration or export of workers to other countries simply because of lack of opportunities. It means something is fundamentally wrong in the Philippine economy at the grassroots level when you can not generate enough JOBS and OPPORTUNITIES to keep our precious human resources from building this country.
This is the best comment so far.. balanced and not critical..not blaming and shaming anyone... this should be the mentality ever Filipino should have..
Even Japan is relying on US dollar to keep the economy afloat. Japanese don't invest their yen money on stock, but rather they convert their money to dollar and invest on US stocks.
From the beginning, Japan, a country with little natural resources, was surrounded by enemies from the north, south, east and west. Hence, the Japanese people had to work hard in order to survive and prosper ( they’ve been known to work themselves to death ) . That may be one of the big factors for their prosperity.
The Gold Reserves of the Philippines is a collateral to the World Bank so it's easy to barrow money and it's easy to pay coz Golds price goes up while dollar goes down.
Unfortunately most of the education system here sucks. Kailangan ko pang magsearch ng bonggang bongga sa bonds, stocks, securities and insurance. We are made to be workers not Investors/economists.
@@eishrash Eventhough many Filipinos hate Marcos. He was still hands down the best president of the Philippines. His infrastructure was the best in south east asia, our military was one of the most powerful in the world and we could even take over China and India combined. Marcos made our currency dominant with 1 peso equivalent to 1 dollar. His administration made Philippines so disciplined and crimes and pollution was very low. It really hurts Marcos was overthrown, after Marcos Philippines just got worse and worse. Those who blame Marcos are absolutely dumb, he was the most intelligent and most powerful man of asia
@@eishrash we had the first LRT in south east asia because of him and Philippines was number 1 rice producer in south east asia. I hope you vote for his son BongBong Marcos next year, that's the only hope for the Philippines to become better.
The Philippines could've been a great country. *Could've* But then the Government's so corrupt, it is literally degrading and eating itself. The PH could've possibly been like singapore or other rich asian countries as their resources, foundation, and innovation they had was amazingly good.
The PH is on the right path, Congress recently passed the CREATE Bill, which is a stimulus for small and medium businesses and at the same time, tax incentives. PH is known for its "protectionist economic policies," where taxes for foreign businesses are high and there are many regulations. Although this is somewhat decent in order for Multinational and Transnational Companies to not exploit the PH Market, it is too extreme to the point that FDI is low and investors are looking for other countries that have a low tax rate. PH is a good country for tourism, service sector, agriculture and perhaps manufacturing, the main problem is the provisions that have been ingrained on the 1987 Constitution. The other brought up concerns is infrastructure but it's quite obvious that the current administration has unprecedently increased infrastructure spending and contracted projects with private institutions and as well as Government-to-Government Contracts, mainly with Japan and South Korea, with its "75 Major Infrastructure Projects" and numerous small-time projects. The core issue is the provisions, if Congress successfully amend these provisions, there will be a steady increase of investment, as well as passing other essential economic reform bills such as the FIST, HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act. Corruption, may it be a significant issue, the core problem is our Constitution
@@herrkommandank675 yep there are several bills already addressing those problems mentioned like TRABAHO Bill which lowered the corporate tax by 20% in 2029 and offered incentive tax thru performance based. It's just this shitty constitution that is hindering our growth.
the filipinos have to accomplish two things: ✅ Elect a pro-federalist, pro-parliamentary, pro-reform president ✅ put the 1987 protectionist jaundice constitution to ashes in order to move from lower income to the ranks of malaysia and taiwan
Philippines has beautiful beaches, English speaking people. The government should try harder to develop tourism in the country, instead of sending people abroad. (I mean, the Philippines has too many possibilities for tourism. However, the government did not take its development as seriously as other Southeast Asian neighbors.)
We prefer working abroad with leverage of higher pay, experience, perks to cross border travel for leisure. Brain drain is a serious issue because most engineers, doctors, tech geniuses prefer overseas, the goverment fails to provide support and leverage for them to stay. We hope 2021 brings something new to the Philippine economy after serious blow of 2020 covid19 nearly year of lockdown, paralizing travel domestically by land, sea and air.
@@treblan1 that's why Philippines is brain drain because of that mindset of older generation. Newer generation now wants to stay here and help the country grow. Hopefully I'm correct or else we'll continue to be brain drain.
I know. But What I mean the tourism capacity of the Philippines is too great. They can compete strongly with Thailand. But I don't understand why the government neglected tourism development.
When you hear that the Philippines will see the worst long-term impacts from 2020 onward due to the current pandemic-induced economic crisis, it can sound like we're in for a really difficult decade ahead. But honestly, I think we wouldn't be on multiple lists of the world's next largest economies if they didn't take into account the demographic dividend that's sure to come within the next decade or so. But improvements in infrastructure, investment and tax policy, and development of human capital (better schools, healthcare access for rural and lower-income populations) will be key.
I'm afraid niloloko ka ng iba.. If you're looking for nothing but pessimism while countries like Bangladesh and India get called "Tigers" by this UA-camr, focus on the outlook presented in this video.. there's a reason behind this: Just ask yourself, taga saan yan?
Damn Thomas, looks like you were wrong and you are in for an extremely difficult decade ahead. As you said, school access and healthcare access was key but they are at an all time low with no signs of ever recovering.
You forgot to mention that the Philippines had failed to do land reform, the first thing that pretty much every other post-war and post-colonial nation in East and Southeast Asia had done before moving on to industrialization. This helps with early capital formation as farmers own their own land. Rural Philippines seemed stuck in a mix of feudal and capitalist arrangement where masses of landless peasants toil the large landholdings of ancient dynasties, yet unlike feudalism, they bore no responsibilities to these landless peasantry beyond the simple monetary transaction. This plays into other things as well, as the relative power of these landholders, which continued to be maintained to this day and allowed them to control government and affect policies which benefit them to the exclusion of the national good.
The endless war of the NPA is the culprit why the provinces remained poor. It droves away businesses the could guarantee income for the people. Not all people should remain farmers some must level up to a better job but that is not possible in a communist infested areas. The agriculture sector faces many problems. Ted Failon's "Wakas ng Gapas" (End of cutting rice) tackled the issues here in UA-cam.
Destroy poltical dynasty and you will have good land distribution since most of these lands came from Political families...Father , mother, grand father, Daughter in Law...All of these families sit in Politics and made business out of Politics..
Pakistan did not make land reforms after colonialism was over and farmers there are treated as slaves.They prevented feudalism falsely saying that Islam allowed feudalism (Feaudal lords are called Jaigirdars and feudalism is called jaigardiri in pakistan)...The jaigirdar have lands amounting to 500 acres to 2000 acres at least (I am not confirmed about the highest limit a jaigirdar is found to be possessing..late prime minister Zulfikar Ali Bhutto or former prime minister Newaj Sharif's had thousands of bighas of land .Unless pakistan makes land reforms and separates religion from the State .Pakistan would never become a prosperous .peaceful and military interference free democratic secular country. )
5. Weak national identity. Di nauunawaan ng mga pinoy ang kahalagahan ng kultura at lenggwahe, ang mga aspekto nito. Kung maka sigaw ng "pinoy pride" wagas pero walang pagmamahal sa kung ano ang sariling atin.
The PH is on the right path, Congress recently passed the CREATE Bill, which is a stimulus for small and medium businesses and at the same time, tax incentives. PH is known for its "protectionist economic policies," where taxes for foreign businesses are high and there are many regulations. Although this is somewhat decent in order for Multinational and Transnational Companies to not exploit the PH Market, it is too extreme to the point that FDI is low and investors are looking for other countries that have a low tax rate. PH is a good country for tourism, service sector, agriculture and perhaps manufacturing, the main problem is the provisions that have been ingrained on the 1987 Constitution. The other brought up concerns is infrastructure but it's quite obvious that the current administration has unprecedently increased infrastructure spending and contracted projects with private institutions and as well as Government-to-Government Contracts, mainly with Japan and South Korea, with its "75 Major Infrastructure Projects" and numerous small-time projects. The core issue is the provisions, if Congress successfully amend these provisions, there will be a steady increase of investment, as well as passing other essential economic reform bills such as the FIST, HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act.
I think differently Philippines should focus more how to grow agricultural more effectively to feed enough for population. The population is way too much than the ability of the infrastructure can handle. You have to build quality people to stay in and run your country not export them all out. The outsourcing jobs will die in the future due to technology. It will be replaced by AI. Find your unique market and make it’s standout. Love ❤️ .
Somewhere around 1965 to 2000, something just went off. When the asian countries looked up to us and began their development, we were thrown out the window suddenly. Something went wrong. and by the 70s and 80s, due to dictatorship, we fell down the drain, despite the government's attempts to flourish arts and culture, and had construction boom, we fell down the drain because of greed and mismanagement. The democratic leaders after that dictatorship didn't do any better. We still feel the consequences today, but I'm sure we'll get over it soon.
My Parents said that during Marcos reign a Single Philippine Peso can buy a small bottle of PEPSI it was bcus of the Dilawans that made our economy down fall
It's a vicious cycle. Because of the protectionist 60/40 restriction in the Philippine Constitution, the country is forced (1) to let Filipinos go abroad for a job, or (2) enlargen the bureaucracy to provide Filipinos with "jobs" [which do not produce valuable services or goods] hence the government incompetence. Along with 60/40, No. 2 contributes to government corruption and inefficiency, hence the country tending to not be business friendly. Cycle repeats.
Just dont let any kind of ideological politics get the better of Filippinos, you guys will be stable. Philippines, Vietnam, Thailand are the next set of Asian Tigers.
Vietnam is no doubt. They're growing like crazy and the strategy just like combination lessons from China and Japan, very steady. Phillip one meeting some political issues but overall nation's potential is still super strong. But I must add Indonesia instead of Thailand. Thailand's performances is showing the sign of slow down.
@@tuananhdoankim3597 It’s true that Thailand has seen low GDP growth rate in recent years, but it should be noted that Thailand also has a very low population growth rate. In 2019, compared to Thailand, Malaysia’s GDP growth rate was around 1.3 times higher, but population growth rate was almost 5 times higher. Philippine’s GDP growth rate was around 2 times higher, but population growth rate was almost 5 times higher. Vietnam’s GDP growth rate was around 2 times higher, but population growth rate was around 3.5 times higher. Among these 4 countries, even though Thailand has the lowest growth in “GDP”, its growth in “GDP per capita” is the highest. So for me, Thailand’s economic performance doesn’t look all that bad given that the country is facing problems in aging population, inequality, and middle-income trap.
Because the Oligarch with their big businesses cheated the government by incorrect filling of taxes, and giving employess less wages and benifits. The Oligarch' connection with corrupt people in governance makes this situation possible. It's about time that the Duterte administration has taken action for this gradually, to make a stop to this corrupt practices and upgrade the well being of the masses.
The Philippines need to get into manufacturing more, too much eggs on the service sector basket. Also capitalize better on it's white sand beaches, there are white sand clear blue water destinations in Luzon why they do not develop it is baffling, imagine if you're a European or Japanese tourist, 20+ hours travel time to Philippines, for Europeans, then you need to get on a domestic flight to go to somewhere else like Boracay. Thailand is much closer and more efficient in travel within the country. Lots of potential and room for growth, young population and English speaking, though too much time on social media.
I think it start to get to late to get into manufacturing much more. With AI getting smarter, the jobs are disappearing in manufacturing. Services like call centers will also go away, but it will take longer for it to happen.
Philippines want to compete with Thailand as a tourists paradise? Legalize sex tourism, that's would be magnets for the sex tourists,sexpats,sex industrial
Manufacturing doesnt suits the philippines... 1. frequent typhoons and earthquakes usually delay and increase the cost of production... its better to just invest in more stable countries like vietnam india etc. 2. Electricity is very expensive in the philippines... even more expensive than japan because most filipinos is against nuclear energy... this also increase cost of production 3. Geography.. too much small islands... it makes transportation of raw materials and finish products harder more expensive... fyi japan is an archipelago too but 103 million out of 126 million japanese just like in 1 island which is honshu... in the philippines out of 110 million filipinos only 53 million lives in the main island luzon and 25 million in mindanao the rest is scattered all over the smaller islands... its just not convenient place for manufacturers to invest 4. Political instability unlike most countries in asia philippines have both communist and islamic insurgency... and sometimes these terrorist group attack businesses (extortion etc.) This is another minus point for the philippines 5. Too much beureucracy and regulations (even corruption bribe etc) if you want to do business in the philippines...
When I lived in the Philippines... I always saw it's potential even in the poorest areas... with a bit of attention and love and the drive to make it a better place it definitely has the potential to become number 1 again. And that's no lie.
You missed one part of why? In 1987, after EDSA they changed this constitution. They inserted the clause called 60/40 FDI restriction which means foreigner investments can only earn 40% of their investments. The other 60% has to be owned by Philippines owned. This open the flight of millions of Filipinos went to another country and work. That’s why you see Filipinos everywhere. They don’t allow foreigners to invest in mining, utilities, telecom etc. it has to be owned by Philippine oligarchs. Monopolize them resulting in bad horrendous customer service. You’re on point.
Also worth to mention is Cebu, It has not only maintained its position as the richest province in the Philippines. It has also increased its assets by 450% from 38B in 2018 to 203.9B in 2019 according to the Commission on Audit. Cebu lies the Center of the Philippines, making it the Center of trade, commerce and education in the Visayas and Mindanao. It's the busiest passenger port in the country accommodating 20M to 22M yearly of inter Island travel. Truly, Cebu has it all from Copper, Gold and Oil to nature's wonders to offer (Dolomite) , home to 3 international shipbuilding companies, a booming Furniture industry and mostly hardworking people sadly looked down by Imperial Manila . The word Bisaya itself means Victorious and Prosperous. Hoping for a Federal type of Government. #ABANTECEBU
You are tremendously correct. We have to declare Cebu as the center trade of the philippines. Call Centers, Ship Building, Education, Contributing most of the Country's GDP,. The only missing trade is plane building companies needs to be sourced in Cebu.
Manila and Cebu is to the Philippines like Hong Kong and Shenzhen is to China. Manila is a gateway for Philippine companies to enter the international market while Cebu is the center for domestic, inter-regional trade. Respectively, Hong Kong is where Chinese companies can enter the international market, while Shenzhen is where domestic companies go to grow and take advantage of the assets in the domestic market (note that I said that Hong Kong is a place "where Chinese Companies can go" not "for Chinese companies").
Thank you for this video! I’m doing my part as a fancy bakery owner here in the province to entice people to stay here in our province instead of moving to the city 🌃. I hope the Philippines will grow to be a Tiger one day 🥲😭❤️
@@lancepalomo8134 so explain to me why there are no jobs for people? I love the people here but obviously as show in the video it's very difficult for business to develop and that's the fault of the government, no need to get emotional.
Actually the Philippines become an under perfomer when st. Cory seated to the throne and most of large government properties are sold to oligarchs that's why the economic growth and development falls and poverty endures, We Just want to tell you that we are the richest country in the world by means of Gold Deposits, we have million tonnes of gold bars deposited on almost every banks on every country, most of them are in IMF, World Bank and Swiss Bank. We're just only waiting for the Marcoses to become a president as to implement the Marcos Humanitarian Law and the Wealth for Humanity Act. All of you countries of the world will bow at us, and we will take the position of the US as we deserve it, and it is for us.
@@nunyabiznes33 They will, they have the potential and the PH is on the right path, Congress recently passed the CREATE Bill, which is a stimulus for small and medium businesses and at the same time, tax incentives. PH is known for its "protectionist economic policies," where taxes for foreign businesses are high and there are many regulations. Although this is somewhat decent in order for Multinational and Transnational Companies to not exploit the PH Market, it is too extreme to the point that FDI is low and investors are looking for other countries that have a low tax rate. PH is a good country for tourism, service sector, agriculture and perhaps manufacturing, the main problem is the provisions that have been ingrained on the 1987 Constitution. The other brought up concerns is infrastructure but it's quite obvious that the current administration has unprecedently increased infrastructure spending and contracted projects with private institutions and as well as Government-to-Government Contracts, mainly with Japan and South Korea, with its "75 Major Infrastructure Projects" and numerous small-time projects. The core issue is the provisions, if Congress successfully amend these provisions, there will be a steady increase of investment, as well as passing other essential economic reform bills such as the FIST, HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act.
From the 1960's to the 1980's the Philippines was transformed from a showcase to a basket case and Marcos and his wife are to blame for that. The ill-effects of the conjugal dictatorship are still being felt up to now. As for poor performance in tourism, it's not just inadequate infrastructure and public transportation that is the cause but also substandard quality and service of hotels and restaurants.
And the ones who came after the Marcos’ should also share the blame. 80’s and 90’s was terrible. GMA and NoyNoy did good and Duterte’s execution would’ve been perfect if it hadn’t been for covid.
@Louis XIV but Philippines suffered the worst, other countries was able to manage well because of good governance, Philippines is going down for sure 😜
I watched a video about s. Korea's economic miracle explaining that one major factor that lead s. Korea to be an economic superpower today is that they invested a lot in educating their citizens. And they also invested a lot in building their infrastructure
sa madaling salita,talagang nag invest ang s.korea sa ekonomiya nila, ika nga ang pag unlad ng isang bansa sa lahat ng aspeto ay nagmumula sa magandang ekonomiya😊
@@jovenssipark9578 eh yung atin? Ano? Yung current admin natin puro lang patayan nasa isipan. Yung ekonomiya napag iwanan na jusko. Walang kwenta yung Duterte admin pagdating sa economy, hayss.
@@theserious-ly476 Duterte administration invested infrastructure, made economic reforms that has sustained 6% growth from 2016 to 2019, and recovering 5.6% in 2021 and expectedly 7-8% in 2022. Duterte was significant
Thanks for watching! ❤️ You can subscribe and see all our videos here 👍 ua-cam.com/channels/LiRGHCMGB14Pw0yEqLM2fQ.html
Great video, well researched and explained! The Philippines will be great again, we are on the right path! New subscriber here! 🇵🇭 ♥
Good policy is good politics. If Congress (i.e., Senate + HoR) will only amend the economic provisions of the 1987 Constitution, & such amendments will bring forth sustainable/sustained economic progress to the country & its people, then it has already won the hearts of people politically-speaking.
I like the proposal of Rep. Salceda in his latest bid to push economic reforms via constitutional amendments! I hope he'll bring this soon to the lower House floor for debate! I hope a significant change in the economic provisions of the 1987 Constitution will come to fruition before the incumbent government exits in 2022.
We can’t complain. We’re blessed
Overpopulation is one other problem.
@@airwind5994 Mhmmm i dunno about that... I want to keep our status quo like our birth rate so that the population is still relative young
As a foreigner living in the Philippines its mind boggling how ofws are celebrated by the government that created the conditions in which their own people leave their country for a higher pay. this is instead of changing policies that would actually make wages rise and the ease of doing business rise. in other words ofws should not exist they are only forced to exist by the government policies and everyone acts as though its normal or a good thing... short term thinking and not actually solving the problem
Mr. Popo, You admitted to be a foreigner. Its not expected for you to understand. Here is the historical truth, if the communists did not make a blunder in 1986 then you would no longer see that problem in the philippines and perhaps you wont be in the philippines now trying to understand it at all.
@@bensantiago4590 "saying that I don't understand" is me just being polite, I'm saying it's a silly system, it's like being robbed and then driving the robber to the bank. communists type attitudes are a major factor in poverty in the Philippines. they want act like a rich county giving away things to their people without actually doing what is necessary to become a rich country in the first place. it's silly
@@GhostofTradition Thank you for your politeness if that is what you mean by not understanding. What I am telling you is the historical fact that you are not aware of because youre not here when those events took place. You're correct about the communists and I am not justifying them. My point is why try to understand and be disappointed or I hope youre not condescending if you cant understand and when you are not expected to do so especially coming from the outside.
@@Kiror0_ seriously? did you watch the video? it specifically explains how the stupid government keeps the Philippines poor. they love family so why would they leave??? they need to create conditions so people can get jobs instead of leaving their families!
@@bensantiago4590 , I am a former OFW. It is nothing with the past history. I choose to work abroad for these documentary said, better salary and opportunity. Did the history do that to me? seriously. It is because of our government fucking stupid leadership in the past and protectionism that makes a lot of Filipinos poor.
Let's try harder the Philippines. Try not to get stuck between the Games of the 02 Giants. We, Asian countries, try to get united. Together we get stronger. We support you, the Philippines. From Vietnam.
Thnx man
~ love from the Philippines♥️♥️ no homo tho
I agree man but its hard. We try and try but the elites wont listen the Filipinos do want change but the oligarchs will not. All they see is politicking and profit at the expense of the people. Sea transport for local island to island is expensive and underdeveloped. Instead of connecting the islands we are being disconnected greatly.
@George Floyd Gaming better depressed than starving
thanks fellow South-East Asian
@@gurry5241 who else would it be
*This is what I called precise fact check reporting!* Unlike those youtube channels who only cares about pinoybaiting. No sugarcoating or global validization but pure facts!
Videos without pinoybaiting aint gettin good amount of views
@@OoiPaul yes, I smirked a little and think who is president but as far as I know non of them were assassinated AHAHA
precise fact checking? Listen @1:09, presidential assassination? Which president?
@@raintnb3928 classic example for the major problem: Filipinos can explain every failure. The range of excuses is higher than articles in Lazada. It´s upon you to change it. Excuses are the nails for building houses of failure. Stop explaining everything and start changing step by step! Maybe you are strong and can watch this video-revealing the truth and showing that almost all investors you force to understand what is not to accept withdrawing the money they invested in the country. It seems people really fight the status of poverty with all power instead of changing what urgently must be changed. ua-cam.com/video/z-JWM4Y-DXc/v-deo.html
@@raintnb3928 I think he was talking about the Assassination of Benigno Aquino Jr. Benigno Aquino is one of three presidential spouses who had been murdered.
It's not just a content about the Philippines its a detailed accurate documentary that gives everyone interest about the country I feel that you truly care what you're doing, good job and good luck to your channel ⭐️💕
The economy of the Philippines is the world's 27th largest economy by nominal GDP according to the International Monetary Fund 2021 and the 10th largest economy in Asia. The Philippines is one of the emerging markets and the 3rd highest in Southeast Asia by GDP nominal after Thailand and Indonesia.
Philippines needs to address this
1: Constitutional reform
2: Political instability & corruptions
Don't forget education
@@magtibay5331 yes, proper education & discipline plays a big role also.
1. Congress has been planning to pass Charter Changes and Reforms such as FIST, CREATE, Bayanihan 1 and 2 and etc, which will be a game-changer for our economy.
2. I agree political instability is strenuous, from radicals such as the Communist (NPA) and radical Islamist to right-wing organizations. But I must say, there has been a significant development regarding Islam separatist , the Bangsamoro Organic Law has been in affect for a year, where greater autonomy will be given to the majority Islam regions.
3. In regarding Education, DepEd has plan to re-asses our K-12 Program and reform it to address the problems that hampers this system.
@@herrkommandank675 hope its better than the american sytem and like Norways
The Philippines should be a federal country imo
Countries restricting foreign investment and allowing domestic companies only creates oligarchy
@@johnacer1727 Singapore? It only means that those weak companies that needs protection will be out pf. Business and efficient ones will rise. More jobs, higher wages and technology from abroad, then people will adapt and make their own. Look at Shenzhen. How can a Filipino create their own business if they couldn't even have enough income their their low quality jobs? Nad now Vietnam is garnering momentum with more balanced income because jobs generated are higher, incomes are rising thus, new home grown businesses arise, even competing the doreign brands stationed there.
@@johnacer1727 mostly big corporations are state owned and some are private companies like Vin. Sole proprietorship however is huge there, that is why in manufacturing, majority of exorts are Vietnamese owned but foreign owned have larger in terms of value, only Vingroup (private) have more than biliions in trades.
Now because of the growing number of foreign owned businesses in Vietnam, technology is becoming more available and the workforce are more trained, thus if uou search in the statistics, more vietnamese private into manufacturing are sprouting. Alam mo pinagkakaiba dito sa Pinas? Puro retail and rel estate, kaya always negative ang exports.
@@johnacer1727 Then tell how us, how is the wholly Filipino owned industries are doin.. if what you are saying are with basis.
@@johnacer1727 so are u saying that Singapore is owned by foreigners now?🤣
@@johnacer1727 so that’s it. Most of the businesses in Singapore are foreign owned, yet the country itself is not owned by these foreigners.😂
What the heck! Are you a filipino?? This content is so accurate, exactly pin pointing the decades problem of our nation, you have this video in facebook?, it is worth sharing... thank you bro.....
@Allen Ralph Castillo you're most welcome. We're just curious citizens of the world 👍
Its Easy.......Goggle!!!!!
this is the internet, sherlock
Foreigners know more about Philippines than locals. Locals dont even know where is Balesin.
@@eduardochavacano balesin? Where? I only know a basilan 😅
We need a constitutional reform! It's realy ironic that we need foreign investors but the 60/40 constitution keeps them out.
Buti pa yong Vietnam
Go na
There is foreign investment but it’s dominated by Chinese mainlanders taking over local businesses
Not possible with the country's richest families lobbying against a constitutional reform. They benefit from the status quo, so as the politicians. With more better paying jobs from foreign direct investments, politicians capitalizing on political patronage from it's constituents will lose their influence. Rich and greedy Filipino oligarchs will be forced to compete too in quality and in the labor market. We need to amend our protectionist constitution crafted by the elites for the elites interests!
Only idiots invest in a country, where they can not own what they invest in. That it still has so much foreign investors, speaks highly about the attraction that philippines has to foreign investors.
Philippines would be there yet again trust that, greetings from Ireland.
Maybe in a hundred years, trust me this coming from a Filipino.
@Michael Hofer "getting there" doesn't have to be at the level of those countries you've mentioned,it's way difficult for PH for the timebeing. What matters for us filipinos is alleviation of poverty and government reforms 🤗
Thanks for that,bro. That's insightful and encouraging for a poor country Ph 😊
@Michael Hofer and they can with help that they refuse to except with 60/40
@@fugak-han0072 How do you plan on doing that?
underrated channels. clearly deserve more followers
Thank you for this clear, informative and concise history of the policies that contributed to this current economic situation and it's trend in the Philippines. It's sad that this amount of care to explain why this is case is not found in textbooks, not just in the Philippines but almost every country. If the people of a nation are not educated, they can't make an informed decision. Sadly, this is partly due to Politicians not wanting their failures to be in the public consciousness.
@Prudencio Valencia although that may be true to an extent. It is still good that this information is available and free for us to view so we have the chance to understand the situation better.
Greeting from Indonesia 😍
Mabuhay pinoy pinay 🤗
All I can say is that the Philippines is a beautiful country.❤️
And I noticed, AltSimplified didn't like this comment either.
@@ittastelikekool-aid7483 I don't need it just to make my words valid.😉
@@kejweizhou1232 I think you misunderstood. I'm implying that this channel seems to be anti-Philippines.
@@ittastelikekool-aid7483 With all due respect to him, he's British, most likely with some affiliation to South Asia (he is very positive with India and Bangladesh's outlook, both countries with much lower HDI than the Philippines), what else could we expect? Brits in general have never been great fans of the Philippines. They're indifferent to it at best, and at worst they actively try to break the country's image or reputation to divert investment and interest to their former colonies (the "Commonwealth") instead.
For example, any encouraging or any positive facts, such as the Philippines being right on the cusp of becoming classified as an upper-medium economy (just like their darling Malaysia), or that the PH is now classified as a high-level HDI country since 2018, or that the Philippine poverty rate has been falling down to the teens (16%) after decades struggling in the 40th percentile; all these facts were either suppressed until the end of the video, or not mentioned at all. British and European mainstream media has been unflattering for decades (just type in "Philippines BBC", or "Philippines Guardian News", or "Philippines DW", and you will see how unflattering it is), so generations of Brits have grown up believing the Philippines is a nothing more than a 'failed state' or a stereotypical "poor country" while their former colonies India (which has a much lower HDI level, much higher extreme poverty level, a caste system determining social mobility, higher inequality and lower GDP per capita than the Philippines), Malaysia (questionable internal politics tinged with racist and xenophobic (bumiputera) policy), militaristic autocracy Myanmar, and the low HDI level, highly corrupt countries of Nigeria and Ghana; as well as any lucrative business partners like the unstable undemocratic military junta in Thailand, as well as China, are all seen as "successful", "fast growing" or even "developed". And what is similar between all those countries? Except Thailand (which is an old monarchic ally of the Brits against the French) and China (who are too militarily and economically powerful now for the British to throw the denigration they used to throw at it with relish) all those countries are former British colonies that still have strong ties to the UK, and which the UK relies on for their resources, trade, and (especially for India, Nigeria and Ghana) their constant stream of low-to-medium skilled inbound migrants. It's obvious there is a political base to the negative opinions. You'll note there's always a tinge of disparagement when the Brits and other Europeans predict anything about the Philippines. Thankfully most Filipinos can spot the bias, but still a considerable amount of Filipinos still can't because they either are not familiar with Western or international media's portrayal of the country, or are simply naïve. I wish more Filipinos within the Philippines realize that certain countries like the UK are not "maka-Pinoy". In fact it is quite the opposite.
@@oparasatauwaya Yeah i saw that he's british and is commenting about countries based on emotions rather than facts or logic.
This s the reason y FEDERALISM si timely for the country!!!! The system is rusty already,
As a Filipino myself you have done a great research on my country, you have gain my trust just subscribe on your channel. Keep it up hope to learn more!!!❤️❤️
Lol, I've heard people say that there's a need for government reform. First, you reform the people, then you can worry about political changes. Keep them stupid and they'll just repeat the same mistakes.
"Useful idiots" As they call it
Keep voting the likes of dutertes,marcoses,arroyos etc and this country will be doomed forever. No future for this country so far. People are the main problem here. They are sooooooo dumb that they keep voting these kind of politicians.
@@make_riveragod3270 At least they improved enough not to vote that dumb Leni or any Liberal candidate. Leni's husband died=run for president, Noynoy's mother died=run for president, huband died=Cory run for president. Yellows are even dumber, oligarchy puppets.
At least the old man who can't control his mouth in the palace did palpable changes in his presidency and his time as a mayor, non of which you can attribute to any yellow candidate.
@@dharmdevil kulay kulay stfu halos lahat basura pati tuta mo
@@make_riveragod3270 if people keep voting the likes of Arroyo and Duterte then this country's future is bright. Arroyo has just saved the country with her economic reforms from 2008 Financial crisis and Duterte is focusing on Infrastructures which is missing and vital for the economy. F*ck off buddy.
This channel needs more growth.... Vastly underrated
The first step for our economy to rise is to solve political problems. Remove noob and corrupt politicians
I just want to mention that the Philippines is already making steps. The CREATE Bill which is deliberated on the Senate seeks to gradually lower corporate income taxes by 25% or 20% from 30% in the following years. Also, our country recently allowed 100% foreign ownership on renewable electric production.
However, I believe that the key for Philippines growth is the full abolishment of the constitution's several restrictions while maintaining its support for local industries. It is beacuse of the fact that several big companies in the Philippines uses this law to protect their own interests. A great example is in the field of telecommunications wherein only two companies are the major player, resulting to high internet price but with very very very low speed and inefficient service.
Sadly, as far as I know, only one senator (Sen. Gatchalian) is pushing for that reform.
LAWS AND MORE LAWS. You are an idiot
Just to keep the people hoping. Just hoping. What is needed are dedicated public servants. NOT MORE LAWS YOU ARE AN ISDIOT
Calling someone idiot because of his opinion is absurd...
@@michaelangeloenriquez2212 Treating Filipinos like idiot is far more absurd. Have you asked my opinion and did we agree on having laws? You said there is now a law that will SPUR ECONOMIC GROWTH. For you to understand, to spur economic growth people must be encourage to become productive. that can only happen if they see that they will enjoy the benefit of their labor. How can our farmer be encouraged if the see their produced brought so cheap? Their land taken? their lives in danger? Did that law address the lack of respect of the government to it's people especially the unequal administration of justice? If all things fair, I will be encouraged to become productive.
@@SILVERCOIN2000 Geez. I do understand that there are atrocities in our government. I mean corruption is still rampant. I also agree with your thought that we need dedicated public servants. But again, that is the function of the legislative branch of the government. TO CREATE LAWS.
i just wanna thank yt for recommending me this video.
All hail the algorithm 👍
Until a surgical constitutional change aimed at the economic aspect to eliminate protectionism of the Filipino wealthy families, streamlining ease of doing business or setting up of Non-Filipino businesses (Start-Ups) ,ease of setting up Internet Infrastructures, incentivization through green and or carbon credits to emerging technologies startups or legacy entities , moratorium or deduction of the 30% corporate tax and possible elimination of the 6% capital gains tax to 0 % in the Philippines is executed the dream of the Philippines to be a "Tiger economy " will just remain a dream.
4:49 I don't believe that the archipelagic nature of Philippines is a nightmare per se. This geographical feature could be its advantage rather then a hindrance if only they didnt rush to adopt the continental mentality of the US. It should not be a nightmare if, for example, the southern (Mindanao) marine infrastructure grow at the same rate as the north (luzon) - and with it, so will the Visayas regions.
What is also frustating - as you pointed out, but maybe not realizing it - Indonesia and the Philippines barely learn from each others mistakes. I can see no other country in the world that has similar challenges with Indonesia then the Philippines and yet, despite the obvious similarity and proximity, they are almost oblivious to one another.
Religion is probably the cause of this. The notable solution for that is state atheism, but keep the freedom of speech etc.
Refreshing to see content on the Philippines' growth not being injected by malice nor political agenda, nor a combination both. Cheers
I think you were spot-on with all the factors affecting the Philippines' growth. In my opinion, corruption and bureaucracy are still rampant unquestionably hindering the country from unleashing its full potential. Asian Tiger? Still a far-fetched reality. However, I'd say the economy is louder than a "meow" but weaker than a "growl".
This is so accurate, Well done!
Just to make it clear, there are industries in the Philippines where 100% foreign ownership is allowed. The business process outsourcing allows 100% foreign ownership. The big companies in numerous export processing zones allow 100% foreign ownership. Basically, any manufacturing company can be 100% foreign owned since they are more likely to build their factory in an export processing zone.
great video, very fair evaluation. i hope the economy comes roaring back once the pandemic lockdown eases but we really should do something about the points you raised for long term growth
I think it's also because Philippines has a huge underground economy just like Thailand. Not necessarily criminal stuffs, but people who work in informal sectors, thus not audited properly by the government. Best course of action is to remove the 60-40 rule to allow more FDIs and also put the focus back on manufacturing especially with hundreds of industrial firms leaving China and looking for other countries to transfer to. Back then, when you ride on a train going to the city, you'll see huge factories and warehouses, a sign that you're about to approach the economic heartland of your region or country. Now, factories are torn down to be replaced with condominiums and BPO specific buildings. Those BPO jobs don't contribute that much to the economy and working conditions there are worse than in manufacturing. Also the closure of factories left the factory workers jobless since the BPOs that replaced them had higher standards when it comes to hiring employees (they mostly hire college graduates for a shitty job & shitty pay). Also Filipinos aren't willing to take risks in opening businesses which if managed carefully, can bring tons of profit. They prefer to be employed with a steady income.
De-fund political parties who only focus on destabilization. Slaughter the rebels and bandits. Those people who still think that communism will still work in 21st century are delusional and they don't even fight for their ideology anymore, they just spread terror and extort money. Don't worry about the the human rights commission crying about it if those bandits were killed, if they can't fix the human rights violations in poor African countries or in Myanmar, then they're too powerless to do anything to the Philippines.
A very good and accurate assessment of the Philippine economy. Just a minor detail in your content that needs correction- no president in the history of the Philippines has ever been assassinated. You are correct though in stating that our country is rife with political instability.
I live in the Philippines and I can't agree more. Your absolutely right. We really need reform. The minimum wage in Manila is 600pesos plus while here in the province it's only 365pesos half of what Malina earn. While our jobs are the same.
every management loves to pay you more. but as long the businesses can´t earn enough they also can not pay more. First, the businesses must get better conditions and especialöly foreign managements bringing latest management strategies instead of these expired and old fashioned economy rules from last century and you will see how fast salaries are rising.
@@alingaweddingeventconsulta7800 What I think is they're not willing to pay more if the government won't order so. The employer's mentally is why bother to give higher wages when they can find replacement in a blink of an eye. We have a large population and only a handful of jobs. Manpower is our countries main export. I'm not that optimistic about our counties future. We lack good management.
Philippines has huge potential.
Yah beacuse it has a huge population
Unfortunately that huge potential has been there for centuries, yet it was never used properly.
@@georgiebennett3336 Because we got dumbass politicians. Not to mention our fellow stupid citizens.
A vibrant, open, transparent debate, analysis, discussion of geopolitical & national crisis, events, affairs, issues
promote world peace, democracy, freedom & human rights. Thanks for such a beautiful video made which has a lot of
good objective analysis that benefits both PH & the world
Yes, they are huge difference in Rural and Urban areas. And also because it's an Archipelago, it's really difficult to trade your goods. We need reform also in the Constitution and also a better transportation because we lost so many money and time because of traffic.
God bless The PHILIPPINES 🇵🇭
Philippines will bounce back immediately after this covid lockdown. And hopefully, the constitution would be amended and the restrictions on the foreign investments relaxed
I believe that philippines will be great again. The tiger of asia will back. Just wait.
Not long now and the Philippines will shine like a Diamond on top of a South Pacific pearl!!!
@@joybellepalanca1402 I hope so, but the problem is the corrupt government
You're correct Joenel, corruption is like a heavy anchor that weighs down great progress! We the Filipinos in this age are more knowledgeable and educated about the country's whole governance. We must also acknowledge that our voices as commoneers these days are NOT easily silenced. For as long as the GOOD PROGRESS outweighs the bad, that in itself already is a great triumph. Fixing, undoing & solving past mistakes from the government will take time. We must keep the faith in love and justice to prevail for the greater betterment of all Filipinos!
yes if bongbong marcos will be our next president in the coming 2022 election lets see whats gonna happen.
@ The Health. Philippines will never be tiger... it’s still a kitty and will be staying that way untill next century !
Can't pretend to know what reforms are necessary for the Philippines to become more successful, attractive to foreign investment, and increase the wealth and security for the average Filipino. However, there is no other people I can think of who are more deserving of a break. I have traveled extensively around the world and must say that Filipinos are some of the most genuinely friendly, warm and hospitable people on the planet. The Filipino people are capable, courteous, and sincere. Even if they don't have much, they readily welcoming and willing to share what little they have. And no matter what country, if I end up in the hospital, I'm hoping for a Filipino nurse. Angels.
Thanks!
We exactly need constitutional reform.
Hey Philippines,,, please watch this..
thanks for doing this video
Kaya mahina manufacturing industry natin.. unang una mahal na kuryente dahil hindi na pinagana ang BNPP ng gaga na si Cory.. tapos naging talamak pa ang korapsyon..
Oo talagang si Cory yung pambansang demonyita ng Pilipinas. Dami pako na research tungkol sa kanya. Karamihan nakalimutan ko na nga. Napaka traydor ng gaga nayan. Dapat wala ng dilawan sa 2022.
5 reasons: Number one: corrupt politicians.
Number two: we didn't support or help our farmers increase production and provide transportation of products. Number three: we ONLY focus on Luzon and metro Manila, thereby neglecting Visayas and Mindanao. Number four: we should focus on exporting rather than importing. Number five: high crime rates due to lack of death penalty.
Philippines has an economy that relies on their oversea workers. While the rest of Southeast Asian country like Vietnam are becoming successful in manufacturing fostering skilled workers.
Perfect. Almost perfect. You somehow piece things. I think if your points are spoken in Filipinos, some of Filipinos here would understand some of the fiscal and monetary policies of the government.
This channel is a recommendable to watch, ph need constitutional reform asap!
1. Indonesia 🇮🇩 Ranked 16th
2. Thailand 🇹🇭 Ranked 24th
3. Philippines 🇵🇭 Ranked 25th
4. Malaysia 🇲🇾 Ranked 36th
5. Singapore 🇸🇬 Ranked 38th
6. Vietnam 🇻🇳 Ranked 39th
7. Myanmar 🇲🇲 Ranked 75th
8. Cambodia 🇰🇭 Ranked 103rd
9. Laos 🇱🇦 Ranked 112th
10. Brunei 🇧🇳 Ranked 136th
thank you so much for this!!
please makes for malaysia..im curious about my country hard to be high income...
Thanks for the comment! It's on the list for 2021 👍 but in the interim we are exploring the secrets of Singapore's success for the next video
It will be the next Singapore it has all the direct acces to South korea japan china Us uk India and russia even Singapore can't compete
The main culprit in the drop of the GDP of PH in 2020 was mainly the Covid-19 pandemic and all the long lockdowns the country had for most of the year. Hopefully factors in the past do not affect what the country’s economic growth will be in the future. It may be a bit difficult, but the country could bounce back sooner than later, and resume the country’s former growth momentum.
Prrd's bbb is some of the answers to transport system problem.
The fact that the Phils don't even have Smart Phone payment transactions with bank apps, or better internet infrastructure when the majority of Fils use them and need them goes to show they will lag behind especially with the new normal. Really wishing them the best!
Thanks!
As a populous country, Philippines must develop manufacturing and increase the proportion of the secondary industry. It is not enough just to develop the tertiary industry alone. But this requires a solid foundation of basic education.
The way you explained things is smarter and more precise than others working on these topics. Wish you goodluck
@Abdullahel Kafi thanks for the comment. Hope you enjoyed the video and many more to come 👍
I second.that!
I third that ✌️
even more precise than Philipine documetaries. The narrator just forgot to tell about the 40/60 FDI policy which drives the foreign investors away. I feel sad for our country, the Philippines. Corruption is reason why it has become what it is now.
TIME IS RUNNING. REPENT YOUR SINS TO OUR GOD FATHER JESUS CHRIST AND HE WILL SAVE YOU AND HEAL YOU AND RESTORE YOU..
The Philippines, being an archipelago, should develop in earnest it's own marine transport industry as a national priority. Yes, roads and bridges are essential, but interisland traffic is very essential as well. A network of public and private RORO (roll on roll off ships) between islands, perhaps subsidized by government in some non-profitable routes is a good start. But for me, the crown jewels for Philippines is to develop and manufacture cheap homegrown sea transport vehicles, mass built boats or amphibious cars if you will, that could make interisland travel more convenient, affordable and mass-based - similar to thriving auto industry. Imagine yourself in a town in Cebu and wanting to go to Boracay , you just hop in to your vehicle parked on a nearby beach and go. No PPA fees, no terminal fees and no more of the extra travel and waiting hours for scheduled flights. Just as countries with big land mass are pushing for more roads and railways for local travel, we should be pushing for public and private sea transport system to easily travel our islands. We need to move people and goods between islands, anywhere and whenever they want to spur economic activities. Just my two cents worth.
Public Sea transport is often overlook. Particularly in cities built around a river! 🌊
Good analysis and hopefully someone in the government will think of this idea and propose it to eventually make it into reality
Finally a person with the same idea
Well, that's why indonesia have ferry, build interland bridges, and airport. Also, the concept of sea toll of cargo ship
This is the key.. I agree with you
☝ *the Philippines slept for decades... HOPE that the Philippines economy will rise up again... fast... strong...*
Need constitutional reform. Big greedy businesses are protected while there millions of unemployed people. Reform for 1987 constitution,relax FDI ownership
And corrupt mayors where blackmailing foreign investment for money
Agree
Thats true.
the Martial law period was very costly
Genuine question, wdym relax FDI ownership? One of the points in the video is that protectionist policies prevented the country from taking advantage of the growing globalization that the rest of Asia was undergoing. Today, the 60/40 rule still stands in the constitution, making FDI in the Philippines very unattractive. So why should we continue to suppress FDI ownership?
Another commenter said it, and I'll say it again: this video was way more insightful than Economics Explained's video on the Philippine economy. Good job, deserves a sub!
Philippines
Then: Asian Tiger
Now: Asian Kitty
Yes, during marcos we are at the top and steadily died down and was revived during noynoy aquino. But, right now, we are at all time low with a bigger national debt
Most accurate comment ever
😂🤣
Let's vote for bonbon marcos
How that happen?
Its same things with indonesia. During Soekarno indonesia was great but the military junta ruined everythings and steal the throne for decades until 1998 we gain our rights back
phillipines have a huge potential too become economy giant hope their become powerfull in coming years
I mean there's high chance that we would rise up again probably once an actual good leader came
@@dot2382 yep
We need a good radical leader. That also comes with an education system overhaul, I hope.
With Duterte being the Filipino people's choice, NO WAY
@@fcf777 why tho?
Don't mind me, just leaving a comment to help this video getting recommended to everyone.
Not all heroes wear capes! Haha thanks 👍
well it got recommended to me, not all heroes wear capes indeed
Are you a boy or girl?
@@AltSimplified I wear a cape, but I'm no hero. :((
Congrats. This vid just showed in my recommendations and this is the first one when i opened youtube.
As a Filipino, watching this is depressing. Philippines is a lesson to the world on what it shouldnt be in the area of governance
You should watch how India is. You'll realize that you're being hard on your country just like any other unpatriotic shills
Yes, thats why we need to put the 1987 protectionist jaundice constitution into ashes and elect a federalist president that is pro-federal, pro-parliamentary, and pro-fdi.
@@reyesbb that would be BBM
@@t_0246 yeah, i hope it would be BBM too and also i hope that BBM has a good intention towards the Philippines. In my own sight and opinion i can really see the improvements when BBM will win if he really has a good intention.
@@speakmoreslush5805 unfortunately he's the president now and proves "nothing" so far. Dont get me wrong I voted for him,hoping that he'll be the saviour after 6 years of economic depression under duterte (which I voted as well). It seems that the main issue here is lack of electoral ediucation. We prefer those people whom we idolize instead of capable ones. I admit Leni should be the one running this country instead of bbm.
Philippines always had all the elements to succeed, educated English speaking people, skilled where they are in demand around the world and hardworking, yet Philippines has always lagged compared to other south East Asian countries.
Why? 3 words. "Toxic Filipino Culture!" (Look it up)
Coz that's not a recipe for economic development. English is simply a languege to communicate, not a tool to succeed.
Corruption on every level is STILL biggest problem for multinationals investing big in Philippines..local mindset what's in my hand today don't worry about next week.
Corruption is even worse in the west. At least people recognize it and see it as a problem in philippines. In the west people do not even seem to care about the corruption even if happen infront of their eyes openly. So philippines is far ahead on the battle against corruption.
That mindset is not local but global, why do you think people/companies/govt all around the world is so much in debt?
@Unknown Boi i heard a renowned person saying that 🇵🇭 education is not high quality because the government is afraid of educated people
@@mrslonglegs All the educated youth, joins the local communist insurgency here in the country coming from state universities, you can imagine all their talents and knowledge are wasted because of the brainwashing of the "communist" ideology taught by high ranking communist members masquerading as "professors".
You might want to search in google the youth recruitment of the Communist Terrorist Group (CTG) joining the ranks of the New People's Army (NPA) or the armed wing of the Communist Party of the Philippines (CPP) who had been waging war for 52 years and is still going up to this date.
@@heww3960 agree
@@napadaanlng69 yes . It's happening . The so called geniuses are in the mountains brainwashed by the rebel partylist and the free university scholarships are only available for the elite and if you're poor and got no connections you to go to a tons of requirements just to get a scholarship . education system here in the Philippines sucks .
OMGGGG I'M FROM PH AND I ALREADY LOVE YOUR CHANNEL HAHAHA I HAVENT FINISH WATCHING BUT I ALREADY KNOW THAT THIS WILL BE FULL OF VALID INFORMATION
You're most welcome! Hope you enjoy the ride 👍
Very insightful. The country is so underrated in tourism, that's a big one.
Philippines is not an underated country. .
@@judithbriones3626 ?
@@judithbriones3626 Bruh we are underrated. Just compare ourselves to Thailand both countries have wonders to offer but Thailand beat us by a lot, a lot! We have also one of the lowest tourists in SE Asia.
Philippines Is The Town Of Braves
Philippines is rightly rated
Only one reason.. Pinoy can easily manipulate... Like to listen to propaganda... They never learn from previous mistake..
Philippines really need to invest heavily in Fintech. And policies where outside companies can't purchase land, etc.
:3 pag naalala ko lng yung nag budots naging senador dun palang malalaman mo nang ang tao sa pinas madaling maloko at mauto hahaha taena "SANA ALL NAG BUDOTS LNG NAGING SENADOR"
As they say, when you reached the bottom, there is no way but up. 2020 is a challenging year for us Filipinos, but we also do have sound economic fundamentals to help us bounce back stronger than before. Nice content! You earned a new sub!
Thanks!
@@AltSimplified like you said the country has a growing population who are more aware of how screwed the country is and maybe just maybe Phil will reach the top
You can not say we have sound economic potential until we are able to stop or at least slow down the migration or export of workers to other countries simply because of lack of opportunities. It means something is fundamentally wrong in the Philippine economy at the grassroots level when you can not generate enough JOBS and OPPORTUNITIES to keep our precious human resources from building this country.
Financial literacy is the answer to poverty
This is the best comment so far.. balanced and not critical..not blaming and shaming anyone... this should be the mentality ever Filipino should have..
Even Japan is relying on US dollar to keep the economy afloat. Japanese don't invest their yen money on stock, but rather they convert their money to dollar and invest on US stocks.
I always thought that the big four (USD, euro, yen, yuan) have big confidence
From the beginning, Japan, a country with little natural resources, was surrounded by enemies from the north, south, east and west. Hence, the Japanese people had to work hard in order to survive and prosper ( they’ve been known to work themselves to death ) . That may be one of the big factors for their prosperity.
The Gold Reserves of the Philippines is a collateral to the World Bank so it's easy to barrow money and it's easy to pay coz Golds price goes up while dollar goes down.
@Pangulong Jomar Divina 2034 walang kwentang reply
Unfortunately most of the education system here sucks. Kailangan ko pang magsearch ng bonggang bongga sa bonds, stocks, securities and insurance. We are made to be workers not Investors/economists.
Asian tiger ... respect from India 🇮🇳🇮🇳🇮🇳
We used to be asian tiger. We used to be ranked 23 richest country in 1900 and in 1930 we were almost as rich as Spain
@@swagemoji5620 I know the history sir .. one time if I am not wrong philippines had lent loan to the America also known as MARCOS GOLD
@@eishrash Eventhough many Filipinos hate Marcos. He was still hands down the best president of the Philippines. His infrastructure was the best in south east asia, our military was one of the most powerful in the world and we could even take over China and India combined. Marcos made our currency dominant with 1 peso equivalent to 1 dollar. His administration made Philippines so disciplined and crimes and pollution was very low. It really hurts Marcos was overthrown, after Marcos Philippines just got worse and worse. Those who blame Marcos are absolutely dumb, he was the most intelligent and most powerful man of asia
@@eishrash we had the first LRT in south east asia because of him and Philippines was number 1 rice producer in south east asia. I hope you vote for his son BongBong Marcos next year, that's the only hope for the Philippines to become better.
@@swagemoji5620 I wish I can vote sir ... I would surely do
The Philippines could've been a great country.
*Could've*
But then the Government's so corrupt, it is literally degrading and eating itself.
The PH could've possibly been like singapore or other rich asian countries as their resources, foundation, and innovation they had was amazingly good.
The PH is on the right path, Congress recently passed the CREATE Bill, which is a stimulus for small and medium businesses and at the same time, tax incentives. PH is known for its "protectionist economic policies," where taxes for foreign businesses are high and there are many regulations. Although this is somewhat decent in order for Multinational and Transnational Companies to not exploit the PH Market, it is too extreme to the point that FDI is low and investors are looking for other countries that have a low tax rate. PH is a good country for tourism, service sector, agriculture and perhaps manufacturing, the main problem is the provisions that have been ingrained on the 1987 Constitution. The other brought up concerns is infrastructure but it's quite obvious that the current administration has unprecedently increased infrastructure spending and contracted projects with private institutions and as well as Government-to-Government Contracts, mainly with Japan and South Korea, with its "75 Major Infrastructure Projects" and numerous small-time projects. The core issue is the provisions, if Congress successfully amend these provisions, there will be a steady increase of investment, as well as passing other essential economic reform bills such as the FIST, HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act.
Corruption, may it be a significant issue, the core problem is our Constitution
@@herrkommandank675 yep there are several bills already addressing those problems mentioned like TRABAHO Bill which lowered the corporate tax by 20% in 2029 and offered incentive tax thru performance based. It's just this shitty constitution that is hindering our growth.
the filipinos have to accomplish two things:
✅ Elect a pro-federalist, pro-parliamentary, pro-reform president
✅ put the 1987 protectionist jaundice constitution to ashes
in order to move from lower income to the ranks of malaysia and taiwan
Philippines has beautiful beaches, English speaking people. The government should try harder to develop tourism in the country, instead of sending people abroad.
(I mean, the Philippines has too many possibilities for tourism. However, the government did not take its development as seriously as other Southeast Asian neighbors.)
Thanks for the comment! Brain drain is a real issue in the region 👍
We prefer working abroad with leverage of higher pay, experience, perks to cross border travel for leisure. Brain drain is a serious issue because most engineers, doctors, tech geniuses prefer overseas, the goverment fails to provide support and leverage for them to stay. We hope 2021 brings something new to the Philippine economy after serious blow of 2020 covid19 nearly year of lockdown, paralizing travel domestically by land, sea and air.
@@treblan1 that's why Philippines is brain drain because of that mindset of older generation. Newer generation now wants to stay here and help the country grow. Hopefully I'm correct or else we'll continue to be brain drain.
Whats funny is that many vietnamese are also moving abroad/working abroad.
I know. But What I mean the tourism capacity of the Philippines is too great. They can compete strongly with Thailand. But I don't understand why the government neglected tourism development.
When you hear that the Philippines will see the worst long-term impacts from 2020 onward due to the current pandemic-induced economic crisis, it can sound like we're in for a really difficult decade ahead. But honestly, I think we wouldn't be on multiple lists of the world's next largest economies if they didn't take into account the demographic dividend that's sure to come within the next decade or so. But improvements in infrastructure, investment and tax policy, and development of human capital (better schools, healthcare access for rural and lower-income populations) will be key.
Thanks for the comment Thomas! A lot of great points. The demographic dividend especially 👍🇵🇭
super agree. people on the ground are actually more hopeful and optimistic of 2021. Philippines will return to glory soon after a short blip.
I'm afraid niloloko ka ng iba.. If you're looking for nothing but pessimism while countries like Bangladesh and India get called "Tigers" by this UA-camr, focus on the outlook presented in this video.. there's a reason behind this: Just ask yourself, taga saan yan?
@@oparasatauwaya Gets kita alam ko exactly tinutukoy mo
Damn Thomas, looks like you were wrong and you are in for an extremely difficult decade ahead. As you said, school access and healthcare access was key but they are at an all time low with no signs of ever recovering.
You forgot to mention that the Philippines had failed to do land reform, the first thing that pretty much every other post-war and post-colonial nation in East and Southeast Asia had done before moving on to industrialization. This helps with early capital formation as farmers own their own land. Rural Philippines seemed stuck in a mix of feudal and capitalist arrangement where masses of landless peasants toil the large landholdings of ancient dynasties, yet unlike feudalism, they bore no responsibilities to these landless peasantry beyond the simple monetary transaction. This plays into other things as well, as the relative power of these landholders, which continued to be maintained to this day and allowed them to control government and affect policies which benefit them to the exclusion of the national good.
Thanks for the comment, land reform is something we may dedicate a video to in future 👍
Ahm this has been addressed by the current administration, the land luisita and others has been distributed to farmers
The endless war of the NPA is the culprit why the provinces remained poor. It droves away businesses the could guarantee income for the people. Not all people should remain farmers some must level up to a better job but that is not possible in a communist infested areas. The agriculture sector faces many problems. Ted Failon's "Wakas ng Gapas" (End of cutting rice) tackled the issues here in UA-cam.
Destroy poltical dynasty and you will have good land distribution since most of these lands came from Political families...Father , mother, grand father, Daughter in Law...All of these families sit in Politics and made business out of Politics..
Pakistan did not make land reforms after colonialism was over and farmers there are treated as slaves.They prevented feudalism falsely saying that Islam allowed feudalism (Feaudal lords are called Jaigirdars and feudalism is called jaigardiri in pakistan)...The jaigirdar have lands amounting to 500 acres to 2000 acres at least (I am not confirmed about the highest limit a jaigirdar is found to be possessing..late prime minister Zulfikar Ali Bhutto or former prime minister Newaj Sharif's had thousands of bighas of land .Unless pakistan makes land reforms and separates religion from the State .Pakistan would never become a prosperous .peaceful and military interference free democratic secular country. )
PH Normies be like: PH CORRUPTION!
ME an intellectual:
PH is a Protectionist and restrictive FDI
BaSed and economic pilled
Hmm
why not both
Me:Crab mentality,Hopelessness attitude and conservatism
Most ph people have a simplistic way of thinking.
Because of
1. Lack of Discipline
2. Corruption
3. Lack of Law Enforcement
4. Slow Justice System
We're just dragging each other down
5. Weak national identity.
Di nauunawaan ng mga pinoy ang kahalagahan ng kultura at lenggwahe, ang mga aspekto nito. Kung maka sigaw ng "pinoy pride" wagas pero walang pagmamahal sa kung ano ang sariling atin.
6. inefficient economic policies
The PH is on the right path, Congress recently passed the CREATE Bill, which is a stimulus for small and medium businesses and at the same time, tax incentives. PH is known for its "protectionist economic policies," where taxes for foreign businesses are high and there are many regulations. Although this is somewhat decent in order for Multinational and Transnational Companies to not exploit the PH Market, it is too extreme to the point that FDI is low and investors are looking for other countries that have a low tax rate. PH is a good country for tourism, service sector, agriculture and perhaps manufacturing, the main problem is the provisions that have been ingrained on the 1987 Constitution. The other brought up concerns is infrastructure but it's quite obvious that the current administration has unprecedently increased infrastructure spending and contracted projects with private institutions and as well as Government-to-Government Contracts, mainly with Japan and South Korea, with its "75 Major Infrastructure Projects" and numerous small-time projects. The core issue is the provisions, if Congress successfully amend these provisions, there will be a steady increase of investment, as well as passing other essential economic reform bills such as the FIST, HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act.
@Pangulong Jomar Divina 2034 Another paid yellowtards here
I think differently Philippines should focus more how to grow agricultural more effectively to feed enough for population. The population is way too much than the ability of the infrastructure can handle. You have to build quality people to stay in and run your country not export them all out. The outsourcing jobs will die in the future due to technology. It will be replaced by AI. Find your unique market and make it’s standout. Love ❤️ .
The question is HOW?
Somewhere around 1965 to 2000, something just went off. When the asian countries looked up to us and began their development, we were thrown out the window suddenly. Something went wrong. and by the 70s and 80s, due to dictatorship, we fell down the drain, despite the government's attempts to flourish arts and culture, and had construction boom, we fell down the drain because of greed and mismanagement. The democratic leaders after that dictatorship didn't do any better. We still feel the consequences today, but I'm sure we'll get over it soon.
It's not really an issue of dictatorship but communism. Communism was the reason why the country never progresses fast
Communism and Yellowish (Dilawang Corupt) are true major issue 😂
During Marcos terms Philippines was still competitive compare to other country. But when Marcos was remove from the office, Philippines start falling
My Parents said that during Marcos reign a Single Philippine Peso can buy a small bottle of PEPSI it was bcus of the Dilawans that made our economy down fall
omfg the replies here are making me vomit and lose faith lol
It's a vicious cycle. Because of the protectionist 60/40 restriction in the Philippine Constitution, the country is forced (1) to let Filipinos go abroad for a job, or (2) enlargen the bureaucracy to provide Filipinos with "jobs" [which do not produce valuable services or goods] hence the government incompetence. Along with 60/40, No. 2 contributes to government corruption and inefficiency, hence the country tending to not be business friendly. Cycle repeats.
Just dont let any kind of ideological politics get the better of Filippinos, you guys will be stable. Philippines, Vietnam, Thailand are the next set of Asian Tigers.
Thanks.
Vietnam is no doubt. They're growing like crazy and the strategy just like combination lessons from China and Japan, very steady. Phillip one meeting some political issues but overall nation's potential is still super strong. But I must add Indonesia instead of Thailand. Thailand's performances is showing the sign of slow down.
as long as we change our mindset as filipinos. then gradually work our way up
@@tuananhdoankim3597
It’s true that Thailand has seen low GDP growth rate in recent years, but it should be noted that Thailand also has a very low population growth rate.
In 2019, compared to Thailand,
Malaysia’s GDP growth rate was around 1.3 times higher, but population growth rate was almost 5 times higher.
Philippine’s GDP growth rate was around 2 times higher, but population growth rate was almost 5 times higher.
Vietnam’s GDP growth rate was around 2 times higher, but population growth rate was around 3.5 times higher.
Among these 4 countries, even though Thailand has the lowest growth in “GDP”, its growth in “GDP per capita” is the highest.
So for me, Thailand’s economic performance doesn’t look all that bad given that the country is facing problems in aging population, inequality, and middle-income trap.
You're forgot indonesia,indonesia will be asian tiger too
A nation’s economy will only progress when its people are paid well. Giving the masses the power to purchase benefits businesses.
Because the Oligarch with their big businesses cheated the government by incorrect filling of taxes, and giving employess less wages and benifits. The Oligarch' connection with corrupt people in governance makes this situation possible. It's about time that the Duterte administration has taken action for this gradually, to make a stop to this corrupt practices and upgrade the well being of the masses.
The Philippines need to get into manufacturing more, too much eggs on the service sector basket. Also capitalize better on it's white sand beaches, there are white sand clear blue water destinations in Luzon why they do not develop it is baffling, imagine if you're a European or Japanese tourist, 20+ hours travel time to Philippines, for Europeans, then you need to get on a domestic flight to go to somewhere else like Boracay. Thailand is much closer and more efficient in travel within the country. Lots of potential and room for growth, young population and English speaking, though too much time on social media.
I think it start to get to late to get into manufacturing much more. With AI getting smarter, the jobs are disappearing in manufacturing. Services like call centers will also go away, but it will take longer for it to happen.
Philippines want to compete with Thailand as a tourists paradise? Legalize sex tourism, that's would be magnets for the sex tourists,sexpats,sex industrial
Manufacturing doesnt suits the philippines...
1. frequent typhoons and earthquakes usually delay and increase the cost of production... its better to just invest in more stable countries like vietnam india etc.
2. Electricity is very expensive in the philippines... even more expensive than japan because most filipinos is against nuclear energy... this also increase cost of production
3. Geography.. too much small islands... it makes transportation of raw materials and finish products harder more expensive... fyi japan is an archipelago too but 103 million out of 126 million japanese just like in 1 island which is honshu... in the philippines out of 110 million filipinos only 53 million lives in the main island luzon and 25 million in mindanao the rest is scattered all over the smaller islands... its just not convenient place for manufacturers to invest
4. Political instability unlike most countries in asia philippines have both communist and islamic insurgency... and sometimes these terrorist group attack businesses (extortion etc.) This is another minus point for the philippines
5. Too much beureucracy and regulations (even corruption bribe etc) if you want to do business in the philippines...
@@silverianjannvs5315 Don't forget gambling.
When I lived in the Philippines... I always saw it's potential even in the poorest areas... with a bit of attention and love and the drive to make it a better place it definitely has the potential to become number 1 again. And that's no lie.
Number 1? Nahh... 😂😂😂
@@amschelco.1434 oof:(
Sigh... Before we exist, we are just like seeds carried by the wind and land somewhere. I landed on a rock, the Philippines.
but some bad fruits grew alongside
A true Filipino loves his country no matter what.
You disgust me
@@justinedeleon1207 I DESPISE NATIONALISM, IT'S SELFISH, IT SEPARATES PEOPLE. HAVE YOU THOUGHT OF A WORLD WITH NO BORDERS?
@@ned347 I never said to hate other countries
You missed one part of why? In 1987, after EDSA they changed this constitution. They inserted the clause called 60/40 FDI restriction which means foreigner investments can only earn 40% of their investments. The other 60% has to be owned by Philippines owned. This open the flight of millions of Filipinos went to another country and work. That’s why you see Filipinos everywhere.
They don’t allow foreigners to invest in mining, utilities, telecom etc. it has to be owned by Philippine oligarchs. Monopolize them resulting in bad horrendous customer service. You’re on point.
@An Pasaway LACK OF JOBS BCS OF MONOPOLY
@An Pasaway bonak
Also worth to mention is Cebu, It has not only maintained its position as the richest province in the Philippines. It has also increased its assets by 450% from 38B in 2018 to 203.9B in 2019 according to the Commission on Audit.
Cebu lies the Center of the Philippines, making it the Center of trade, commerce and education in the Visayas and Mindanao. It's the busiest passenger port in the country accommodating 20M to 22M yearly of inter Island travel. Truly, Cebu has it all from Copper, Gold and Oil to nature's wonders to offer (Dolomite) , home to 3 international shipbuilding companies, a booming Furniture industry and mostly hardworking people sadly looked down by Imperial Manila . The word Bisaya itself means Victorious and Prosperous. Hoping for a Federal type of Government.
#ABANTECEBU
Well said!!! Thank you...
Well I hope they've lessen pot holes, cracked roads, and cockroaches on street.
You are tremendously correct. We have to declare Cebu as the center trade of the philippines. Call Centers, Ship Building, Education, Contributing most of the Country's GDP,. The only missing trade is plane building companies needs to be sourced in Cebu.
Manila and Cebu is to the Philippines like Hong Kong and Shenzhen is to China. Manila is a gateway for Philippine companies to enter the international market while Cebu is the center for domestic, inter-regional trade. Respectively, Hong Kong is where Chinese companies can enter the international market, while Shenzhen is where domestic companies go to grow and take advantage of the assets in the domestic market (note that I said that Hong Kong is a place "where Chinese Companies can go" not "for Chinese companies").
If this is the case then how come Davao is still the biggest tax payer out of all the cities in the Philippines? Tanong lang
Thank you for this video! I’m doing my part as a fancy bakery owner here in the province to entice people to stay here in our province instead of moving to the city 🌃. I hope the Philippines will grow to be a Tiger one day 🥲😭❤️
That's great to hear! Regional economic activity is just as important to well rounded economic success 👍 Good luck with the bakery 🍰
@@AltSimplified Thanks for the reply 🥰
I can see you're gonna get big soon
And I can proudly say I was one of the OGs
Haha too kind Priyansu! We ride together!
Philippines has been working hard to keep the Philippines poor ever since independence, is an accurate summary of the video.
Bullshit!
You know nothing you fucking idiot!
@@lancepalomo8134 so explain to me why there are no jobs for people? I love the people here but obviously as show in the video it's very difficult for business to develop and that's the fault of the government, no need to get emotional.
Everything according to plan...
Don't worry they will vote future garbage to be president of the country. DisGrace De PoeTa.
Actually the Philippines become an under perfomer when st. Cory seated to the throne and most of large government properties are sold to oligarchs that's why the economic growth and development falls and poverty endures,
We Just want to tell you that we are the richest country in the world by means of Gold Deposits, we have million tonnes of gold bars deposited on almost every banks on every country, most of them are in IMF, World Bank and Swiss Bank.
We're just only waiting for the Marcoses to become a president as to implement the Marcos Humanitarian Law and the Wealth for Humanity Act.
All of you countries of the world will bow at us, and we will take the position of the US as we deserve it, and it is for us.
Onr step forward, two steps backward. When you idolize those who wreck economic growth instead of imprisoning them.
Philippines will eventually realize it growth potential back to 2019 levels once COVID is “over”.
Covid will end 5 years from now
@@jasonboore5431 with the vaccine, i think it will speed it up
@@jasonboore5431 and i think 2022 will get a vaccine, althought your right about the 5 years since getting a vaccine isn't the end of covid
LOL
@@nunyabiznes33 They will, they have the potential and the PH is on the right path, Congress recently passed the CREATE Bill, which is a stimulus for small and medium businesses and at the same time, tax incentives. PH is known for its "protectionist economic policies," where taxes for foreign businesses are high and there are many regulations. Although this is somewhat decent in order for Multinational and Transnational Companies to not exploit the PH Market, it is too extreme to the point that FDI is low and investors are looking for other countries that have a low tax rate. PH is a good country for tourism, service sector, agriculture and perhaps manufacturing, the main problem is the provisions that have been ingrained on the 1987 Constitution. The other brought up concerns is infrastructure but it's quite obvious that the current administration has unprecedently increased infrastructure spending and contracted projects with private institutions and as well as Government-to-Government Contracts, mainly with Japan and South Korea, with its "75 Major Infrastructure Projects" and numerous small-time projects. The core issue is the provisions, if Congress successfully amend these provisions, there will be a steady increase of investment, as well as passing other essential economic reform bills such as the FIST, HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act.
From the 1960's to the 1980's the Philippines was transformed from a showcase to a basket case and Marcos and his wife are to blame for that. The ill-effects of the conjugal dictatorship are still being felt up to now. As for poor performance in tourism, it's not just inadequate infrastructure and public transportation that is the cause but also substandard quality and service of hotels and restaurants.
And the ones who came after the Marcos’ should also share the blame. 80’s and 90’s was terrible. GMA and NoyNoy did good and Duterte’s execution would’ve been perfect if it hadn’t been for covid.
Fool. It was Cory constitution why we became so poor.
@Filipina Girl hindi ba't yun yung sinabe ko? oh baka ikaw ata kailangan mag study kulang ka sa comprehension skills haha
@@sidmichael1158 yeah no it was bad when marcos was in power the constitution made it even worse the political culture never changed
Chrisna 1311 did good? Aquinos are the reason why the Philippines are suffering. You have to do your research man
This guy is literally the next Economics Explain. Excited to see your growth fam!
I Hope we get better Government Officials and better Laws. Hope my generation won't fail me.
Today Philippines is now officially underperformed
And no longer the fastest economy in SEA
Because Duterte is a dumbass when it comes to economy. Let's just admit it.
@Louis XIV but Philippines suffered the worst, other countries was able to manage well because of good governance, Philippines is going down for sure 😜
@Louis XIV and look philippines on how its gdp plunges to the lowest rate since the time of asian financial crisis due to covid and poor governance
Wake up your mind, developed countries suffered as well with covid
@Louis XIV i agree. I live in canada and its an extremely developed nation ( im a pinoy tho) ,and guess what? The economy is limping and shrinking!
I watched a video about s. Korea's economic miracle explaining that one major factor that lead s. Korea to be an economic superpower today is that they invested a lot in educating their citizens. And they also invested a lot in building their infrastructure
sa madaling salita,talagang nag invest ang s.korea sa ekonomiya nila, ika nga ang pag unlad ng isang bansa sa lahat ng aspeto ay nagmumula sa magandang ekonomiya😊
@@jovenssipark9578 eh yung atin? Ano? Yung current admin natin puro lang patayan nasa isipan. Yung ekonomiya napag iwanan na jusko. Walang kwenta yung Duterte admin pagdating sa economy, hayss.
@@theserious-ly476 Duterte administration invested infrastructure, made economic reforms that has sustained 6% growth from 2016 to 2019, and recovering 5.6% in 2021 and expectedly 7-8% in 2022. Duterte was significant
10:30 this is a sad truth. One of the reasons why PH cant move forward 😔. Thank you for an unbias reporting. Very pure facts.