Issues and Problems That Confront Contemporary Philippine Economy Include The Following

Issues and problems that confront contemporary
Philippine economy include the following:
• Lack of political will on the part of government

to support local entrepreneurs and develop
local industries as well as to assert its self-
determination by promoting Filipino First and
protectionism policy
• Low real wages and little job opportunities
• Huge foreign and domestic debts

• Bureaucracy and massive graft and corruption
in government.
• Inefficient tax collection, tax evasion, tax
credits and tax holidays given to foreign
investors rob the nation of needed revenues.
• Colonial mentality of the people to patronize

foreign goods rather than their locally made
products.
• Economic instability brought about by peso
devaluation, political instability, and high cost
of gasoline and crude oil products, military
threats, coups d’ etat, and unstable peace and
order situation in the country.
• Unemployment and underemployment.
The government institutes the following solutions to
the economic problems:
• Among the plans/programs that aim to make the

Philippine economy grow is the conversion of the
former American naval base, Subic Naval Base into a
free port zone under the management of the Subic
Bay Metropolitan Authority (SBMA).
• Inviting foreign investors to set up business in the
country and providing incentives, such as tax breaks,
tax credits, and tax holidays.
• Organized livelihood projects to help the poor be self-
reliant.
• Entering into treaties and joint ventures agreements

with foreign nationals and foreign corporations in the
exploration and development of our natural resources.
• Opening the Philippine markets to world commerce,
import liberalization policy, lifting of protectionist
policies, and adherence to the idea of globalization.
• More foreign debts and foreign aids from the World
Bank and the IMF to solve budget deficits.
• Privatization and commercialization of government-

owned or controlled corporations.
• Joining in treaties and agreements with world trade
bodies whose goals and objectives are advantageous
to the more technological advanced economies.
Example: WTO, APEC, GATT, etc.
• Imposing dictatorship or strong presidency to control
political and economic power.
Recommended Solutions
• Governmental support to local entrepreneurs
and development of local industries.
• Industrialization of agriculture
• Development of the national steel industry.
• Provision of real wages and profit sharing in
business.
• Free education for all through state-funded
education and more emphasis on science and
technology and mathematics.
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• Countryside development and regional
development
• Moratorium on payment of foreign debts
repudiation on those debts which were not used
for public welfare.
• Intensive and more efficient tax collection
especially among big-time tax evaders and erring
corporations.
• Political will to stop graft and corruption in
government
• Protectionism policy and governmental
regulations on prices of commodities.
• Campaigns on Filipino First Policy, patronizing
local goods and product, and pride in being a
Filipino.
• Strict adherence to the constitutional provision
on the exploitation of our natural resources.
• A realistic appraisal of the costs and benefits of
dealing with MNC’s in a pragmatic context and
where these are advantageous to both.
• For the Philippines to be truly self-reliant the
government should enact foolproof laws against the
abuses of the MNC’s and TNC’s and recognizing only
legitimate and fair foreign trade.
• A planned economy based on a grand strategy as to
which industries should be supported and which to be
abandoned and involving close control over the
standards of living, employment and minimal inflation.
• Genuine land reform
• More trade and commercial relations with Asian
neighboring countries.

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Issues and Problems That Confront Contemporary Philippine Economy Include The Following

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Issues and problems that confront contemporary

Philippine economy include the following:

• Lack of political will on the part of government

• Huge foreign and domestic debts

• Colonial mentality of the people to patronize

• Among the plans/programs that aim to make the

• Entering into treaties and joint ventures agreements

• Privatization and commercialization of government-

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