1.

DESCRIBE THE ECONOMIC STATUS OF YOUR LOCALITY AS WELL AS CITING THE

DEVELOPMENT THAT HAPPENED IN IT THE PAST YEARS TILL NOW.
I am currently living at Banguian, Abulug, Cagayan and I saw the rapid change
of our economy as years pass. The pandemic taught us all a lesson to be safe and be
careful at all times and just like the economy as well- to protect us at all cost. The
perspective over our economic status is emerging throughout these years. The goal
of local development is to increase a defined area's potential to better its economic
future and residents' quality of life. Local development is vital to national economic
performance, and it has grown even more so as global competition, population
mobility, technological advancements, and the resulting spatial inequalities and
imbalances have intensified. Effective local development may eliminate inequities
between rich and poor areas, raise the stock of locally created employment and
businesses, improve information flows with investors and developers, and improve
the coherence and confidence with which local economic strategies are
implemented. This can also lead to a more accurate diagnosis of local economic
assets and distinguishing advantages, as well as a more comprehensive strategy
evaluation. Even though the pandemic make some businesses out of its operations
many are still standing to provide the needs of the people and vice versa. They built
a new provincial road, building more establishment to increase employment rate,
providing pantry, vaccination drive to decrease mortality rate due to COVID-19
disease and many more. However, a tragedy that happened to Ukraine makes us all
suffer. Prices increases especially fuels and other imports. This makes the people
anxious about what will happen next to the economy if Russia will not stop the war.

2. WHY IS THE PHILIPPINES CONSIDERED THE THIRD WORLD COUNTRY?IT IS

CONSIDERED TO BE DEVELOPING COUNTRY?WHY?

Historically, the term ‘third world was used to describe countries that were
not aligned to either the Communist Bloc or NATO. However, it is now used to
describe economically inferior countries. Third world countries are considered
economically inferior to the First and Second World countries. If you plan on visiting
the Philippines, you may have questions about how it is classified.
When a country has a high pace of population growth, low per capita income,
primary sector dependence, high unemployment rates, and reliance on primary
commodity exports, it is categorized as developing. The majority of developing
countries, such as China, South Korea, Taiwan, India, Singapore, Indonesia, Thailand,
the Philippines, and Malaysia, are located in Asia.

Developing countries encounter more hurdles along the route to growth,

even if they are on the right track. The most difficult are lowering poverty rates,
providing quality education, and ensuring that all residents have access to a good
healthcare system. These issues are affecting third-world countries, particularly
those in Southeast Asia. The Philippines is one of them.
The Philippines' economic problems can be traced back to World War II,
when Japanese soldiers invaded the country. The Philippines saw its worst inflation
in history at that time.
 The Philippines has struggled with economic growth in previous years,
particularly during the Marcos era of martial law, owing to the country's unfavorable
reputation. Marcos intended to rule the country for two terms in a row and to
exploit the country's resources to further his agenda. The administration's
opponents grew stronger. This includes Filipino writer and politician Benigno Aquino
Jr, who was slain as he arrived at Manila International Airport (now named Ninoy
Aquino International Airport or NAIA). His death heightened residents' skepticism of
the authorities.
During the Marcos era, the Philippines' debt to the World Bank climbed from
$600 million to $26 billion. In the Philippines, the debt has had macroeconomic
consequences, with the country continuing to service the debt with current national
income and remittances.

The Philippines is currently dealing with a high population rate as well as a

low gross domestic product (GDP). Millions of Filipinos continue to live in poverty
and struggle to export their goods, with inflows exceeding outflows of commodities
within the country.
Nonetheless, the Philippines continues to strive for economic and social
advancement. To improve the quality of life for Filipinos and promote sustainability,
the government is keeping up with industrialization. It is still looking for foreign
investors from Asia Pacific, as well as US and European investments, to invest in real
estate and utilise the country's natural resources to grow the economy. The
Philippines also makes use of capital markets to make the most of the government
money allocated to development.

Economists argue that developing countries should spend in education in the

same way that developed countries do. Filipinos' earnings from the labor sector, on
the other hand, are insufficient to cover the cost of basic schooling.
The Philippines' economic development continues to be a challenge. For the
Philippines, ongoing corruption will always be a setback.
3. USING THE CRITICAL COMPONENTS FOR STRUCTURAL DIVERSITY OF
NATIONS,DRAW A VENN DIAGRAM WHERE TWO COUNTRIES AND CONTRAST
COMPARE IT'S DIVERSITY?

PHILIPPINES
THE SIZE OF THE COUNTRY (GEOGRAPHIC AREA,
POPULATION, AND INCOME)
 Philippines is approximately 300,000 sq km
 the population of Philippines is ~109.2
million people
 GDP per capita in Philippines is
expected to reach 3160.00 USD by the end
of 2021
HISTORICAL AND COLONIAL BACKGROUND
 The Spanish colonial period of the
Philippines began when explorer Ferdinand
Magellan came to the islands in 1521 and
claimed it as a colony for the Spanish Empire.
The period lasted until the Philippine Revolution
in 1898.
ENDOWMENTS OF PHYSICAL AND HUMAN
RESOURCES
 The Philippines enjoys tremendous
Endowments of natural, and human resources
that provide great potential for economic
development and poverty reduction.

`ETHNIC AND RELIGIOUS COMPOSITION

 The Philippine Statistics Authority
reported in October 2015 that, based on the 2010
census, 80.58% of the total Filipino population were
Catholics, 10.8% were Protestant and 5.57% were Muslims.

THE RELATIVE IMPORTANCE OF ITS PUBLIC AND

PRIVATE SECTORS
 If you are looking for employment, you may
consider opportunities in both the public and private
sectors. While the public sector provides services to
the public, the private sector focuses on the interests
of individual organizations and their stakeholders.
4. DESCRIBE THE PHILIPPINES USING THE COMMON CHARACTERISTIC OF
DEVELOPMENT COUNTRIES?

In recent years, the Philippines has emerged as one of the more dynamic
countries in Asia-Pacific, defying stereotypes with some outstanding economic
fundamentals. It is the world's 34th largest economy and Asia's 13th largest, with
significant room for additional expansion. It is classified as a "newly industrialized"
country, which means that its economy is shifting away from agriculture and toward
services and manufacturing.
In recent years, the country has been one of Asia's fastest-growing
economies. GDP climbed by 6.9% in 2016, 6.7 percent in 2017, and 6.2 percent in
2018. According to government data, GDP increased by 6.9% in 2016, 6.7 percent in
2017, and 6.2 percent in 2018. (According to OECD data, Emerging Asia's GDP
climbed by 6.5 percent in 2017 and 6.6 percent in 2018.) Per capita income
increased by 17 percent between 2016 and 2018.
Meanwhile, according to central bank estimates, unemployment has
decreased, owing in part to the jobs created by foreign direct investment (FDI),
which hit an all-time high of US$10.05 billion in 2017 (up from US$6.64 billion in
2015). According to analysts, the country has relegated its previous status as the
region's economic laggard to the past. Indeed, the Philippines' credit rating had been
improved to just one step below a "A" level rating by Standard & Poor's and the
Japan Credit Rating Agency by April 2019.
However, the Philippines faces problems in 2019, reflecting a more tough
regional climate. "In the first quarter of 2019, the economy slowed, and the trade
war between the United States and China is having an effect," says Joshua
Kurlantzick, Senior Fellow for Southeast Asia at the Council on Foreign Relations in
Washington, DC.
The Philippines' expanding urbanization, burgeoning middle-income class,
and huge and youthful population are highlighted by the World Bank. It's also worth
mentioning that English is the official language of the country and is taught in all
public schools.
The World Bank sees the Philippines' economic vitality as stemming from
strong consumer demand, which is bolstered by rising real earnings and substantial
remittance inflows from expatriates. Business activity is brisk, especially in the
services sector, which includes industries such as real estate, banking, and insurance.
Such features help put the Philippines solidly on the radar screens of
investors, aided by a domestic market supported by rapid population growth; in
2017, it expanded by 1.5 percent, faster than Malaysia and Indonesia combined.
President Duterte, who took office in 2016, is committed to strengthening the
country's infrastructure in order to enhance economic growth and create jobs and
business possibilities. His "Build, Build, Build" program consists of 75 significant
projects in the areas of transportation, energy, water supply, and flood control. This
massive undertaking will cost at least 8 trillion pesos (US$150 billion). By 2022, the
government intends to raise infrastructure spending to nearly 7% of GDP.

5.GIVEN THE DOMESTIC PROBLEM OF THE PHILIPPINES,WHAT WILL YOU DO AS A

FUTURE ECONOMIST/SOCIAL SCIENTIST/POLITICIAN IN ABLE TO LESSEN ,
ERADICATE OR DISSOLVE IT.
According to the National Economic and Development Authority, the
government and the private sector must work together to improve the country's
economic recovery prospects, increase productivity, and adapt to climate change
(NEDA). First and foremost, we must continue to recover from the COVID-19
pandemic. I believe that this will necessitate a shift in our mindset or paradigm from
a pandemic to a more endemic mindset, in which we can balance the important
needs of people to protect themselves from COVID and all other diseases, as well as
hunger, unemployment, and the need for income to support other development
goals.
The economic team proposed a 10-point policy change to address the
following issues: 1) metrics; 2) vaccination; 3) healthcare capacity; 4) economy and
mobility; 5) schooling; 6) domestic travel; 7) international travel; 8) digital
transformation; 9) pandemic flexibility bill; and 10) medium-term pandemic
resilience planning.
The second point I'd like to make is that improving or increasing productivity
requires significant private-sector support. The private sector is critical to increasing
the country's productivity. He highlighted that productivity might be boosted by
enhancing human capital development, health and education outcomes, logistics,
how things are done in factories and offices, the business process, and how the
country governs. The Philippines is on track to become an upper-middle-income
country in the near future. We must innovate to maintain this level of progress and
eventually achieve high-income country status. We will have difficulty progressing to
the next stage of development if we merely duplicate or build things without any
originality.
The threat of climate change is the third significant priority. considers climate
change adaptation and mitigation to be a critical component of its policy framework.
Everything we undertake in the areas of the environment, education,
agriculture, transportation, energy, and governance would be focused on ensuring or
improving people's livability, whether on the globe or in the Philippines.