PERFORMANCE ASSESSMENT 4-5

SY 2023- 2024
4th Quarter

Name: Raphael Seo Grade: Nine Score:

Project Name: Collaborating Subjects: Date of Submission:

● Social Studies
Empowering Tomorrow's April 23, 2023
Economists Integrated Lessons:
● Philippine Economy as
a Whole

I. INTRODUCTION

The Philippines has been one of the most dynamic economies in the East Asia and Pacific region.
With increasing urbanization, a growing middle class, and a large and young population, the
Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant
labor market and robust remittances. The private sector remains buoyant, with positive
performance from the services sector including business process outsourcing, wholesale and
retail trade, real estate, and tourism.
As future leaders and stakeholders of the Philippines, it is crucial for you, dear students, to
understand and critically analyze the totality of the Philippine economy. This assessment aims to
engage students in exploring their views on the Philippine economy and developing strategies to
promote its growth and sustainability. By actively participating in this assessment, students will
not only enhance their understanding of economic concepts but also cultivate a sense of
responsibility towards contributing positively to the country's economic development.

II. OBJECTIVES

A. Social Studies
● to evaluate students' comprehension of the key aspects and challenges of the Philippine
economy
● to encourage students to think critically and creatively about ways to promote economic
growth in the Philippines
● to foster students' ability to articulate their ideas effectively through written and oral
communication
● to instill a sense of civic responsibility and awareness of the role individuals can play in
economic development

III. ESSENTIAL SKILLS

A. Strand Skills: Conceptual Understanding, Procedural Fluency, Strategic Competence,

Adaptive Reasoning

B. Transdisciplinary Skills: Communication, Collaboration, Critical Thinking, Creative

Thinking

C. Technological Skills: Presentation Skills, Word Processing, Designing, Data Processing and
Analysis

IV. OVERVIEW OF THE AUTHENTIC ASSESSMENT

By engaging in this authentic assessment, you will not only deepen your understanding of the
Philippine economy but also develop essential skills in critical thinking, communication, and civic
engagement.

I. Research: Conduct research on the current state of the Philippine economy, including its
strengths, weaknesses, opportunities, and threats. (Individual)
II. Proposal Development: Develop a proposal outlining specific strategies or initiatives to
promote economic growth in the Philippines. (Individual)
III. Presentation: Prepare a 3 - 5 minute video presentation communicating your findings and
proposals effectively to other people. (Group)
V. CRITERIA

Social Studies: Empowering Tomorrow's Economists

Content and Ideas

● The content covers relevant information, facts and references 25

about the topic.

Organization

● The presentation exhibits a logical flow and orderly transition of 15

concepts, facts, and information.

Creativity and Overall Presentation

● The presentation was done neatly ,and was excellently and

aesthetically formatted and arranged. 20
● The visual design, structure ,and delivery style convey the
message, concept, and function of the project.

VI. REFLECTION QUESTIONS

Accomplish the given reflection questions below.

1. What are your thoughts about this performance assessment?

I think that this assessment was considerably challenging for me, as it required a lot of
quality research that took me so much time. Although this was a tiring experience, I
strongly believe that it definitely leveled me up again.

2. What were some considerations that you made to come up with good research?

Foremost, I went to the big sources, such as the sites operated by formal organizations. I
took accuracy and credibility the most, since if the information is not correct, my work will
be directly affected.
 3. What did you appreciate about yourself, the government, and about Economics upon
completing this performance assessment?

I was grateful to myself for being able to finish this assessment with a respectable effort. I
also appreciated the government for learning that they are working on tons of different
things that I didn’t and still do not know. Our economy is also something that I appreciate
now that I finished the task because people are trying their best to hold the economy
stable and harmonize to live a fruitful life together, and I can’t imagine how hard that is.

4. If you were to rate your level of involvement or participation in this activity, with 1 being the
lowest and 5 being the highest, what score will you give yourself? Why?

I will, for sure, give myself 4 out of 5 in terms of participation. This is because, even though
I was able to finish my research and answers to the guide questions, I wasn’t able to reach
out to my groupmates, who also forgot to reach out to me, to plan our video presentation
earlier. I do think that I completed the tasks with satisfaction, but I do not feel good that
our video will be just on time. I felt like I was getting chased by time.

VII. SPECIFICATION OF TASKS

By engaging in this authentic assessment, you will not only deepen your understanding of the
Philippine economy but also develop essential skills in critical thinking, communication, and civic
engagement.

I. Research: Conduct a research on the current state of the Philippine economy, including its
strengths, weaknesses, opportunities, and threats.
Guide Questions:
1. What is the current state of the Philippine economy? What are its major industries or
sectors?
2. How are the key economic indicators used to assess the health of the Philippine
economy (e.g., GDP growth rate, inflation rate, unemployment rate)?
3. What are some recent trends or developments in the Philippine economy? How do
they impact the overall economic landscape?
4. What are the primary strengths of the Philippine economy? What factors contribute
to these strengths?
5. What are the major challenges or weaknesses facing the Philippine economy? and
what are their underlying causes?
6. How do the Philippine government's economic policies and initiatives influence the
country's economic performance?
 7. What are some potential opportunities for economic growth and development in the
Philippines? How can they be capitalized on?
8. What external factors, such as global economic trends or geopolitical issues, affect
the Philippine economy?
9. Are there any notable success stories or case studies of businesses or industries
thriving in the Philippine economy?
10. How would you compare the Philippine economy to those of neighboring countries or
other countries with similar characteristics?

#1 - #3
The Philippine economy has been recovering from the impact of the COVID-19 pandemic. Before
the pandemic, the economy was driven by the services sector, BPO industry, tourism, and
remittances from OFWs. Despite the recovery, challenges like high inflation, unemployment, and
pandemic effects on sectors like tourism persist. Infrastructure development and income
inequality also remain concerns. The Philippines' economy has been expanding robustly,
according to recent data, with GDP growing 5.9% year over year (y/y) in the third quarter of 2023.
According to the most recent results of the S&P Global Purchasing Managers Index survey for
November 2023, the manufacturing sector in the Philippines is expanding at one of the quickest
rates among the world's major economies. In addition, strong remittance inflows from overseas
workers, rapidly expanding exports from the IT-BPO sector, and the tourism industry's ongoing
recovery are anticipated to bolster the economic growth momentum in 2024. Furthermore,
according to estimates, the number of foreign visitors in 2023 nearly quadrupled that of 2022,
which contributed to a notable increase in foreign tourism earnings.
We can get a good overview of our country’s economy using several economic indicators, such as
GDP and employment rate. The Philippine economy had been growing steadily prior to the
COVID-19 pandemic, with an average GDP growth rate of 6% in the years preceding 2019. The
global pandemic did, however, cause the GDP to shrink by 9.5% in 2020. This was followed by a
modest recovery in 2021, with a projected growth rate of roughly 5.6%. According to the most
recent data available, the Philippines ended 2023 strong, with a full-year GDP growth rate of 5.6
percent, surpassing big Asian nations including China (5.2 percent), Vietnam (5.0 percent), and
Malaysia (3.8 percent). The Philippines has also had significant rates of inflation in recent years;
supply-side shocks and rising global oil prices caused inflation to peak in 2018 at roughly 6.7%.
The pandemic also caused a large increase in unemployment, which peaked in April 2020 during
the strict lockdown measures at 17.7%. The unemployment rate has decreased as of 2021,
although it was still high at 8–9%, indicating that labor market difficulties persisted in spite of
attempts to revive the economy. As time passed and COVID-19’s influence weakened, tourism in
the Philippines started to recover, which was accompanied by a reduction in tourism restrictions
regarding the virus in 2022. The ease of pandemic-related travel restrictions since 2022 has led to
a gradual recovery of domestic and international tourism travel. By mid-December 2023,
international visitor arrivals exceeded the government's target of 4.8 million, doubling from 2.6
million in 2022.
The thriving of all these factors led to a more balanced economy for the country. Economic growth
has contributed to various positive changes in The Philippines: reduction in poverty rates over the
years; notable improvements in infrastructure across the country which have enhanced
connectivity, facilitated trade and commerce; improved quality of life for many Filipinos; creation of
more job opportunities across various sectors, reducing unemployment rates and providing
livelihoods for many Filipinos; etc.

(https://www.dof.gov.ph/phs-full-year-2023-gdp-growth-strongest-among-major-asian-economi
es/
https://www.spglobal.com/marketintelligence/en/mi/research-analysis/philippines-economy-sho
ws-robust-growth-into-the-new-year.html#:~:text=Philippines%20amongst%20world's%20fast
est%20growing,the%20second%20quarter%20of%202023.)

#4 - #5

The Philippine economy boasts several primary strengths that underpin its resilience and
overseas potential. Foremost among these is a robust services sector, with the country standing
as a global leader in business process outsourcing (BPO) services. This industry benefits from a
skilled workforce, competitive labor costs, and widespread English proficiency. On top of that,
overseas Filipino workers (OFWs) remittances serve as a stable and substantial source of foreign
exchange and income for the Philippines. This strength is attributed to the large Filipino diaspora
working abroad, the strong ties between OFWs and their families, and the resilience of remittance
flows even during economic downturns. Moreover, the Philippines has a young and growing
population, with a median age of around 25 years. This demographic advantage provides a large
and dynamic labor force that supports economic productivity, innovation, and consumption-led
growth. Some of the factors contributing to this demographic strength include high birth rates,
improved healthcare, and education opportunities over the past few years. Lastly, the Philippines
is endowed with rich natural resources, including minerals, metals, and fertile agricultural land.
Despite facing challenges like land degradation and climate change, the agriculture sector
remains important for employment, food security, and rural development. Government initiatives
and programs aimed at modernizing agriculture and promoting sustainable practices also
contribute to this strength.
In spite of these strengths, the country still faces some challenges. One of the major challenges
facing the Philippine economy is the infrastructure deficit, characterized by inadequate and
outdated infrastructure in the transportation, energy, water, and telecommunications sectors.
This deficit hampers economic competitiveness, limits productivity, and constrains growth.
Underlying causes include insufficient investment in infrastructure, bureaucratic delays in project
implementation, and regulatory bottlenecks. Another one of the major challenges is income
inequality. Income inequality is a persistent challenge in the Philippines, with a significant portion
of the population living in poverty despite overall economic growth. The gap between the rich and
the poor has widened over the years, limiting opportunities for upward mobility, social inclusion,
and sustainable development. Underlying causes include unequal access to education,
healthcare, employment opportunities, and financial resources, as well as structural barriers that
perpetuate poverty and inequality. Additionally, despite improvements in educational attainment,
the quality of education in the Philippines remains a concern, with a significant skills gap between
the needs of employers and the capabilities of the workforce. Inadequate investment in education
and training, outdated curriculum, and limited access to quality education and vocational training
programs contribute to this challenge.

https://www.mckinsey.com/ph/our-insights/what-does-2023-hold-for-the-philippines-economy
https://www.worldbank.org/en/country/philippines/overview#:~:text=The%20Philippines%20has
%20been%20one,labor%20market%20and%20robust%20remittances.
https://medium.com/@rhus.pacay.au/title-the-impact-of-low-quality-education-in-the-philippine
s-53689b93cfc2

#6

The Philippine government's economic policies and initiatives play a crucial role in shaping the
country's economic performance. These policies and initiatives, which are often guided by
medium-term development plans and strategies, aim to promote sustainable and inclusive
growth, enhance competitiveness, attract investment, create jobs, and reduce poverty and
inequality. Here's how the government's economic policies and initiatives influence the Philippine
economy:
● Providing social and legal structure. The government alone is in charge of formulating and
implementing the laws and rules that control social and economic activity. This is essential
to preserving social institutions that guarantee free and impartial interaction between
people and enterprises without fear of violence or coercion. In addition, it is the
responsibility of the state to guarantee the establishment of legal frameworks that protect
property rights, particularly intellectual property, enforce contracts, and smoothly settle
legal disputes.
● Infrastructure development. The government's focus on infrastructure development
through its "Build, Build, Build" program aims to address the country's infrastructure deficit.
Investments in roads, bridges, airports, seaports, railways, and other critical infrastructure
enhance connectivity, facilitate trade and commerce, boost productivity, and stimulate
economic growth across various sectors.
● Education and skill development. Investing in human capital development is crucial for
enhancing productivity, innovation, and competitiveness, attracting investment, and
supporting economic diversification. The government's initiatives to improve education
quality, enhance access to vocational training, and address the skills gap aim to develop a
skilled, productive, and globally competitive workforce.
● Keeping the economy stable. Economic stability is essential because it guarantees that
consumers can buy the goods and services they require, encourages investment, and
builds corporate confidence. The two tools available to the government to stabilize the
economy are fiscal and monetary policies. The application of taxation and expenditure by
the government to stabilize the economy is known as fiscal policy. When there is inflation,
the government can employ contractionary fiscal policies to impede economic growth or
expansionary fiscal policies to promote it during a recession. Fiscal policy efficacy is
contingent upon some elements, including budgetary limits, timing and magnitude, and
 implementation lags. Another tool the government has at its disposal to stabilize the
economy is monetary policy. Managing the amount of money in the economy entails
controlling interest rates, open market activities, and other monetary instruments. The
government can employ expansionary monetary policy amid a recession by lowering
interest rates to promote borrowing and investment. The government can employ
contractionary monetary policy during inflation by raising interest rates to discourage
borrowing and investment.

https://deliverypdf.ssrn.com/delivery.php?ID=3531120081240050780940000921250150241160090
2908708409212500400302201709900609510509802012403904005704810500100700110710902
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17092027120066123069027126030123023075066071099&EXT=pdf&INDEX=TRUE

#7 - #8

The Philippines possesses several potential opportunities for economic growth and development
that, if capitalized on effectively, can drive sustained and inclusive economic expansion. One of
the many possible chances of economic growth in the Philippines is infrastructure development.
Reduced transportation costs and more efficient delivery of products and services would be the
results of such investments, which would also eventually encourage the private sector to become
involved, create jobs, and boost the economy. We can possibly get some advantages from this if
the government prioritizes the establishment of dependable, effective, and secure infrastructure
for transportation. Another possible opportunity for economic growth in the Philippines is human
capital development. Human capital development can help the Philippines achieve sustainable
development, poverty reduction, and economic growth. Long-term economic growth can be
stimulated by funding educational and training programs since they build innovation and
technological advancement. Furthermore, making such an investment can also help to address
the labor market's skills mismatch and produce a workforce with the abilities needed to meet the
demand for jobs in rapidly expanding industries. Investments in health and education are also
essential for reducing poverty over the long run. Spending on education for underprivileged
populations can encourage economic and social mobility, prevent inequality, and boost inclusive
growth. In general, human capital development promotes social and economic mobility,
competitiveness, productivity, and innovation, all of which are important for long-term economic
growth.
Although our country might be able to take advantage of these opportunities when it works on
them steadily, they could be disrupted by some unexpected factors outside of the country, which
we call external factors. Some external factors could bring about a shift in the pattern of the
economic state in the Philippines. One of which is natural disasters. The Philippines is highly
vulnerable to natural disasters, including typhoons, earthquakes, floods, and landslides, which
can cause significant human and economic losses, disrupt economic activities, damage
infrastructure, and affect livelihoods, food security, and environmental sustainability. Climate
change, including rising temperatures, sea-level rise, and extreme weather events, exacerbates
these risks, increasing the frequency, intensity, and impact of natural disasters and posing
challenges to disaster preparedness, response, recovery, and resilience efforts in the Philippines.
Another example of an external factor that contributes to changes in the Philippine economy is
global health crises and pandemics. Global health crises, pandemics, and infectious disease
outbreaks, such as the COVID-19 pandemic, can have profound impacts on the Philippine
economy, affecting public health, healthcare systems, economic activities, trade, tourism,
remittances, employment, consumer behavior, and investor confidence. Such crises can lead to
disruptions in supply chains, travel restrictions, lockdowns, business closures, job losses, income
reduction, financial market volatility, and economic contraction, posing challenges to economic
recovery, resilience, and sustainable development efforts in the Philippines.

https://www.philstar.com/business/2018/01/31/1782932/external-factors-affecting-2018-econom
y

#9

The Philippine economy has been home to several notable success stories and thriving
businesses across various sectors. First, The Philippines is a popular travel destination due to its
abundance of natural beauty and variety of tourist attractions, including beaches, mountains, and
islands. The nation, which is made up of more than 7,000 islands, has an abundance of
breathtaking scenery, immaculate beaches, and top-notch diving locations. The nation has a rich
cultural legacy that combines indigenous, Asian, and Western elements in addition to its stunning
natural beauty. Travelers have plenty of options to fully immerse themselves in the distinct cultural
identity of the nation, ranging from colorful festivals and religious sites to historic landmarks and
traditional crafts. Also, because the Philippines receives a significant amount of foreign direct
investment each year, the real estate sector is considered to be one of the most promising areas
to invest in. The country's real estate industry has been supported by advantageous government
policies and a consistent rise in demand for residential and commercial real estate, which has
given foreign investors hope for future growth. The real estate sector in the Philippines is a
profitable chance for both domestic and foreign investors to participate in this booming market,
given the country's steady economic growth and population expansion. SMDC, AboitizLand, and
Pueblo de Oro are just a few of the real estate ventures available for investment. Last on the list is
the BPO industry. The Philippines has emerged as a global leader in the BPO sector, particularly in
call centers, customer service, and IT outsourcing. Companies like Accenture, Convergys (now
Concentrix), Teleperformance, and Sutherland Global Services have expanded their operations in
the Philippines, capitalizing on the country's skilled workforce, English proficiency, and
competitive labor costs. The BPO industry has generated significant employment, attracted
foreign investment, and contributed significantly to the country's GDP growth.

https://sciencepark.com.ph/blog/top-industries-in-the-philippines/#:~:text=Over%20the%20las
t%20decade%2C%20the,outsourcing%20destination%20for%20global%20operations.
https://www.investopedia.com/terms/b/business-process-outsourcing.asp#:~:text=Business%
20process%20outsourcing%20(BPO)%20utilizes,of%20sectors%2C%20including%20services%
20companies.
#10
How would you compare the Philippine economy to those of neighboring countries or other
countries with similar characteristics?

The Philippine economy exhibits similarities with neighboring countries and those with
comparable characteristics in terms of economic structure, growth drivers, challenges, and
opportunities. The Philippines has a services-driven economy, with the BPO industry, remittances
from Overseas Filipino Workers (OFWs), and tourism as major contributors to GDP. While these
sectors have been robust, there's a pressing need for greater economic diversification to reduce
vulnerability to external shocks and foster sustainable growth. In contrast, neighboring countries
like Indonesia and Vietnam have diversified economies with strong manufacturing sectors.
Indonesia, with its abundant natural resources, and Vietnam, emerging as a manufacturing hub,
have leveraged export-oriented strategies, industrial policies, and regional integration to drive
economic growth and development. Trade and investment policies also highlight distinctions
among these economies. The Philippines has pursued an open trade and investment regime,
attracting foreign investments in the BPO industry, real estate, and infrastructure development.
However, challenges remain in enhancing trade competitiveness and diversifying export products
and markets. On the other hand, Malaysia and Thailand have adopted proactive trade and
investment policies, including export-led growth strategies, trade agreements, and investment
incentives, to promote manufacturing exports, develop supply chain networks, and integrate into
global value chains. It could be said that there are numerous differences between countries
because of a lot of factors, like unique strengths, weaknesses, and characteristics, but the same
is true with similarities because of the global trend of the economy, regulatory policies, and
economic situations.

https://www.worlddata.info/asia/philippines/economy.php#google_vignette
https://www.trade.gov/country-commercial-guides/philippines-trade-barriers
https://globaledge.msu.edu/countries/philippines#:~:text=The%20Philippines%20has%20a%20
mixed,Southeast%20Asian%20Nations%20(ASEAN).
https://www.britannica.com/place/Thailand/Trade
https://www.trade.gov/country-commercial-guides/philippines-market-overview
https://www.wto.org/english/tratop_e/tpr_e/tp067_e.htm#:~:text=Malaysia's%20foreign%20tr
ade%20is%20conducted,of%20their%20socio%2Dpolitical%20systems.

II. Proposal Development: Develop a proposal outlining specific strategies or initiatives to

promote economic growth in the Philippines.

Guide Questions:
1. Based on your research, what specific strategies or initiatives would you propose to
enhance the strengths of the Philippine economy?
I believe that I do not have enough knowledge to think of strategies to effectively circulate
and make the economy healthy, but I could give a few suggestions. In my personal opinion,
the Philippines would be able to maximize its possible potential when it sticks to its
strengths.
One of these strengths would be the development of the country's infrastructure.
Accelerating the development of general infrastructure by prioritizing and fast-tracking
infrastructure projects, including transportation, energy, water, digital, and urban
infrastructure, under the "Build, Build, Build" program, would be truly beneficial since it has
the possibility of addressing infrastructure deficits and supporting economic growth.
My next proposal is to put more attention and emphasis on human resources or the
education system internationally. Implementing laws and regulations that would boost
the quality, relevance, and accessibility (such as schools, supplies, and transportation) of
education would definitely have a positive impact on the alignment of industry needs,
future skill requirements, and the general quality of life of the people. As the world
continues to change, the abilities and capabilities of our people must also follow the trend
to lessen poverty rates and stop the increase in the gap between rich and poor.
The government could also focus on giving direct support to the students. This
could be done by reinforcing the education system, ensuring fairness (bribery and
discrimination), and even assisting the students by increasing subsidies for scholarships
and free education programs.

I definitely think that making the country, in general, an easier and better place to live would
solve a lot of problems with considerable changes.
Easing regulations and laws regarding personal properties and business freedom
for foreign investors could also be a way to ensure stable management in the Philippines. It
is to allow the influx of money from overseas. Purchasing and owning land, the merit of
investment, and the business comfortability of the country must be handled more wisely to
enhance and encourage the inflow of finance from external sources.
An increase in the wages of employees is also one of the needed changes in the
Philippines. The Philippines’ average salary is only P15,200, which is in 95th place among
other countries. For the neverending cycle of poverty to be developed to a satisfactory
level, the general income of people must be increased. This improves the living standards,
welfare, and quality of life of workers and their families, reducing poverty and income
inequality to a great degree.
https://newsinfo.inquirer.net/1326929/phs-p15200-average-salary-among-lowest-in-110-c
ountries-survey#:~:text=Of%20the%20110%20countries%20reviewed,P164%2C800%20
(6th).
Taking environmental problems seriously. The government must implement
regulations regarding our surroundings, such as punishing people who get caught throwing
trash anywhere with fines. The environmental norms or people’s mindsets must be changed
to see a significant improvement. All people must know the fact that when our surroundings
are clean, it has a great impact on the tourism industry, which will bring a positive change to
the economy.
- One of the specific ways to do so is to implement laws and require people to
dispose of trash with proper categorization for an effective recycling
system. When most of the waste gets recycled, it reduces production costs
and environmental impacts such as carbon footprints. The mitigation of
climate change doesn't only benefit the Philippines but the whole world in
general, as it impacts the whole earth, including its ecosystems, natural
resources, and ultimately the economy. Products made from recycled
materials could also be donated to people in need to support their lives and
provide, even if only a few, necessities.
Lastly, I suggest reducing the electricity cost. It is too brutal that electricity bills
parallel the rents of business workplaces for owners who are not only foreigners but also
Filipinos. The government investing in solar panels or other renewable sources of energy
would be beneficial for the country in the long run. Soothing electricity costs would make it
easier for people to invest, start, and maintain businesses, and create job opportunities for
tons of people.

2. How can the identified weaknesses of the Philippine economy be addressed through
targeted interventions or policy reforms?

One of the weaknesses mentioned in the Philippine economy is the infrastructure deficit,
and this could be controlled when the government focuses more on its development.
Prioritizing to take advantage of adequate infrastructure, including transportation, water,
energy, water, and digital infrastructure, could help in a lot of economic situations as it
enables quicker transfer of goods, reducing costs for businesses and consumers alike. This
efficiency boosts trade and expands markets, which are essential for economic growth.

One of the other weaknesses in the Philippines is income inequality. As one of the proposals
I made in the previous question said, the implementation of laws regarding access and
quality of education could solve this problem. Proper education plays a crucial role in
reducing income inequality by equipping individuals with the skills, qualifications, and
competencies demanded by employers in various sectors and industries, increasing their
employability, job prospects, and access to higher-paying jobs, which in turn boosts their
income and livelihood. Furthermore, income inequality could be mitigated by an increase in
the overall wage of workers. Increasing the minimum wage can reduce wage disparities by
raising the income levels of low-wage workers and improving their purchasing power, living
standards, and quality of life. This can help narrow the income gap between low-income and
high-income earners, leading to a more equitable distribution of income and reducing
income inequality. This approach to addressing income inequality naturally resolves the low
quality of education and fixes a lot of the problems associated with it.
3. What role can the government, private sector, and civil society play in implementing your
proposed strategies for economic development?
The government can do a lot of different things for better and faster changes in the country
with my proposals. The government, of course, has a crucial role in controlling not only the
economy but also all of the people residing in the country. It is definitely the number one
requirement for my proposals to work out since it allows a firm and regulated society with
rules, laws, and regulations. Specifically, the government can increase subsidies for
bureaux that are going to handle the application of my suggestions. These particular
departments could also create promotional and inspiring videos for all Filipinos to actively
engage in turning the country into a better place to live by understanding and obeying the
rules, sharing and encouraging others, and further developing and improving the view of the
people on the changes being made.
The private sector also plays a vital role in the successful implementation of the said
proposals. The private sector should understand the new law's provisions, requirements,
and implications and ensure compliance with regulatory, legal, and policy frameworks. The
private sector should actively engage in public-private partnerships (PPPs) by adapting to
the new rules and regulations. These partnerships combine government resources and
regulatory authority with private businesses’ innovation and efficiency.
Civil society, on the other hand, doesn’t have complicated things to do. They only have to
conform to and admit the changes to their society and realize that the new laws are for their
own and the country’s huge benefit in the long run. They must be informed of the benefits,
consequences, responsibilities, and challenges of the alterations in rules so that they will
be able to critically think about a better future for themselves and their children. Civil
society is, to be honest, one of the most important keys to the success of our people.
Without their voluntary and risk-taking actions for the country as a whole, the cycle of
poverty and other tragedies will just continue to repeat.

https://mb.com.ph/2023/12/06/2-new-laws-will-help-propel-ph-s-economic-growth
https://ppp.gov.ph/in_the_news/neda-private-sector-crucial-to-sustained-inclusive-growt
h/
https://www.worldbank.org/en/news/press-release/2021/12/07/ph-boosting-private-sector
-growth-can-strengthen-recovery-create-more-jobs

4. Are there any innovative approaches or best practices from other countries that could be
adapted to address the challenges facing the Philippine economy?

In recent days, Singapore has prioritized education, skill development, and lifelong learning.
They invested in quality education, vocational training, and research institutions. By
prioritizing education and training, Singapore has developed a highly skilled and educated
workforce capable of adapting to the changing demands of the global economy. This skilled
workforce has been instrumental in attracting foreign investments, fostering innovation,
and driving economic growth. By prioritizing education and training, Singapore has
developed a highly skilled and educated workforce capable of adapting to the changing
demands of the global economy. This skilled workforce has been instrumental in attracting
foreign investments, fostering innovation, and driving economic growth. This could also
happen in the Philippines with some adaptations. First, the government must strengthen
vocational and technical education to bridge skill gaps. Collaborating with industries and
designing relevant training programs would be a significant step to start this off. Second,
promoting lifelong learning through online courses, workshops, and upskilling initiatives.

Another practice that would be really good when adapted is the Japanese government’s
view on health care. Japan has one of the oldest populations globally, leading the country to
invest heavily in healthcare innovation, research, and technology to address the healthcare
needs and challenges associated with an aging population. The Japanese government and
private sector have collaborated to develop medical technologies, digital health services,
telemedicine, and elderly care services to improve healthcare access, quality, and
affordability for its citizens. The Philippine government could explore opportunities to
further improve healthcare innovation, technology adoption, and public-private
partnerships to enhance healthcare delivery, accessibility, affordability, and quality, and
address the healthcare needs, challenges, and opportunities presented by an aging
population, changing demographics, and healthcare landscape.

5. How would you prioritize your proposed initiatives based on their potential impact and
feasibility of implementation within the Philippine context?

When I base my decision on the potential impact and feasibility of implementing the
proposed suggestions, in my opinion, my priorities would be the following:
1. Human resources investments. This is my first one on the list because this is one of
the sectors that need the most change, bearing in mind that this will also help the
second proposal in order—an increase in the minimum wage. The skills of the
workforce in general are important for the employment rate to not be hugely affected
by an increase in wages. The alignment of industry needs would undoubtedly benefit
from the implementation of laws and regulations that would improve the quality,
relevance, and accessibility (such as schools, supplies, and transportation) of
education.
2. An increase in the wages of employees. This is one of the many ways to end income
inequality, lessen poverty rates, boost economic growth, and increase the quality of
life by giving workers higher wages than they have now to provide for their families
and find economic stability. The minimum wage of the workers in the Philippines is
way too low when compared to other countries in this period of the world, when
everything is getting more expensive due to intense competition and inflation.
3. Development of the country’s infrastructure. This is also one of the things that needs
improvement and will have a magnificent influence when it comes to economic
growth. This is because it stimulates economic activity, productivity, efficiency, and
 growth by reducing costs, barriers, and delays in the transportation of different
things, such as goods and raw materials.
4. Easing of regulations and laws regarding personal properties and business freedom
for foreign investors. As a student, it is hard to gauge the potential changes that this
will have on our economy, but the inflow of money from external sources will certainly
have a positive effect on the Philippines as it increases foreign exchange reserves,
which is crucial for maintaining economic stability and acts as a buffer during
economic crises.
5. Reducing electricity costs. This is a must-do thing as it allows easier access and
maintenance of businesses. growth of diverse businesses through reduced
production costs would lead to the expansion of the industry and job opportunities
for a lot of people.
6. Taking environmental problems seriously. This is the last one on the list because it
needs all the citizens to change their mindsets and care for the environment, which
is really difficult because you need to control and move the thoughts of millions of
people. It surely will have numerous positive effects on both the environment and the
economy, but because of its difficulty in implementation, it is placed last. The
government would have to spend considerable and consistent effort to promote a
clean environment.
III. Presentation: Create a 3 - 5 minute video presentation communicating your findings and
proposals effectively to other people.

Link of the video presentation: Soc Stud video.mp4