The state of our nation -- DEMAND AND SUPPLY By Boo Chanco, June 28, 2013 Francis opened his speech declaring that “we live in dangerous times.” But he also pointed out that “in an unstable global economy, conventional economic metrics suggest that the Philippines has never been stronger...” These are the good news “we cannot, but be thankful for: “Our 6.8 percent GDP growth in 2012 and the 7.8 percent p.a. in the first quarter of 2013; But, Francis asks, “What is wrong with that picture? The answer is: a lack of inclusivity that fundamentally undermines sustainability… the benefits of growth have historically gone to a very small component of the Philippine population...” “A need to broaden an existing narrow economy characterized by a service sector that accounts for 52 percent of total employment (agriculture accounting for 33 percent and industry, 15 percent); a weak and badly neglected agricultural sector which, despite accounting for 33 percent of our total work force (2011), has seen its share of total loans from the banking system decline from 9.17 percent (P232.65 billion) in March 2008 to 4.66 percent (P197.15 billion in December 2012); ..."
Posted on: Fri, 28 Jun 2013 05:30:46 +0000
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