In my research, I found out that since World War II, the Philippine Economy has been going down. Before the World War, we were one of the richest countries in Asia, next to Japan. After the war, economic growth was rapid, though it slowed down during the time of the Marcos regime. Since then, our economy has become a rollercoaster ride. It goes up, then goes down, then it goes loop to loop.
Two years ago, we went down due to global financial crisis. Last year, the ride wasn’t really going fast, because our GDP growth was only by 0.9%. In addition to that, our OFWs’ remittances only increased at a 5.6% pace.
In my opinion, we are now on the point where we acquire momentum for us to go up.
According to World Bank, the Philippines is the 4th largest economy in South East Asia and the 35th in the world by purchasing power parity. For the first quarter of 2010, our GDP has grown by 7.3%. Unexpectedly, our GDP has grown 7.9% at the end of the second quarter. Now, our OFWs’ remittances are better than expected and rose to $17.3 billion. It has been a big help to the economy to avoid recession and support the balance of payments and international reserves. Our BPO industry currently accounts for about 15% of the global outsourcing market, and has been the fastest-growing segment of our economy.
You could help our “rollercoaster” economy go up again and defy gravity by doing one simple thing. Patronize local products. Buy safeguard instead of Dove, or buy V-cut instead of ruffles. If you come to think about it, you could save a lot – and it doesn’t only end there. It shows that you’ve cast your vote for local products, which is a big contribution to the further development of our economy. You are a citizen of the Philippines. Do something.
We were told to do this yesterday and we have to memorize it for Monday. Great. Let's just put it this way: Sir Pedroso believes in our abilities!
I like posting my assignments here, y'know. I know they're boring but I like seeing long articles in my blog. Hee.