CO3 Module 3 Exam

During the eventual years of the Third Philippine Republic, specifically during the
primary term of President Ferdinand Marcos, the country experienced continued growth and
rapid industrialization. Numerous infrastructures were built and number of them are the North
Diversion Road and the Pan-Philippine Highway. At the top of the primary term of Marcos, the
Philippines began to experience a slump because of dubious infrastructure projects with costed
US$50 million. By the top of the jurisprudence, the debt rose from US$4.1 billion in 1975 to
US$24.4 billion. Not long, the country suffered an economic decline. the worth of the peso
versus US dollar plunged. By the time Cory Aquino assumed the presidency, the country and the
Filipinos were left down in the drain because of corruption of the previous administration.
within the contemporary world, different measures are made to alleviate or reduce poverty.
First is that the agrarian reforms law. we've the great Agrarian Reform Program. Supposedly, it
aims to redistribute lands to farmer who don't own lands for farming. Despite such programs,
it's still ineffective. Back within the Marcos era, ample dollars were spent for industrialization.
Now, we even have the Rice Tariffication Act which removes the bounds on the importation of
rice. Again, our farmers are left within the dumps and foreign rice producers are favored during
this anti-Filipino law. one in all the measures that's said to be the simplest Christmas and New
Year’s gift to Filipinos is that the Republic Act 10963 or the Tax Reform for Acceleration and
Inclusion Act, popularly called the TRAIN Law. one amongst its provisions is that the reduction
of revenue enhancement which is claimed to be beneficial for the less fortunate Filipinos. In
return, an indirect tax on petroleum products was imposed with yearly increase. there's also an
excise on sweetened beverages which inspires the consumption of healthier beverages. While
the reduction of taxation sounds good, what would happen to people who don't earn an
everyday income, particularly the poorest within the urban? Now that the fuel prices have
increased because of the indirect tax, supported basic economics, the costs of all commodities
will certainly rise. What would happen to the Filipinos who don't have much to spend? Lastly,
federalism is being pushed within the Philippines. it's said to assist decentralize Metro Manila.
Under federalism, the regions or states will receive and find to use all the taxes collected in
their region. While it's not much of a difficulty within the metropolis Region, there's also a
chance for richer regions to own a more rampant corruption because of a more localized
control on taxes. Our taxation system doesn't favor the poor but extremely favorable to the
rich, making the poor poorer and therefore the rich even richer. TRAIN Law isn't the “best
Christmas and New Year’s gift to Filipinos,” but the worst nightmare to all or any Filipinos and is
anti-poor. The proposed federalism is additionally anti-poor and doesn't encourage growth
within the poorer regions.

Word count: 493

REFERENCES:
https://www8.gsb.columbia.edu/courses/mba/2018/fall/b8777-001
https://constitutionnet.org/news/federal-constitution-philippines-reluctant-congress-and-
unsupportive-public
https://en.wikipedia.org/wiki/History_of_the_Philippines_(1965%E2%80%931986)
https://en.wikipedia.org/wiki/Ferdinand_Marcos
https://en.wikipedia.org/wiki/Economic_history_of_the_Philippines