Modern Economical Landscape of Philippines Essay

Modern Economical Landscape of Philippines - Essay Example It is marred with corruption, political dynasties, red tape, and nepotism. Investors shy away from the country due to the difficulty of doing business there. As a result, the local economy suffered where unemployment is high subjecting many of its population to abject poverty. Also, many of its best brightest minds left the country to work and migrated overseas (Rappler.com). At present, this flaw in the political and economic infrastructure of the Philippines is not yet corrected as the remittances of its Overseas Foreign Workers are still the biggest contributor to its economy. The second issue why the economy of the Philippines is not strong is because it does not have its own industrial and technological backbone. Its economic base consists merely of business processing units and assembly plants which are primarily owned by the foreign enterprise. These enterprises can leave anytime exposing the vulnerability of the Philippine economy. My two recommendations for the Philippines for the Philippine economy to become prosperous 50 years from now are to reform its political system and build its own industrial and technological base. It can reform its political system by prosecuting corrupt officials and passing into laws that will democratize its political systems such as banning political dynasties and nepotism. Its recent prosecution of corrupt officials under the former President Macapagal Arroyo supports this recommendation as investor’s confidence increased. Investment flourished amid a global crisis. During the period 2011-13 when the global economy is slowing down, the Philippines registered a GNP of 7.2% which is considered as one of the highest in the world (NCSB).