Rp Economy 20 Yrs Behind Asian Neighbors

[Mr Lee]

This should come as no big surprise to most of us. Why do you all think that is? I feel it is the corruption and especially the face issue that holds the PHL down. 09/20/2011The Philippines is now 20 years behind dynamic neighbors in Asia in creating wealth and new jobs and solving its chronic poverty problem.This was the assessment of a team of Philippine Institute for Development Studies (PIDS) economists led by its president Josef Yap, in a research paper titled The Philippine Economy: Structural Issues presented to a cross section of the business community and the academe at the Neda in Makati City the other day. In terms of per capita gross domestic product (GDP), the Philippines last year was valued at $1,378 landing seventh lowest among similarly situated economies in the region in the 1960s. On top of the heap was Hong Kong with a $35,671 per capita GDP last year followed by Singapore with $32,111.Taipei came in third with $19,260, followed by Korea at $15,372, Malaysia at $5,264 and Thailand with $2,751. At the tailend of the list was Indonesia with per capita GDP of 1,180 which landed it just a few dollars behind the Philippines in per capita GDP.With corruption being tamed by its new President in the past few years, Indonesia is expected to shortly outpace the Philippines in growth and development. In the region’s struggle to tame poverty, the Philippines’ record, said Yap, was dismal. It now has the highest poverty rate of 26 out of every 100 families in the ranks of the poor, 22 of them surviving on less than $1.25 (roughly P55) a day

[Old55]

Corruption is just part of the problem. The ruling family's and their cronies have no interest in outsiders meddling in the economy when they can manipulate it for their own good.

[sjp52]

Corruption is just part of the problem. The ruling family's and their cronies have no interest in outsiders meddling in the economy when they can manipulate it for their own good.

Your right, But thats part of the corruption

[Call me bubba]

Corruption is just part of the problem. The ruling family's and their cronies have no interest in outsiders meddling in the economy when they can manipulate it for their own good.

Anyone heard of the 60/40 rule? that too holds back the "true" development,just today the PTAA wants the "resorts" to be held to this rule.so that no "outside" firms/citizens would have a majority interest. Allowing foreigners to own properties and have a majority stake will lead to uncontrolled development in the country’s tourism industry,” :o it seems that they dont wish for the "travel sector" to grow.which in turns, creates jobs, which in turns uplifts the peoples life. living situation. Dont they need development so the sector can grow? many other countries are already outpacing the RP while,,,,,,, the RP "cries" :o as they aren't attracting more tourists Travel agencies buck bill on foreign equity THE Philippine Travel Agencies Association wants foreign ownership restrictions to stay in the local tourism industry.“We do not need to follow the examples of our neighbors in the region. Allowing foreigners to own properties and have a majority stake will lead to uncontrolled development in the country’s tourism industry,” Aileen Clemente, PTTA president, said in a statement. Governor Edgar Chatto said allowing foreign control would result in what he called “resource allocation” issues. “Congress must thread the 60-40 ownership stipulation in the Constitution carefully. There must be a win-win situation on both sides,” Chatto said. He said some foreigners that operate resorts in the country are going around the foreign ownership restrictions by marrying Filipinos and having the properties named to their wives. A move in Congress to relax foreign ownership restrictions is gaining ground. The Joint Foreign Chambers is also pushing for increased foreign ownership as a means to attract more investments into the country. http://www.manilatim...-foreign-equity Edited September 20, 2011 by ed villas

[Art2ro]

As an example of foreign ownership, look what happened to Hawaii! The Japanese owns most of the prime real estate in Honolulu, Waikiki area! It has become a tourist boom since the 1960s! And Singapore flourished due to British colonial rule and when the Malaysian people got their independence, the Malayan ruling body of their parliament gave citizenship to all other ethnic nationalities bonding their heritage even tighter forming an honest and strong government that made Singapore what they are today, an economic power! A few South East Asian countries are following suite except for the Philippines, who are still behind the times due to their corrupt government in the past 20 years or so and their lack of foreign ownership in business ventures is still hurting their economy and tourist trade!