The Philippine economy is getting better under the governance of President Benigno Aquino Jr. or what we call as P-Noy. Some news even states that if the Philippine peso will continue to have a good standing in exchange with US Dollars, more jobs will be available in the country. Better economy means more jobs. If that would happen in the succeeding years, OFWs will prefer to work in their homeland rather than going to other countries to seek a job.
In terms of income from local sources and per capita basis, Makati City is recognized as the richest local government unit (LGU) in the Philippines. There are many business enterprises engaging in export/import, services, real estate, financial services, manufacturing, and wholesale/retail that are registered in Makati. Call-center jobs have boomed not just in the metro, but all over the Philippines. The city of Makati has the highest number of BPO offices, together with PEZA-accredited IT Parks and Buildings in the National Capital Region (NCR). For 26 years now, the city and its people enjoy a deficit-free status because tax rates have not yet increased since its new Revenue Code in 2006.
The Makati Business Club (MBC) is a non-profit business association and private non-stock organization for Constructive Ideas. They foster and promote the role of the business sector in national development efforts, both in the planning and the implementation of policies. They believe that the economy is on track to attain the 6 to 7% target full-year GDP growth for 2013. This status will encourage greater partnership between the private sector and government in various areas to exceed their goal.
Good economic standing
In May 2013, Makati Business Club (MBC) praises the Aquino administration for the strong performance of the Philippine economy. The proficient leadership of our economic managers and sound macroeconomic foundations of the country have gained the attention of investors in the economy. It results to 7.8% on the first quarter GDP growth. It is considered as the highest since the second quarter of 2010, the third consecutive quarter of greater than 7% GDP growth, and the fastest in Asia for this period.
MBC states that the agriculture sector got more than double growth from last year’s 1.1% in the first quarter to 3.3% this quarter. The fisheries subsector’s recovery ranges from -3.8% to 5.5%, while the industry’s 5.3% standing last year changes to 10.9%. The significant growth in the percentage of factors in the economy is due to the acceleration of construction and manufacturing. The industry sector overtook the growth of the services sector.
There was still a remarkable recovery in the capital formation from -31.3% to 47.7%. On the demand side, it shows a rise in the investment which are spent on construction and durable equipment, even though the household and government consumption decelerated and exports contracted.
MBC thinks that the economy still needs to create further policy environment favorable to a sustained increase in investments. The challenges of unemployment, underemployment, and eventually an inclusive growth should be addressed.