ALEXIS JANELLE T.

YERE BSA II ECONOMIC DEVELOPMENT 03 – 04 – 23

PRELIM ASSIGNMENT:

1. Distinguish economic development from economic growth

2. Role of accounting/accountancy profession in economic development

3. Government projects for economic development of the Philippines. Give 2

4. Will Maharlika fund contribute to the economic development discuss why yes or why not.

ANSWER:

1. Economic Development and Economic Growth both means well for economy of one’s
country, on the contrary they are distinct from one another. Economic Development desires to improve
economic quality of a country, in which there are programs, policies, and activities, that improves the
way of living of the state, by good quality education, more infrastructure, high standard health care, and
etc. While Economic Growth deals with quantity of income of a country, wants to increase the Gross
Domestic Product. Having an Economic Growth is one of essential to attain and achieve Economic
Development of a country.

2. The role of Accountancy Profession on the Economic Development is to ensure the Economic
growth of the state. Accountancy is a profession in which practices recording, analyzing, and tracking
transactions of a business. It regulates and manages its finance and management, in order a business to
have its foundation. Making sure businesses had its fundamental, means Economic Growth. Since,
Economic Growth acts as a prerequisite of Economic Development, thus Accounting has a role in
Economic Development.

3. Government Projects for Economic Development.

A. UP Philippine General Hospital (PGH) Manila Cancer Center Project

- An ongoing project in the current administration. This project is to rebuild
the hospital into new, with 300 beds for cancer patients, replacement of
equipment, more rooms, in which give opportunities to charity patients.
B. Boracay Rehabilitation Project.
- This a previous project under former President Rodrigo Duterte. In which
the rehabilitation of Boracay Island, by closing it to the public, due
rehabilitation. To ensure cleanliness of the island, and to improve and save
the state of ocean, to protect its natural resources, coral reefs, fishes, and
etc.

4. The answer will depend on the outcome of the situation if it will be a success or a failure. If
Maharlika Fund will be on a victorious lead, it will be benefit to the Economic Development of the
Philippines, that means having more infrastructures, more projects, high quality education, etc. If it will
lead to a disastrous outcome, means the contribution of our pensioners will come to waste, and having
risk will not benefit to the Economic Development of our country. Although this kind of fund is practices
in other country, well these countries are wealthier than ours, thus it will not contribute on the
Philippines.