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    The underground economy contributes significantly to the economic decline in the Philippines. Common illegal activities include prostitution and drug trafficking, which many people engage in due to high poverty levels. The government has failed to curb these black market activities, partly because some officials are also involved for financial gain. Businesspeople often avoid taxes through underground transactions. If left unchecked, the underground economy will hurt consumers and lower national income, exacerbating difficulties in improving the overall economy.

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    The underground economy contributes significantly to the economic decline in the Philippines. Common illegal activities include prostitution and drug trafficking, which many people engage in due to high poverty levels. The government has failed to curb these black market activities, partly because some officials are also involved for financial gain. Businesspeople often avoid taxes through underground transactions. If left unchecked, the underground economy will hurt consumers and lower national income, exacerbating difficulties in improving the overall economy.

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    2 views1 page

    Von Econ

    Uploaded by

    edcylc
    The underground economy contributes significantly to the economic decline in the Philippines. Common illegal activities include prostitution and drug trafficking, which many people engage in due to high poverty levels. The government has failed to curb these black market activities, partly because some officials are also involved for financial gain. Businesspeople often avoid taxes through underground transactions. If left unchecked, the underground economy will hurt consumers and lower national income, exacerbating difficulties in improving the overall economy.

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    KARL CHRISTIE VON I.

    CARUMBA

    BMLS-2H

    REFELECTION ON UNDERGROUND ECONOMY

    Underground economy contributes a lot to the decline of economy in our country. We are surrounded with many illegal actions and with that we are affected especially our ways of living. Two of the most common black market activities revolve around prostitution and drugs. Poverty in the Philippines is so high so some people have nothing to do about it but to be involved in such activities in order to survive. Government is focusing in this problem in order to stop this but they are failed to do so. This is because some of them are also involved and with this they can earn much money. Businessmen are mostly involved in these transactions since they dont pay any tax bills. The effect is that there are many goods and products that are illegally brought in our country. If this situation will continue to occur, consumers will then get affected. Our national income will become lower and this will lead to the difficulty in uprising our own economy.

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