The economy of the Philippines is the 39th largest in the world, according to 2014 International Monetary Fund Statistics, and is also one of the emerging markets. The Philippines is industrialized country which has been transitioning from one based on agriculture to one based more on services and manufacturing in 2014, the GDP by purchasing power party was estimated to be at $690.223 billion. as newly industrialized country, the Philippines is still an economy with a large agricultural sector.
AGRICULTURE
Philippine is the 8th largest rice producer in the world, accounting for 2.8 percent of global rice production. It was the largest rice importer in 2010. Rice is the most important food crop, a staple food in most of the country. It is produced extensively in Luzon, the Western Visayas , Southern Mindanao and Central mindanao. Rice production in the Philippines is important to the food supply in the country and economy.
The philippines is also the world's largest producer of coconuts. And also it is one of the largest producer of sugar in the world according to Food and Agriculture Organization of the united nations statistics division.
PRICE HIKE/INFLATION
Inflation is the increase in prices for goods and services. One example is the increase of prices of rice, gasoline, petroleum. Prices go up because the money supply increases to benefit the well-connected. One reason why prices increases is because of hoarding. the keeping of goods. So when scarcity comes, the prices would be high. And also because of natural calamities that destroys the goods.
BENEFITS
While consumers experience little benefit from inflation, some individuals reap the rewards. Manufacturers can charge more for their products and contractors can raise their prices. Business owners can deliberately withhold supplies from the market allowing prices to rise to a favorable level. Investors also enjoy a boost if they hold assest in the markets that are affected by inflation.
In my opinion, price hike is a threat to savings. People have to work hard to make their needs meet. The Government has not spared anything that the common man needs to survive., what with the already ridiculous situation of food inflation which is above 10 percent to be precise, 10.13 percent. It is literally making beggars out of the common man with the way it is increasing the rates of things across board.
I do not agree that without price hike there would be a major threat to savings. Since, the demand and supply must be balance to prevent scarcity from happening in the Philippines. It is a good observation of the writer in seeing that there are more bearing beggars in the street. Hence, nobody is alone in formulating a strategy to this problem, however from highly integrated, small to medium-scale firms it will possess a clear advantage- following a triangle diagram to invest, demand and form incentives to workers to becoming competitive. Although, I do agree that consumers with little experience to inflation will reap from these rewards, it is good thing that the writer gave message to show the pros and cons of the agriculture sector and inflation.
ReplyDeleteIt's a 50/50 situation. We the people are supposed to work for our own needs and the government's role is to help and support us, not to take from us. - Mia Russell
ReplyDeleteWe should never fully depend on the government to support our needs. We must work for our own needs
ReplyDeletePrice Inflation is beneficial at the same time a problem. It is needed to have a balance economy, so increasing of prices is also needed to avoid hoarding. But as said, price inflation is a threat to savings. Instead of saving up money for our basic needs, we pay more to provide them. This is why there are beggars and poor people circulating the country.
ReplyDeleteAlthough its already a given that we have to work for our needs, the government should at least help the people with jobs or anything to cope with the inflation of products.
ReplyDeleteAlthough it is understandable that the price hike can threaten one's earned savings, it is necessary whenever the demand does not meet the supply, vice versa.
ReplyDelete-Paul Beltran
People should be able to attain their needs but the government should be able to give them a means to attain such needs.
ReplyDeleteThough it is true that we should not depend on our government for our needs, it is a big help if they could contribute in attaining those needs by easy means.
ReplyDeleteI agree price hike will be a real threat to many peoples jobs and their savings. But if it is a need to help our economy grow then i say take it.Because after all this if our economy gets better we the people will benefit from it.
ReplyDelete-Marc Lim
Price inflammation can be a benefit as well as a threat, since we have to maintain a balance economy. Price inflammation would cause a economic scarcity since a lot of people would tend to hoard on those items that has a really low price.
ReplyDeleteWe cannot always blame the government for not giving us enough things for our satisfaction, it also requires our factor live a better life.
ReplyDeleteWe are to be served by the government but it doesn't also mean we are always right.
ReplyDeleteI would like to add on that the Philippines’ economic freedom score is 62.2, making its economy the 76th freest in the 2015 Index. Demonstrating a high level of resilience and overcoming the devastating impact of the massive typhoon that ripped through the central part of the country, the Philippine economy has recorded an average growth rate exceeding 5 percent over the past half-decade.
ReplyDeleteFrances Bosque BSOT 1-B
Price hike is indeed a threat to savings but then again, this money is used for our economy. I don't really see it as a problem if this is beneficial for the country.
ReplyDelete-Therese Alcoseba BS OT 1-B :D