The Philippine economy plunged further in the second quarter to mark its worst performance on record based on the available data since 1981, bringing the country to a technical recession amid the COVID-19 pandemic. Many wait for job opportunities abroad, and many families depend on remittances from family members who are staying abroad.Despite the talk about economic growth, the poverty rates have not changed significantly since 2006. Though a fast-growing economy, Philippines still needs to address the issues of poverty, unemployment, and poor infrastructure. Also, one cannot rule out that the growth is connected to the global economy. Philippines’ economy l… As per the World Bank’s Ease of Doing Business 2015 report, Philippines ranked 95 out of 189 economies. In October 2013, unemployment rate was 6.5% in comparison to 6.8% in 2012. In a virtual briefing on Thursday, the Philippine Statistics Authority (PSA) said the economy contracted by 16.5% during the April to June period.

It ranked at number 91 among 144 countries.

In the event of any crisis, economic growth is bound to suffer. Over-dependence on Global Economy The growth of the Philippines economy drastically slowed to just 3.6% in the first three quarters of 2011, which is significantly less than the 7%-8% growth targeted by administration's Philippine Development Plan (PDP). With more than 100 million people currently living in the Philippines, it is ranked as the 12thmost populous country in the world. This data is based on the year-on-year comparison from April to June, thereby officially marking the start of These quarantine protocols shut down majority of businesses in various fields and halted mass transport across the country.In layman’s terms, the country incurred a hefty P680 billion economic loss during the second quarter this year.By the end of June, the value of financial losses reached P8.6 trillion.Data analysts further explained the 2020 recession through graphs shared on the same day.ABS-CBN’s data analyst Edson Guido shared a series of graphs showing comparisons of the Philippines’ GDP this year from the past 30 years as well as the country’s GDP from other countries in Southeast Asia.PH economy officially slips into recession for the 1st time in nearly 30 years amid the – GDP fell in 2 consecutive quarters for the 1st time since 1991– The 16.5% drop in Q2 was the worst contraction ever based on available data In the first graph, Guido showed that this year, the country’s GDP dropped twice, which was the first time since 1991.The second graph, meanwhile, showed that the Philippines’ GDP growth is the worst compared to Vietnam (0.4%), Indonesia (-5.3%) and Singapore (-12.3%).He also showed specific data comparisons of the decline in the “demand-side growth” in the third graph.Prior to such figures, Guido noted that the last biggest economic contraction of the Philippines was during the third quarter of 1985, which was during the dictatorship of late Ferdinand Marcos Sr.“With respect to 2018 constant prices GDP (subs for real GDP), the current economic recession might have just erased the gains of the Duterte administration,” Clayton said.“The top three lines were 2019, 2018, & 2017 GDP; the unique downward slanting line is 2020 GDP, almost touches the 2016 2nd quarter,” he added.With respect to 2018 constant prices GDP (subs for real GDP), the current economic recession might have just erased thegains of the Duterte admin.The top 3 lines were 2019, 2018, & 2017 GDP; the unique downward slanting line is 2020 GDP, almost touches the 2016 2nd quarter. This can be attributed to underinvestment in infrastructure.In order to host global companies, Philippines will have to pay more attention to enhancing the infrastructure. Thus, the aim should be to encourage inclusive growth in the country by creating employment opportunities and reducing poverty.Our site includes quite a bit of content, so if you're having an issue finding what you're looking for, go on ahead and use that search feature there!Necessary cookies are absolutely essential for the website to function properly. A well-developed transportation (roads, railroads, ports, and air transport) and communication system is extremely essential for economic activities. In January 2015, out of the 62.87 million Filipinos in the age group of 15 years and above, the labor force comprised 40.11 million. This category only includes cookies that ensures basic functionalities and security features of the website. On top of that, natural calamities further push people below the poverty line.

Their economic growth can primarily be associated to the remittances from the overseas Filipino workers, as well as the growth in the Business Process Outsourcing (BPO) sector. You also have the option to opt-out of these cookies. With more than 100 million people currently living in the Philippines, it is ranked as the 12Philippines has emerged as one of the fastest growing economies in Asia, with an annual GDP growth rate of 6.1% in 2014. It is mandatory to procure user consent prior to running these cookies on your website.Sign up to receive the latest and greatest articles from our site automatically each week (give or take)...right to your inbox.We hope you enjoy this website. According to the Labor Force Survey, the unemployment rate was 6% and 6.6% in October 2014 and January 2015, respectively.Only one-fourth of the Filipinos that enter the labor force are able to find good jobs in the country, and the rest of them find jobs overseas, leave the labor force, or end up becoming unemployed/underemployed.

The following sections list out some of the economic problems of the Philippines.In 2012, 10 million Filipinos were either unemployed (three million) or underemployed (seven million).