List down and Discuss the major National Income of the Philippines.

1. The Gross Domestic Product(GDP) is the major national income of the Philippines. In GDP all
value of services and production of goods are computed. According to the Philippine Statistics
Authority the Philippine Gross Domestic Product (GDP) posted a growth of 11.8 percent in the
second quarter of 2021. This was the highest since the fourth quarter of 1988 which posted a
growth of 12.0 percent. The main contributors to the growth, with their corresponding increase,
were: Manufacturing, 22.3 percent; Construction, 25.7 percent; and Wholesale and retail trade;
repair of motor vehicles and motorcycles, 5.4 percent.

Discuss the present unemployment situation in the Philippines

2. The present statistics tells that from 14.4% of unemployment rate it drops into 7.77% it is due to
relaxed community quarantine, many employees continue their work. But it was better when
there is no pandemic where in we have the unemployment rate of 2-3.5%. Which is better for
our economy before because many employees or individuals contribute in our economy from
minimum wage earner up to large salary employees.

Explain briefly the trend in GDP of the Philippines from 2016-2020

3. The Gross Domestic Product (GDP) of the Philippines from 2016-2020 is decreasing from 7.15%
slowly decreasing until 2019 and dropped largely in 2020 at -9.51 percent. It is because of the
pandemic that makes the economy stop during hard restrictions in quarantine. Many industries
choose to closed their businesses so many employees are affected.

Define the concepts of employment, full employment, underemployment and

unemployment in Philippine setting 

4. Employment is when someone is employed and paid for his/her work this usually have contract
for those minimum wage earners. Full employment is when the quota of employed person
reached its minimum of 94-95% that can sustain the workloads in a workplace.
Underemployment is the contradiction of full employment where in the number of employed
personnel is not sustainable enough to manage all the workloads in an entity. Unemployment is
the term use for those who don’t have job or still looking for opportunity to become a
contributor in economy.

Define and Explain Macro-Economics 

5. Macroeconomics is a field of economics that investigates how an entire economy the market or
other large-scale systems behaves. Inflation, price levels, pace of economic growth, national
income, gross domestic product (GDP), and variations in unemployment are all studied in
macroeconomics. Any economic event that affects a country is considered as macro-economics.

Give an account of major economic indicators of the Philippines

6. There are many accounts to be considered to determine the situation of the economy in
Philippines. First, Gross Domestic Product(GDP) it is the value of goods and services produce
within a country; Gross National Product (GNP) the value of goods and services produce
domestic and abroad. Second the unemployment rate it measures how many workers are
employed and how many are not employed, every individual who has job is a contributor in
economy. And the budget of the government is from the employees starts in the minimum wage
earners up to large salary workers. Job is very important because how can an individual afford
the inflation rate or the changing price in market in order to survive daily lives. In this present
new indicators was considered due to pandemic such as the numbers of cases, deaths, survivors
and vaccine roll out.