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Gross Domestic Product (gdp) of Philippines

By:   •  December 13, 2018  •  Term Paper  •  960 Words (4 Pages)  •  35 Views

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Introduction

1.1 Significance of the Study

In recent years, reports have shown that the Philippines’ economy has been

performing well with Gross Domestic Product (GDP) growing to about

USD284.78 billion in 2014 and obtaining credit ratings of BBB from Standard &

Poor’s Financial Services. This credit rating means that the country has the

capacity to pay its debts fully and on time (Tradingeconomics.com, 2016).

Despite this growth, the wealth gap between the rich and the poor, though

declining, remains to be wide with 10 percent of the richest Filipinos controlling

76 percent of the country’s wealth (de Vera, 2014). This income disparity is

evident at every corner one looks. Illegal settlers cramped in shanty towns can

be found in almost all the major cities in the country. In order to address the

issue, the government has resorted to different measures; from superficially

fencing the towns out of sight of international visitors during major diplomatic

summits up to providing illegal settlers with relocation sites where they can

resettle at more decent homes. However, the problem of crowded squatters’

areas and poverty persists especially in the National Capital Region (NCR).

As years pass by, the problem with illegal settlers continue to rise with more

people hoping for greener pastures flock the cities to find jobs without the

assurance of getting one or even getting a place to live in. Looking into the

problem on why people choose to stay in patched up cardboards, plywood and

corrugated metal they call home, most informal settlers refuse relocation

because they are concerned about making a living in the new place (Moya,

2013). Furthermore, existing acts and bills regarding the relocation process,

such as the Urban Development and Housing Act of 1992 accompanied by

Executive Order No. 152, are not strictly followed and those who agree to be

resettled end up losing their livelihood without being provided a new one

(Macapagal, 2006). Due to the lack of source of income or access to credit to

help them in starting a new business, the relocated families fall victim to loan

sharks which further aggravates their financial situation. Reports also show that

people in resettlement sites are so impoverished that sex-for-food prostitution

exists. It is because of these problems coupled with “depression, malaise, and

virulence” that some will choose to sell their new homes, leave and go back to

the city to live as informal settlers (Moya, 2013).

In the report published by the Asian Development Bank in 2009, one of the

recommendations in alleviating poverty and narrowing the wealth gap is to

“involve key sectors for a collective and coordinated response to the problem.”

One of the recognized sectors is the civil society including cooperatives.

Cooperatives are said to have an important role in developing not only

communities but countries as a whole through the creation of “sustainable

enterprises and generation of jobs” though most of the time they are not publicly

recognized (Saner, Yu & Filadoro, 2012).because they are concerned about making a living in the new place (Moya,

2013). Furthermore, existing acts and bills regarding the relocation process,

such as the Urban Development and Housing Act of 1992 accompanied by

Executive Order No. 152, are not strictly followed and those who agree to be

resettled end up losing their livelihood without being provided a new one

(Macapagal, 2006). Due to the lack of source of income or access to credit to

help them in starting a new business, the relocated families fall victim

...

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