Economic Problems In The Philippines.docx

Economic Problems in the Philippines

Though a fast-growing economy, Philippines still needs to address the issues of poverty, unemployment, and poor infrastructure. Here is some information on the economic problems of the Philippines.

1. Unemployment Despite rapid economic growth in the Philippines in recent years, unemployment remains a persistent problem for the sprawling Southeast Asian nation of more than 100 million people. Though jobs are being generated, there's a need to generate jobs at a much faster rate, to be able to bring down the unemployment rate. Many of the unemployed individuals are college graduates. Many wait for job opportunities abroad, and many families depend on remittances from family members who are staying abroad. 2. Poverty Filipinos think that the cause of poverty is the lack of education which is true. For example, the parents from a poor family and who doesn’t have an education tend to have more babies than those who are in the middle class because they don’t have any knowledge of Family planning. While the rich people as you notice here in Philippines they only had one or two babies they can focus for their son/daughter’s future. The poor become poorer. The rich become richer. 3. Poor Infrastructures Infrastructure is one of the biggest challenges Philippines is facing today. This can be attributed to underinvestment in infrastructure. Insufficient infrastructure has been a major constraint to economic growth and poverty reduction in the Philippines. Though the country has relatively high access levels to water, sanitation, and electricity, service levels have failed to keep up with rapid population growth and urbanization.