Jessa Joy Yares Philippine Economic Development- The Economy of the Philippines is the 40th largest in the world,

according to 2012 International Monetary Fund statistics and it is also one of the emerging markets in the world.[26] The Philippines is considered as a newly industrialized country, it has been transitioning from one based on agriculture to one based more on services and manufacturing. According to the CIA Factbook, the estimated 2012 GDP (purchasing power parity) was 424.355 billion.[6] Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world, Goldman Sachs also included the Philippines in its list of the Next Eleven economies. According to HSBC, the Philippine economy will become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the Southeast Asian region by 2050.[27] Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, Malaysia and Thailand. Since the end of World War II, the Philippine economy has had a mixed history of growth and development. Over the years, the Philippines has gone from being one of the richest countries in Asia (following Japan) to being one of the poorest. Growth immediately after the war was rapid, but slowed over time. A severe recession in 1984-85 saw the economy shrink by more than 10%, and perceptions of political instability during the Aquino administration further dampened economic activity. During his administration, President Ramos introduced a broad range of economic reforms and initiatives designed to spur business growth and foreign investment. As a result, the Philippines saw a period of rapid sustained growth, but the Asian financial crisis triggered in 1997 slowed economic development in the Philippines once again. In 1998, the Philippine economy deteriorated as a result of spill-over from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to 3.4% by 1999. President Estrada tried to resist protectionist measures; and efforts to continue the reforms begun by the Ramos administration made significant progress. A major bank failure in April 2000 and the impeachment and subsequent departure of President Estrada in the beginning of 2001 led to lower growth. The current administration under President Gloria Macapagal-Arroyo is pushing towards faster and more rapid economic growth. In 2004, the Philippine economy grew by 6.1%, beating most analysts and even the government's estimates. In 2005, the Philippine Peso posted an appreciation rate of 6%--the fastest in the Asian region for that year. However, the advent of high oil prices dampened the government's growth estimates for that same year as growth only amounted to 5.1%. During 2006, the economy posted a 5.4% growth, dampened by two typhoons which wreaked havoc on the agricultural sector. The government plans to bolster infrastructure spending in 2007 ten-fold, and is targeting an accelerated growth of the economy by 7% in 2007, 8% in 2008, and 9% in 2009[1]. As of February 2007, the stock market is currently near all time highs and the peso has appreciated to 48.07 to the dollar. Despite the positive outlook of the economy, the government still faces challenges in many areas. Wealth distribution is uneven, and poverty remains high. Corruption is still a problem and political instability is still a reality.

2006 figures
In 2006, the Philippine economy expanded at a rate of 5.4%, faster than the previous year. The government plans to increase the country's GDP by 7% in2007, although official projection is a around 6.1%-6.7%. It also aims to grow the economy by 9% in 2009, as part of the projected target of the government via enhanced public investment to attract foreign capital as well as improved domestic improvement.[1]. This is a chart of trend of gross domestic product of Philippines at market prices estimated by the International Monetary Fund with figures in millions of Philippine pesos. One peso is in equality to $0.78 of U.S. money.

Year Gross Domestic Product US Dollar Exchange

1980 1985 1990 1995 2000

243,749 571,883 571,883 1,905,951 3,354,727

7.51 pesos 18.60 pesos 18.60 pesos 25.23 pesos 44.19 pesos

2005 2006

5,379,251 6,048,297

55.08 pesos 49.28 pesos

Agriculture The Philippines currently hosts the International Rice Research Institute (IRRI), which studies high yielding rice varieties. It has played a key role in the Green Revolution and was able to increase rice yields and rice production during the 1970s. Automotive The ABS system used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. 2005 was the first year that the Philippines exported cars in quantity courtesy of Ford Motor Company. Electronics Intel has been in the Philippines for 28 years as major producer of Intel's advanced products including the Pentium 4 processor. A Texas Instruments plant in Baguio has been operating in for 20 years and is the largest producer of DSP chips in the world [3]. TI's Baguio plant produces 100% of all the chips used in Nokia cell phones and 80% of all chips used in Ericsson cell phones in the world. Until 2005 Toshiba laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of HDD's. Software One of the software houses established in the country is Trend Micro, an anti-virus software maker with its main product PC-Cillin. The company develops its "cures" for viruses in Eastwood City, Libis Quezon City. Mining The country is rich with mineral and thermal energy resources. It produces 1931 MW of electricity from geothermal sources (27% of total electricity production), second only to the United States [2] and a recent discovery of natural gas reserves in the Malampaya Fields off the island of Palawan is already being used to generate electricity in three gaspowered plants. Philippine gold, nickel, copper and chromites deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulfur. Significant deposits of clay, limestone, marble, silica, and phosphate exist. About 60% of total mining production are accounted for by non-metallic minerals, which contributed

substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declines 16% to $793 million. Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline. Transportation The Filipino people use cars, boats, planes, trains, tricycle , etc. 2. What are the contributions of the different Presidents of the economy? Manuel RoxasIn 1948, Roxas declared amnesty for those arrested for collaborating with the Japanese during World War II, except for those who had committed violent crimes. Elpidio Quirino His six years as president were marked by notable postwar reconstruction, general economic gains, and increased economic aid from the United States. Basic social problems, however, particularly in the rural areas, remained unsolved, and his administration was tainted by widespread graft and corruption. Ramon Magsaysay As president, he was a close friend and supporter of the United States and a vocal spokesman against communism during the Cold War. He led the foundation of the Southeast Asia Treaty Organization also known as the Manila Pact of 1954, that aimed to defend South East Asia, South Asia and the Southwestern Pacific from communism. He was also known for his integrity and strength of character. During his term, he made Malacang Palace literally a "house of the people", opening its gates to the public. Carlos Garcia During his administration, he acted on the BohlenSerrano Agreement which shortened the lease of the US Bases from 99 years to 25 years and made it renewable after every five years. He also exercised the Filipino First Policy, for which he was known. This policy heavily favored Filipino businessmen over foreign investors. He was also responsible for changes in retail trade which greatly affected the Chinese businessmen in the country. Diosdado Macapagal During his presidency, the Philippines enjoyed prosperity and was the second most developed country in the Asian region, next only to Japan and ahead of the future tiger economies of Asia such as Singapore, Taiwan, and Korea. Allowed the Philippine peso to float on the free currency exchange market. abolition of tenancy and accompanying land reform program in the Agricultural Land Reform Code of 1963 which underscored his endeavor to fight mass poverty. Ferdinand Marcos During his first term he had made progress in agriculture, industry, and education. Yet his administration was troubled by increasing student demonstrations and violent urban-guerrilla activities. Initially, he had a good record as president and the Filipinos expected him to be one of the best. However, conditions changed in later years and his popularity with the people started diminishing. Proclaimed Martial Law. Corazon Aquino Despite the euphoria following the overthrow of the Marcos government, Aquino faced the massive challenge of restoring the nation. She established a revolutionary government under the terms of a provisional "Freedom Constitution", legally establishing the structure of the government pending the adoption of a permanent, democratically-drafted constitution.

Fidel Ramos The first few years of his administration (1992-1995) were characterized by economic boom, technological development, political stability and efficient delivery of basic needs to the people. During his administration, Ramos began implementing economic reforms intended to open up the once-closed national economy, encourage private enterprise, invite more foreign and domestic investment, and reduce corruption. Joseph Estrada Idolized by the poor, he campaigned on a combination of policies that are both market-friendly and designed to reduce widespread poverty in a population of 70 million. Gloria Arroyo Arroyo, a practicing economist, has made the economy the focus of her presidency. Early in her presidency, Arroyo implemented a controversial policy of holiday economics, adjusting holidays to form longer weekends with the purpose of boosting domestic tourism and allowing Filipinos more time with their families