PHILIPPINES to leapfrog on the 16th post being the largest economy by 2050

By; Jay Senap

The Philippines accordingly is expected to surpass its neighboring country becoming the 16^th country that will hold the largest and strongest economy by the year 2050.

The report enumerated the signs of economic improvements which made HSBC, ADB, IMF, government and non-government entities to believe that we will be on top by said year. Accordingly, this can be attributed to OFW’s remittances, which remains to be the number one contributor to the country’s economic standing, Business Process Outsourcing or otherwise known as the Call Center industry in the country, which is considered as one of the driving factors behind the improving net services trade balance annually. These and all other contributing factors like investments from local and foreign businesses, dollar remittances, strong domestic consumption, export driven government policies and spending, government campaign against corruption and all others is said to greatly help boost the country’s economy.

In addition to the aforementioned factors, DPWH Secretary Rogelio L. Singson also pointed out other signs that can be incorporated to the country’s success. The top on the list is, the strong performance of the Philippine Stock exchange which accordingly has seen more than 17 high closing records since January. A banking system which is considered as the healthiest in Asia, Rating upgrades and recognition from Int’l rating agencies, Strong foreign exchange reserves & overseas remittances and growing domestic consumption. These are general basis why these entities including the Administration of President Benigno Aquino III believes that it is positive to climb on the 16^th post by that year.

While these figures are very good to look at and is perhaps very promising to hear. Let us all be reminded that again, this is just our vision – the long term effect of the good governance that the Aquino administration is working at. May PNoy, his Excellency should not forget that majority of our countrymen are poor and needing immediate attention – for these people, what they need are short term resolution to feel the good effect of this good reports.

I have talked to one of my close friends about this and our conversation lead to a comparison of PGMA’s administration versus PNoy’s administration. She specifically mentioned that she is in favor of PNOY’s projects and administration ‘though she was a PGMA scholar. She asked me if I’m not aware regarding the reported anomalies under PGMA’s term. She basically has patterned her judgment based on the reports that she might have seen on TV or heard from radio reports against the previous administration.

I’m not against Pnoy’s administration, in fact I salute him for his initiatives and his reforms, but as a concern citizen and as an economy student, I guess, my main objective and point her is to awaken and to give a clear message to everyone and especially to newsmakers and news channels (media institutions) – to spread a good, accurate and concise reports so as not to mislead the public. Because, the General public purely rely on reports like this and may be easily persuaded especially if the same report is being broadcasted on most (if not all) news channel or if it is repeatedly heard on the news. As a citizen of the country, part of our responsibility is to check if the news that have seen, listened to or read are truthful enough to believe – because not all reports repeatedly broadcasted on TV, radio and printed multiple times on newspapers are accurate and right. While the saying “when there’s a smoke there must be fire” is true, yet it is still our responsibility to verify the authenticity of the news and to weigh things right. Because if the government are releasing articles like this and the people are continuously starving to feel its good effects and the government is failing to provide that or fails to provide immediate assistance – again, we can say that this will just be a pure political manipulation and or manifestation.

It must really be true that the economy is doing well and that the President is so serious about his advocacy, but he also needs to know that his people are seriously waiting for the effects of his good words.

Just what I had stated on my first summary of case study report, There really would be a lot more actions, changes and perhaps sacrifices needed in this country to get to the top of getting the triumph and enjoying the benefits and good effects of having good and stable economy and this all should start in the minds and hearts of every Filipinos. Cooperation and Responsibility are again the keywords – that is in taking ones part by fulfilling his duties right and by doing the things right. All of these are needed and is required towards the realization of our goal. Reports like this are vital in the government but then again, the government should clearly state that this is our goal and should not forget to motivate its people to properly guide them towards the realization of our (this) dream – becoming the 16^th largest economy in the world by 2050.