Inflation rate philippines 2018 essay tagalog

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inflation in the philippines essay

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Philippines Inflation Rate | MacroTrends

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Development of inflation rates in the Philippines

The economy of the Philippines is the world's 29th largest economy by nominal GDP according to the International Monetary Fund and the 13th largest economy in Asia. The Philippines is primarily considered a newly industrialized country , which has an economy in transition from one based on agriculture to one based more on services and manufacturing. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.
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Despite rapid economic growth in the Philippines in recent years, unemployment remains a persistent problem for the sprawling Southeast Asian nation of more than million people. Under President Benigno Aquino, in office since , unemployment has fallen. The latest figures show the rate at 6. But progress has been uneven and the Philippines still has one of the highest rates of unemployment in the Asean region.
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