Reaction Paper #1 : Intro to Economics : Crash Course Economics: #1

Economics is the study of people as they go about their daily business lives. It asks where he gets
his money from and how he spends it. As a result, it is both a study of money and a component
of the study of man and woman on the one hand. Before responding, viewers of the film should
be aware of the weight and its benefits to choose whether doing so will benefit them or will
weigh more than the benefits. Each individual can decide whether or not it will benefit them to
consider the costs and advantages of their options, or if the costs outweigh the benefits for them.
Countries can also have everything thus they must balance the advantages and disadvantages of
of their decisions and choices. A country should be spending for its people benefits and it's
growth, A countries decision can greatly influence its economy. Every country is spending a lot
of money for its people to create more beneficial for its people, such as securities, education,
hospitalization and many more organizations that belong to its government and that would
greatly benefit its people. also the country that could supply it's people needs and wants, A
country can't focus on only one production because it doesn't have an infinite resources, such as
weapons and consumer goods because every countries don’t have an infinite amount of worker
and farms and factories and raw materials. That’s why scarcity leads us to making a choice for
the benefits that we can greatly benefit from. Into to Economics, people criticize economists
predict the 2008 financial crisis this fails to distinguish the difference between the
Macroeconomics and Microeconomics specifically because of all of these complaints are about
Macroeconomics. Because Macroeconomy studies the economies as a whole nation’s output,
unemployment, interest rate, inflation, government spendings and growth. And
Microeconomics is the study about how the consumers ,workers, and firms interact to generate
outcomes in specific markets.

Reaction Paper #2 : What’s Slowing the Philippines Economy?

Philippines has strict business regulations that prevent businesses from expanding. The 60-40
rule, a policy that restricts foreign ownership in the Philippines and hinders growth and
international investment, is a well-known example of a decade-long restriction. There are
numerous restrictions, including one that forbade energy exploration in its waters and others
that are strict on reclaiming plans and open pit mining. There are numerous causes for these
laws, but political and societal pressure are most likely the first one. Their most notable
prohibitions on mining and reclamation plans frequently face a significant reaction because of
environmental concerns. The independence from outside interference makes the 60-40 rule a
little unique. The Philippines' poor growth can be attributed to this. And this may be the reason
why, in comparison to other Southeast Asian countries, the Philippines receives the least
amount of foreign direct investment. The Philippines' growth is actually being hampered by the
rules that the government has placed in place. Due to its signing of sizable cheques for
infrastructure, it was hailed as ambitious. Without it, the Philippines' growth would still be
constrained by what the government and its citizens could do. Thankfully, the administration
changed many of these restrictive policies. The government overturned the ban on foreign
ownership in recent years, open pit mining and energy exploration are now permitted, and
many other unanticipated occurrences by the media have occurred; these changes will gradually
improve economic activity driven in the Philippines. Although it will invite attraction to
environmentalist and other corporations it will benefit the entire country in the long run.
Despite the changes there are a lot more things that needs to be done. What needs to be done is
the balance of regulations that could protect it’s national businesses and also open to foreign
investors. If the government of the Philippines could thrive and find the middle. It will more
likely find it’s success in it’s economy. The first to look at was the Foreign ban ownership in the
Philippines. This ban might’ve limited the growth in the real estate sector and could have
presumably eased it’s housing crisis, but it has saved the Philippines from the huge buying
power of foreign entities.

Reaction Paper #3 : The Economy of the Philippines.

The Philippines is one of the world's most populous countries. The Philippines' population is
still increasing, making it inhabitable. Normally, as a country's wealth grows, so does its
population, but this is not the case in the Philippines. The population of the Philippines
continues to grow at a rapid pace. The birth rate in the Philippines should be lower as people
advance in their careers, but this is not the case; the birth rate in the Philippines remains
unchanged. Because there are so many people and young people looking for work in the
Philippines, the labor supply is plentiful of supply in the labor. Because the Philippines relies
heavily on the export market above all else, we lack the ability to create jobs in our domestic
market, as more developed economies do. Effectively, this means that many people compete for
a small number of jobs, resulting in very low labor costs. Maids and gardeners, for example, are
extremely common in the Philippines. As a result, the value of these laborers to hire is low.
Workers who have little time for their personal lives hire housekeepers to maintain them and, in
some cases, to look for their children. Other people who are unable to care for something choose
to hire them. It is preferable for an economy to have a young workforce that can actively
contribute to society, which is both good and bad. Widespread underemployment causes
problems with living conditions, social issues, and even economic issues, as workers are denied
things like education, which limits how productive they can be in the Philippines. The
government is aware of the problems and has taken steps to address them. The first step was to
educate the people on how to start a family within their financial means. The second goal was to
attract more work to the Philippines for young workers by becoming the world's process center.
REACTION PAPER #4: Pre Colonial Economy.
During the Spanish era, the main source of trading in the Philippines was galleon trade, which
cost 500,000 pesos to ship the resources from Acapulco to Manila. At the time, Manila was open
trade for everyone, and this is where the Spanish got the resources they needed. Also, Polo y
Servicio is a forced labor between the ages of 16 and 60. It is a service where you must work in
Politas for 40 days, which was reduced to 15 days. Those who can pay a fee known as falla were
exempted from working, and Bandala is a compulsory selling of government products. Each
region is tasked with producing a specific product. A tributo, also known as a compulsory tax, is
a tax that must be paid to the colonial Spanish government for each product or sale.
REACTION PAPER #5: Economic and Cultural Condition (Spanish Era)
The Spanish era implemented an economic program that focused on land ownership and taxes,
such as Encomienda, Hacienda, and the imposition of various types of taxes, Galleon trade,
Monopoly, and Polo y Servicio. Encomienda is a type of land ownership that requires a titulo to
prove ownership. The Titulo is granted by the King of Spain. Hacienda is a system in which large
state owners directly hire natives with low wages, high taxes, and high debt. Workers have little
control over their lives. Because of the high taxes and the monthly tribute, they have no choice
but to continue working. When monopoly is imposed, 10% of their payment is forfeited. When
monopoly is imposed, 10% of their income is given to the government; the Santorum is a tax
paid to support the church. The tribute is a rent paid to the land lord as a resident under his
jurisdiction. It could be any type of payment, such as miscellaneous, gold, and animals, as well
as clothing that starts at 8 riles and quickly rises to 15 riles. The galleon trade a Manila Acapulco
trade was the colony's main source of income during its early years. The service began in 1565
and continued until the early 19th century. The galleon trade produced silver from Spain as well
as silk from China. The Philippines earns money by buying and selling. They bought silk to
China and resell it to new Spain and then use the American silver to buy silk to China.
REACTION PAPER #6 SPAIN ECONOMIC COLLAPSE
People under the age of 25 are unable to find work as a result of the Spanish economic collapse,
and half a million families have been evicted from their homes. This group of Spaniards has fled
their homeland in search of a better life. Spain's economy is a mixed capitalist one. It is Europe's
fifth largest. It is also the 15th largest exporter and ranks 25th in terms of human development.
As a result, they are classified as a high-income economy, and according to economist Spain, one
of the countries with very high development has the world's tenth highest quality of life. Because
of the high price of housing bubbles, the Spanish economy has become depressed, causing its
economy to contract. Also known as the Great Spanish Recession, the Spanish Financial Crisis
began in 2008 during the global financial crisis of 2007-2008.Spain became a late participant in
the European sovereign debt crisis in 2012. When the country was unable to bail out its financial
sector and was forced to seek a 100 billion euro bailout package. It was provided by the
European Stability Mechanism, or ESM. The main cause of Spain's economic crisis was the
housing bubble and its unsustainable high GDP growth rate. Despite significant increases in
expenditure, tax revenues from the booming property investment and construction sectors kept
Spain's revenue in surplus. Until 2007, the Spanish government backed the critical development
by loosening financial sector supervision, allowing banks to violate international accounting
standards board standards. Banks are able to conceal losses in their earnings volatility. This
misleads analysts and investors, funding the Spanish real estate bubble. It resulted in a
devastating crisis for Spain, including a severe economic downturn, a significant increase in
unemployment, and major company bankruptcies. Despite the fact that some fundamental
problems in the Spanish economy were evident long before the crisis, Spain continued on the
path of unsustainable property-led growth, causing its economy to continue to collapse.
REACTION PAPER#7: The Pre-Spanish Period
It will be discovered as a civilized island during the Pre-Spanish period because we already have
an economy, politics, and traditions. During the pre-Spanish period, Filipinos made a living by
hunting, fishing, farming, and trading. Trading was done by neighboring countries such as
China and Indonesia. Balangay or Butuan is the Filipinos' first house, and it was also used for
sailing into different regions of the islands. It was first introduced during the 16th century by
Antonio Figafetta, and it is said to be the oldest type of water transportation in the Philippines.
We already had a Systematic Government at the time, which is also known as Barangay, which
comes from the word balangay. During the pre-Spanish period, there was no national
government, but there were barangays in various regions of the island. As a result, even the
strongest datu cannot combine the barangays. In each barangay, there is a leader known as
"Datu Raja" who has the power to create a law and is also in charge of maintaining the peace and
order in the barangay. He is also the one who acts as the judge whenever there are proceedings.
He is also the one who creates the law with the assistance of the elders. There are also three
social classes: Noblemen, Freemen, and Slaves, which can be used as payment to any nobleman.
REACTION PAPER#8 The Colonial Economy of the Philippines (HISTORY)
The Philippines is the largest exporter of both goods and services. In 2021, it will also have the
highest GDP by purchasing more than $1.4 trillion US dollars. The Philippines, on the other
hand, is incomparable to today's nation. It was also built in the 16th century, in 1565, during the
Spanish Colonial Period, when the Spanish Empire was the superpower and the Philippines was
ruled by Europeans. Throughout the Spanish settlements, the Philippines and its cities emerge,
becoming a part of Asia. By the time the Philippines opened the Galleon trade, it was to assist
Manila in connecting with the city of Acapulco. This benefits the Philippines in the same way
that it benefits Southeast Asia and other countries around the world. Importing and exporting a
diverse range of goods, from silk to porcelain, as well as crafted materials and raw materials. by
traveling from Acapulco to the Caribbean Sea and then to the Atlantic Ocean. It is said that from
the 17th to the 18th centuries, Manila would become the most important trade center on the
entire Asian continent because other Asians were eager to trade with European nations,
particularly the Spanish Empire, and would have been able to do so through Manila. They would
then use the Galleon Trade to get there. Tobacco is a major economic boost to the colonized
nation, and the Philippines stood out as having a stronger economy. It enabled them to sell and
export these products, as well as establish new and stronger agricultural bases, which benefited
the entire economy of the Philippines.
REACTION PAPER #9 Economic System During Spanish vs Present.
The Spanish era implemented an economic program that focused on land ownership and taxes,
such as Encomienda, Hacienda, and the imposition of various types of taxes, Galleon trade,
Monopoly, and Polo y Servicio. Encomienda is a type of land ownership that requires a titulo to
prove ownership. The Titulo is granted by the King of Spain. Hacienda is a system in which large
state owners directly hire natives with low wages, high taxes, and high debt. Workers have little
control over their lives. Because of the high taxes and the monthly tribute, they have no choice
but to continue working. When monopoly is imposed, 10% of their payment is forfeited. When
monopoly is imposed, 10% of their income is given to the government; the Santorum is a tax
paid to support the church. Now the executives are the ones that are tasked to foster trade and
innovate the Philippine industry also the Farmers have now right and laws implemented solely
for the equal and fair treatment and distribution of their crops. Also there is Open Market
System which It is an economic system with little to no barriers to free market activity and
characterized by the absence of tariff, taxes, Licensing requirements, subsidies, unionization and
any other regulations or practices that interferes with free-market activity
REACTION PAPER#10: ECONOMIC SYSTEM IN THE PHILIPPINES.
Manila was open trade for everyone, and this is where the Spanish got the resources they
needed. Also, Polo y Servicio is a forced labor between the ages of 16 and 60. It is a service where
you must work in Politas for 40 days, which was reduced to 15 days. Those who can pay a fee
known as falla were exempted from working, and Bandala is a compulsory selling of government
products. Each region is tasked with producing a specific product. A tributo, also known as a
compulsory tax, is a tax that must be paid to the colonial Spanish government for each product
or sale.
REACTION PAPER#11: The Philippines Debt Problem, Explained
The Philippines debt problem is always an issue because the Philippines is in debt for two main
reasons. The first is due to government overspending, either through its annual budget or
through its infrastructure-driven administration, which promised a $180 billion dollar
development plan for the Philippines' archipelago nation. The second reason is due to the Covid-
19 economic crisis, which was most likely a black swan event that impacted the entire world's
economies. However, the "Build,Build,Build" program was introduced in 2016. As a result, it
was viewed as a potentially disastrous debt burden that the Philippines would face if it fully
embraced the well-known "build, build, build" strategy. As a result, we have seen the nation's
population drive into poverty.
REACTION PAPER:12 :Economic Life of Pre-Colonial Filipino
The country, which was made up of various kingdoms and thalassocracies at the time, oversaw
the large number of merchants who came to the islands for trade. These kingdoms, which were
mostly located near riverbanks, coastal ports, and the central plains, welcomed Indian, Arab,
Chinese, and Japanese merchants. The merchants exchanged goods such as gold, rice, pots, and
other items. At the time, the barter system was in place, and the pre-colonial people enjoyed a
life filled with imported goods that reflected their fashion and lifestyle. With Japanese and
Okinawan traders, a massive industry centered on the manufacture and trade of burnay clay
pots, used for the storage of tea and other perishables, was established in the northern
Philippines beginning in the 12th century. These pots were known as 'Ruson-tsukuri' (Luzon-
made) in Japanese, and were considered among the best storage vessels used to keep tea leaves
and rice wine fresh. The people were also great agriculturists, and the islands, particularly
Luzon, have an abundance of rice, fowls, wine, as well as large numbers of carabaos, deer, wild
boar, and goats. In addition, the natives produced a large amount of cotton and colored clothing,
wax, honey, and date palms. The Wangdom of Pangasinan frequently exported deer skins to
Japan. In their trade with East Asia, the Ma-i produced beeswax, cotton, true pearls, tortoise
shell, medicinal betel nuts, and yuta cloth. The two largest polities of the Pasig River delta,
Maynila and Tondo, established a shared monopoly on the trade of Chinese goods throughout
the rest of the Philippine archipelago by the early sixteenth century. The ancient Philippines'
kingdoms were active in international trade, and they used the ocean as natural highways.
Ancient peoples engaged in long-distance trade with Asian neighbors as far west as the Maldives
and as far north as Japan.