The Philippines Plan To Become an Economic Tiger - YouTube

The Philippines has embarked to become one of the world’s rising economic tigers, but

this is often indicated numerous times in the past.

And at the same time when some may call it a rising economic tiger, the nation is also

perceived by others as a failed economy or sometimes known as the sick man of Asia, which

is a term that emerged in 1853, and often represents an economy undergoing economic

or political strife.

But, this time, the nation’s government has actually planned out its largest-ever

framework that would entail the Philippines to officially remove all of its economic barriers

and truly become the nation it aspires to be.

In 2016, the year, the plan had initially been signed into law, titled as “Our Ambition

2040”, or “Ambisyon Natin 2040” in Filipino.

It was among the first executive orders by the sitting president at that time, and as

the title suggests, it is a plan that stretches out into 2040, a rather bold and long 25-year

framework.

This vision that the government has placed to the Philippines has a lot of factors that

will play out to ensure that it does indeed become a success.

According to the primary vision, by 2040, the Philippines is expected to have a grander

and newer form of lifestyle.

This means that the Filipinos will be able to be strongly rooted, comfortable and secure.

These three terms are the very high-level goal of the bold plan.

Specifically, having a strongly rooted goal means that Filipinos will have a better business

landscape which will promote better employment options, a work-life balance, and have a community

of freely volunteered Filipinos who wish to serve or not to serve.

Further, by comfortable, this means that nobody will be poor anymore, this will be likely

influenced by the growth of the economy which will impact the income levels of every individual.

It will also influence the quality of education, food, and have a sustainable lifestyle.

Being secure has a lot of factors that plays out as well, ranging from lowered lifestyle

costs, to comfortable and reliable government agencies, and most of all the eradication

of corruption which will be one of its largest goals that is necessary to achieve this dream.

After all, the Philippines has continuously been ranked as among the most corrupt governments

in the entire world, changing this will take a lot of effort, removing barriers that have

been even stuck in the very culture of people.

Now moving on, what the government plans to achieve in the economy is that the gross domestic

product per capita income would need to increase by a minimum of three-folds, in order to have

a formidable and prosperous middle class society where poverty is eradicated.

Quantitatively, this meant that gross domestic product per capita of 2015, was $3,001 and

by 2040, at a minimum of three-fold it should be atleast $9,222 dollars.

Not a lot, especially compared to its neighboring countries in Asia who are expecting a lot

more, but as a minimum this might be enough to secure the vast majority of the population,

that is according to the government’s estimates.

Further on the quantitative note, the eradication of poverty will likely be affected by these

rising income rates, and thus, it is expected that from 2015, the headcount ratio of poverty

will shrink from 0.25 to less than 0.01 by 2040.

To achieve these goals, and visions, the government has also laid out its initiatives, these are

identified as encouraging investments both foreign and local, and this first goal identified

has actually been the limelight of things lately, as it is locally known that the government

has officially changed a much needed regulation about foreign investments, and this could

partially be one of the attributors to why the government had shifted the previous law

about foreign investments.

Second, the government has to improve market linkage, simplify government procedures, and

facilitate access to finance.

This, on the other hand, suggests that a lot of work must be done to improve the business

landscape of the nation.

The government must improve the supply chain of the various industries the country holds,

improving the access to suppliers to consumers or even retail.

This can be done by improving local firms on their production and business segway, but

also by improving its trade with foreign entities, purchasing cheaper goods than can be locally

made may be a good thing for improving market linkage, or even the upcoming regional comprehensive

economic partnership will be a key attributes due to the fact that it will bring a free

trade agreement across the major economies in the Asia Pacific region.

Finance and government procedures have also seen a better landscape lately, and have continuously

been improved through the enactment of various laws by the government; this will likely continue

to do so in the future.

Now, the most important and vital part is the improvement of education such as human

capital development, technology, science and innovation.

Then followed by the improvement and construction of priority sectors.

Education has already been a key integral part of the nation.

The government’s current and past budgets have always placed emphasis on education,

and in the latest one has too seen this to be true.

Further, we have also seen the improvement of various technology-driven sectors, the

aerospace industry of the Philippines has been picked up by incentives, the government

has established initiatives for the startup ecosystem, and these trends are expected to

continuously grow further as we go throughout the years following the plan.

The priority sectors, on the other hand, are according to the plan said to have a direct

impact.

These priority sectors are as follows, the first is the improvement of housing and urban

development, which will be a much needed solution as the population grows more rapidly, and

a flock of people enters the capital of the Philippines.

Second, manufacturing, a key integral part of an economies growth, and there are several

ways to go about it, but what is likely to be picked up in our opinion is the growth

of electric vehicles, what makes the Philippines so special is that it is home to a large number

of nickel, which is a key component to constructing lithium batteries that powers and sustains

electric vehicles.

This has already been often talked about by country leaders both private and public, which

has a huge chance that we may become a source of nickel provider of even the manufacturing

of lithium batteries.

Third, connectivity, either through transportation or telecommunications.

Infrastructure has seen the light of day in the Philippines, it is according to some,

that the timeline we are right now in, is the golden age of infrastructure for the country.

The importance of infrastructures are obviously important to a growing economy, as the Philippines

middle class grows this means that people will fly more, have the capital to purchase

vehicles which meant that roadways will be in demand, but most importantly is that these

all must be complemented by the construction of mass transport systems such as subways

and railways to ensure that traffic does not pose as a bottleneck in the future.

The next is tourism.

The Philippines is home to quite a ton of beaches, but most importantly it is always

awarded as the best country for a vacation.

The work needed to improve its ability to lure out more tourists is vital to improve

the lives of millions of people.

The fifth priority sector is agriculture, crucial as it is enabled for supplying the

food chain and one of the largest sources for its exports, such as bananas and coconuts.

Lastly, and among the most important sectors is the health and financial services.

These two are needed to improve, as ensuring access to health quality and financial standpoints

are important for the livelihood of old people and the upcoming youth.

These all will be needed and met with intensive investments, whether that must be done through

private sectors acting on their part, or the government doing what it can to lure out foreign

investments.

Now these goals and dreams are still far ahead, and a lot of factors could change the course

of where we want to be.

But what stands clear, however, is that there is a plan, and the pursuit will come next.