Philippine Economy

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PHILIPPINE ECONOMY
The economy of the Philippines is the world's
34th largest economy by nominal GDP. It is
the 13 largest economy in Asia and the third
largest economy in the ASEAN after Indonesia
and Thailand.
The Philippines is one of the emerging
markets and is the 6th richest in southeast
Asia by GDP per capita values, after the
regional countries of Singapore, Brunei,
Malaysia, Thailand, and Indonesia.
Since its independence, the southeast Asia
nation had massive and frequent political
upheaval resulting in degradation of economy.
This resulted in many Filipino seeking a job
overseas which contributes 8.6% of the
economy.
It has been listed by Goldman Sachs as the
next big 11 countries.
It was the second wealthiest country of Asia
in after Japan in 1960s.Today, 60 families in
the Philippines are controlling most of the
economy.
The Philippine economy is projected to be
the 5th largest in asia and 16th most prominent
in the world by 2050. According to
PricewaterhouseCoopers, it estimates that it
will be the 12th to 14th of the richest economy
in the world by 2060. Well this opposes other
reports from HSBC holdings PLC, that by the
year 2050 , the Philippines will have been
stated to surpass the economy of indonesia
due to its yearly higher GDP growth rate of
6.5% (second, after China). However ,
economic statistics may still vary depending
on the performance of the government every
year.
The Philippines' economy is still so
dependent on remittances. It is dependent on
foreign remittance, and it keeps foreign
investors out. Foreign investors find the 60/40
constitutional provisions such a turn off as they
have built the business 100% - then upon
entering the Philippines, we can only control
40% of the business and share it with the
Philippine entity who will own 60% of the
equity. This is such an irony - filipinos keep
foreign investors out, then go overseas to work
for 100% owned foreign households and/or
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