Philippine Economy: Current Issues and Challenges

In recent years, the Philippine economy has suffered a

number of difficulties, particularly the global economic decline that brought
on by the Covid-19 pandemic. Nevertheless, the nation has continued and
achieved important progress toward recovery in spite of these setbacks. The
Philippine economy is preparing for gradual recovery as a consequences to
various factors, including government measures, foreign investments, and
the industry's resiliency.
However, the Philippine economy still confronts a number of
difficulties despite these uplifting signs. Unemployment and
underemployment are among the key issues. Particularly among young
people, the Philippines struggles with high unemployment and
underemployment rates. The economy of the nation faces a significant
difficulty due to the lack of employment chances.
Poverty is another problem that needs to be addressed.
According to official government figures, 18.1% of Filipinos in the
Philippines live in poverty and struggle to meet their basic necessities.

The nation also faces regional disparities in economic

development and growth. Making an impact on general growth and lowering
regional disparities is crucial for ensuring that all regions profit from
economic development.
To achieve continuous growth and development, a
number of current concerns affecting the Philippine economy must be
resolved. The impact of the Covid-19 pandemic, which has severely
damaged numerous sectors, is one of the main challenges. A significant
section of the population lives in poverty, thus the nation also needs to
address the issue of economic disparity. This can be accomplished by
putting in place programs that encourage the creation of jobs that Filipinos
need.
The Philippine government must develop and put into action
policies that could encourage economic growth, human capital investment,
better governance, and anti-corruption measures, as well as advanced
infrastructure development and sustainable and resilient development. The
solution to these problems is to work together with the private sector and
other stakeholders to achieve sustainable economic growth in the
Philippines.
Leorebelle B. Racelis
JD-1