The Economy of the Philippines
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- เผยแพร่เมื่อ 14 ต.ค. 2024
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The Philippines, a beautiful tropical archipelago of islands that forms one of the most important economies in the world today. This nation often flies under the radar as a quiet achiever but it is both interesting and important to understand because it may be the quintessential 21st-century growth nation, and that is not to say it is some super modern nation from the future, but rather it is to say that the story of the success and failures of the Philippines is by extension the story of the world today as more and more countries, modernize, embrace technology, trade internationally and bring their citizens into the global middle class.
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📚 Want to learn more about the economy of the Philippines? We recommend reading "An Illustrated History of the Philippines", by Ray Canoy 👉 amzn.to/3dMYf3M (as an Amazon Associate, we earn from qualifying purchases)
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#Economics #Philippines #VideoEssay
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Sources & Citations -
Parreñas, R.S., 2002. The care crisis in the Philippines: Children and transnational families in the new global economy
Boyce, J.K., 1993. The Philippines: The political economy of growth and impoverishment in the Marcos era. University of Hawaii Press.
Krinks, P., 2003. The economy of the Philippines: Elites, inequalities, and economic restructuring. Routledge.
Kelly, P.F., 2001. The political economy of local labor control in the Philippines. Economic Geography,
Bird, M., and Ernst, C., 2009. Offshoring and employment in the developing world: Business process outsourcing in the Philippines. International Labour Organization.
Lockwood, J., 2012. Are we getting the right people for the job? A study of English language recruitment assessment practices in the business processing outsourcing sector: India and the Philippines. The Journal of Business Communication
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@2:35 uhhh that's not the philippines @OP @Economics Explained
Thanks for the great video about economy of the Philippines.
if you were here shooting the video before the Covid Pandemic, too bad we never et. I might have treated you some food and drinks. But of course, balut is included in the menu
I'm not happy your report because very one sided report only badsides lolz...
This is a well thought explanation.
Imagine the philippine economy as one of the fastest racecars of all time, but can't show its true potential because it's stuck in traffic...
Carlos Casanova Yeah that’s accurate
👍👍👍
😂
Accurate. Especially the traffic part
At 2019 philippines GDP increased about 28 billion dollars
Currently consulting for a group in the Philippines, and coming from a western upbringing it’s truly shocking how good the world ethic is over there, and how low wages are. This video does a great job explaining this.
What do you mean by “world ethic”?
Cassiopea sp My bad that’s a typo I meant *work ethic
I share the same observation as I have been working off and on in the PH something to do with "economic development." Very frustrating to see.
yeah you can hire people like me for cheap! plus I dont need to go anywhere cold
carlitos vodka See, that’s where I feel awkward being in Ph. I’m about the same age as the people who are waiting on me and following the people I work with almost like “servants” and where I’m from what they’re paid isn’t barely enough to buy lunch. I know it’s just how economics works, but it bothers me a bit that people who are my age and work every bit as hard as I do, aren’t seen for how valuable they truly are largely based on the circumstance of birth.
Great video overall, but you forgot to mention the almost 10 million Filipinos that work overseas, sending billions of dollars yearly. It's like around 10% of the GDP.
14hours ago? how? this video just got released 3 mins ago.
@Taiga Kobayashi former
This comment is a perfect copy of one written by Brown Dusky. Don't know who put theirs up first.
@@maxpower3990 this one is 15 hours ago, Brown's is 26 mins ago, and you have trouble deciding????
The overseas Filipino worker (OFW) phenomenon follows the same principle as discussed by the video. Before outsourcing, Filipino labor go to where the jobs are. Now, the jobs come to where Filipino labor is.
I live in the Philippines... seems like everywhere I go I see young people(Children, teens) and all speak good English even at a young age. The Philippines is gonna be a underdog story one day.
A lot of children & teens in India that speak good English as well, except they're all shitting in the streets. Philippines problem arises in the fact that you can get out of a DUI by bribing the policeman with $20 US 🙄
Yeah believe me. With piracy comes with long term prosperity.
Neh. Not everyone though
Because we have our own brand of english which is actually gibberish to pure english speaking nations.
@@mi4johns lol drug dealers or criminals are getting killed here in the Philippines and sometimes even a mistaken one gets killed which is pretty sad
@@aliveBM my classmates speak english like native speakers.
For some time my home country of Mexico was the same country as the Phillipines (when it was part of the Viceroyalty of New Spain) much love to our cousins over there!
Yes we are really hispanic sisters. We belong to the same culture. We have shared history.
We love your telenovelas.
Ok🤔
Interestingly, it is thanks to Mexico that Philippines stayed under Spain. The establishment of the Galleon trade was so profitable that Spain decided to keep Philippines despite the crown losing money on the maintenance of the colony.
Please, we're not related
I've owned, investee and rented out property in Manila for the last 8 years. Interacting and conversing with all walks of life of Manila, from security guards to police captains and mall sales people to mall managers. There are lots of flaws, manipulation and predation from people at the top of their companies and government.
It's all too easy for an outside observer to see all the decent things like government set minimum wage and "fair" working laws. That are more or less carbon copies of western laws and regulation, but rarely is any of it followed or enforced by the people and authorities.
Pretty much everyone that doesn't own their own home or work for the government, are working under contracts, contracts that grant a salary that is often less than half the national set minimum wage. There is an abundance of people coming from the provinces who are uninformed of their rights and people that are only looking to work for 1 year in the city and return to their family in the province, which keeps this unfair job contracting alive.
i can go on for hours on the inequality and predation of the Philippines but im drunk rn.
If this is you drunk I want to see you sober
Try to say all these to your typical American middle class now and they would happily take contractualization and such just to prevent machines to replace their jobs.
I'm a Filipino, but can see things and flaws in economic systems in other countries. There is always a cost to achieve something. Too high labor, and a rigid and uncompromising worker's union (like in the US) forces automation (and thus the now general trend and hatred in the West towards the Unions), while the opposite is true in the case of China and Africa.
With that, contractualization is a (somewhat poor) middle ground in an attempt to solve this dilemma.
@@skybattler2624 Agree, the entire idea of minimum wage doesn't help anyone. It's like people don't get that if someone agrees to work for a certain amount than it's perfectly fair and it means that the worker also thinks that it's fair or he/she wouldn't agree to the job.
Creating Creations, the problem is that some people are really dumb, especially these day, and they take less pay than they work for. That was the problem back in the Gilded Age, but not so much a problem now. If the companies don't give a choice to the workers, and underpay them, that isn't good either. It's a really hard problem to solve when automation gets involved and starts getting more advanced. I just hope Andrew Yang's solutions actually deal with the problem, after he hopefully gets elected...
Maldives have bigger problems
Two words I never thought I would hear about my country in a positive sentence:
Philippines
Discipline
outside of the Philippines Filipinos are well Disciplines but if they come back they usually revert back to throwing trash on the streets. That's probably why foreigners things we are well disciplined.
what he means by this is quality of work, not social discipline. Compared to goods and services from other countries, filipinos usually produce a better quality than say manufactured goods from china or english from india. This is in part because of how we are hospitable and how meticulous we are.
*work discipline
If under a corporate structure yes. Traffic, at an airport? No.
@UCRTeZvaIYGZqVFAYV8v8t0g that is one of the few... bad examples of Filipino caretakers. All of the ones I know aren't close to being that bad at all.
From the USA: Wishing the Philippino people happiness and prosperity. Anytime I've worked with them I found the people to be kind, honest and hardworking.
"Philippines, the Next Economic Miracle?"
Yeah, its the same thing people said in the 1970s.
No! Now you jinx it.
There was back in the 70’s?
Marcos happened though. Philippines actually had a decent (maybe Argentina tier) standard of living ahead of them if they continued like that.
and by 2070 Philippines is still a miracle that never happened. lol
@@theghostofspookwagen4715 Marcos catapulted us to levels near Singapore, but he and his wife plundered our country in the end. I long for a leader with the heart of Lee Kuan Yew and the abilities of good governance to get us back there.
As a Filipino, I never saw it that way.
On the flipside, this export of labor force may cause a brain drain, due to demand concentrated on specialized high-skill labor, while low-skilled labor stays domestic, leaving the Philippines’ QOL stagnant.
It’s actually why I want to move out too.
Most Filipinos would rather stay in the country if they have a decent paying job. The most qualified Filipinos get the desired jobs. Those who can't compete for the good jobs go abroad. So in a way, the most qualified are retained in the country while those who got squeezed out of the labor force go out of the country to find a good paying job.
@@wavemaker2077 Not necessarily, many who are qualified still go abroad, particularly in the healthcare sector, and for other jobs that feel they're underpaid and someone abroad offers something better for the same effort, and there are also other perks for some to migrate particularly with much more efficient system in government.
@@wavemaker2077 not really because the benefits and salary for the same job is better than the ones here in Philippines
That is why.. Huwag sana nating maliitin ang nasa BPO.. They are an "exported" labor force but spends their money locally.
I dont have the numbers but after working in the industry a lot of us will eventually work directly for some US firm bringing in fresh DOLLARS while spending them on the local economy. Talagang WIN-WIN.
@@jpdelmar440 BPO company pero nakaka-benefit pa rin sa ekonomiya ng bansa. Mukhang win-win nga actually, maliban na lang kung walang access sa technology.
Well, this came out of nowhere.
Yes
Indeed.
i guess he is making a series . USA,UK,Europe, China, Now South East Asia
Kinda expected this, honestly. Considering we average around 6 - 6.5% of gdp growth
@fellow human being i'm you so what ?
its surprising how big of a roll Catholicism plays in the Philippines, considering that only 37% of Catholic Filipinos attend church weekly.
37% is still high.
Yea we roll alot in churches here
TTV_ Yo_boi_judd They think everything is forgiven through religion. Let’s face it, a lot of them disobey the church’s guidelines and stuff. Hypocrisy on the church’s part as well.
@@ausintune9014 its unbelievably high
Isn't that typical of Catholicism? Two Catholics absent for every one Catholic in attendence is about what I would have expected.
This is why I love history economics and geography so much
Its all so connected that if you are trying to look up one thing you automatically learn a lot of other things on the way
He said that India is known for call center services. That is actually already taken over by the Philippines from India a decade or more ago.
As an Indian I don't know whether to be happy or sad about it. :/
I thought it's the other way around?
@@themongolsarecoming_9437 it's okay. You do better in engineering and software-related techs.
@@themongolsarecoming_9437 well if i were to choose for my country, ill choose what india have - IT/engineering industry. That's much better than BPO.
@@themongolsarecoming_9437 You should be Happy! As far as I know,India is currently on the next step after the BPO Investing step. India is now level up and the Philippines wanted India to be an example of successful in running BPO companies!💗
There's a little blunder of saying that Metro Manila is only half of Atlanta Airport (Hartsfield-Jackson Airport). Metro Manila and Manila City is totally different. Metro Manila is comprise of cities (Quezon City, Makati, Mandaluyong, Pasay, Manila City etc) that represents the capital cities of the Philippines with a total land area of 619.6 km² while Atlanta City itself is only 354.2 km² which the Hartsfield-Jackson Airport is within it. Perhaps you are referring to Manila City only.
he said metro manila is twice the size not half
@@jar3608 he should have said that ATLANTA CITY is twice the size of Metro Manila not the Atlanta Airport. Ok? 🥱👌🏻
I agree. The author should claim this is errata.
I am screeching, you need better comprehension. He said "Double the size of Atlanta International Airport"
He said,.Manila City is just twice the size of that Atlanta Airport
Not to mention that Overseas Filipino Workers contribute a lot in our Economy, in as much as they bring back dollars, pounds, and euros. I supppse it makes the country better stabilized.
They do make our economy stabilized since we are pumping foreign currency but it only just maintain the status quo we have not really improve or innovate our country as a whole since most of ours bests are overseas and the ones left are mere shadows of the bests we had chased out of our nation for better opportunity.
@@charlemagnethegreat2916 indeed... we have a brain drain because of it.
yup, phillipines maid clean my shit for dirt poor money.
Right now, the contribution coming from either the BPO and the toursim industry easily matched the contribution of the overseas filipino workers to the economy. Time will come very soon when going abroad for work will be a choice rather than a necessity. Already, many companies are having a hard time recruiting and retaining employees bcoz most people are employed. Currently, there are thousands of mainland chinese, indians, africans, americans working in the phils as foreign workers. Many of them are even working illegally. And this is even before the fact that the phil economy is not fully opened to foreign investors. Once the country's constitution is updated and the economy is open to more investments, workers can now choose what companies they want to work for rather that the other way around like right now.
@@albertteng1191 Well written and explained. Which constitution are you pointing out? Federalism?
If you may and able I want to hear your point of view on our country's goal of Federalism. Thanks!
I worked with some pholipino guys in KSA , the amount of discipline and work quality they have is remarkeble , even without comparing it with low payment
Surprised you didn't mention the vast numbers of Philippinos who work as sailors around the world. Most crews on Passengers liners and Cargo ships are from the Philippines.
I think it's because that doesn't add nearly as much money to the Philippine's economy. There are a lot less sailors in the wold than accountants, I assume they don't get payed as well, and they spend much of their money at foreign ports rather than investing it into the philippines
I don't have the time to look up how much they contribute to our economy, but being a seaman is a rather prestigious job here, especially if you're working on an international cruise ship, and I think our geography and demographics are also at play. Most of our people aren't concentrated on a single island; while Luzon has nearly half of the country's population, there are still other islands in the country that also play a big role in the country's economy. Most of Japan's population on the other hand live on the island of Honshu, and while Java does account for nearly half of Indonesia's population, Indonesia's other islands aren't as dense as Java; the Philippines' population are more evenly spread and our islands are smaller, which I think makes sea transportation more important here.
Do you watch Hasan minhaj
Its because the current constitution is restrictive to foreign ownership and thus theres not much foreign investments pouring into the country compared to other neighboring countries and therefore less jobs and so you see many filipinos working abroad. Duterte should be more aggresive in passing laws that remove these foreign restrictions which are still hurdling through congress and senate since he has proclaimed way before in removing such restrictions to gain more investments
@@diepie5144 maybe not payed as much as their foreign counterparts but still when converted to PHP its a boatload of money here not to mention most basic necessities like housing and food are covered on shipping duties based on what I know
0:20 'Quiet' and 'Philippines' are two words I'd never thought of going together.
Every Phillipino I get the chance to know, always has to make sure to let me know how pinoy they are
*_The fact that my mom raps faster than Eminem is terrifying_*
@@senorswordfish6019 lol
Oh god, the accuracy
as a filipino this is so true lol
True... we can be very annoying lol
My favorite country to visit. Ive been all over the world and there is not a friendlier group of people that really make you feel welcome. Much love from Chicago 😇
Remittance of the 10 million Filipino diaspora also should be noted, as they give buying power to a huge amount of the population, while also being of no cost to government services.
Also tourism, call centers (not just outsourced accounting, 2nd only to India), putting foreign currency and more buying power to the population without having any significant industry to consume and export driving growth.
I'm pretty sure Philippines already beat india back in 2011
@@octaviondeminicolas1941 Yeah, thats because the Indian government is actively moving away from low-paid call centres to high-paid IT services. Many of the software that you use daily was partly programmed in India at some stage, or is currently being serviced/maintained there. Google, Microsoft, Facebook, Amazon all have huge operations in India.
@@NouveauSuperElite I saw a recent documentary about that from vice
The diaspora does have a cost tho in that leaving had cost a brain drain to the country.
Ideally we should be keeping the best of our people as these people also generally are more inclined to set up businesses which would improve the country.
But yh the remittances does provide a pretty stable income to the country :)
And ristricted foreign direct invesment
Economics Explained: *commits mistake*
Filipinos at the comment Section: You have chosen Death.
Noice
What was wrong in the vid?
maybe he mean making videos about the PH, because they always say that we wreck the comment section when the video is about us.
@@ifureadthis_urgay
well imo, he forgot to include the importance of overseas Filipino workers towards the Philippine economy and that the Philippines until now is still under the 60/40 economic restriction provision of the 1987 constitution.
browngut65 whats the 60/40 economic restriction
Wait - did you just say atlanta international airport is half of metro manila?
Woah.
Ice Cell, just manila City i guess. Manila is just a small part of Metro Manila just like downtown Manhattan is to the Greater New York City,
@@johnjohn-6256 yeah there are so many ways of counting what is a city (Using the example of New York, you can go from 8 million to 52 depending on how it's counted), that facts like that can be twisted any way you like
I don’t like people enough for that, I mean AT ALL. I struggle with seeing or talking with my own family. Man, I don’t like people 😞
JOHN VISAYA if Manila City was as big as NYC, then I would be sort of impressed. NYC isn't that big though.
If that surprises you. Imagine how small Singapore is. Its basically the size of Metro Manila (more or less).
As someone who spends most days ACTING as British customer support for an Australian company, a video that talks about Filipino/Philippines affirms that my true self is still in existence. Thanks for this.
I've been there 3 times, it so beautiful and has so much potential.
"Had" so much potential.
@@cham888 Why 'had'?
@@angelrdev Until we fix our shit (i.e. corrupt government), we will only be stuck as "having so much potential" before we transition to a better economy.
🤔🙄😶
@@noahpolicarpio1530 The corrupt governance is a perpetual problem. You need to have better economic policies, and you need national security to squash the terrorists and rebels.
Could you talk about countries like Belarus and Ukraine? Human development index is high, but wages are low
It's eastern europe. Nuf said
CORRUPTION EATS GDP
Think poor people living in a mansion.
South Africa has good HDI too and yet... uh... I guess you know what i mean
Just a number.
I loved the part at the beginning explaining how economics is a social science, and just like all social sciences they do not have a monopoly on the explanation of human behavior and they rely on each other to fill gaps within their discipline. Right on!
Manilla, the "Voltron of cities"... Outstanding.
Elite 1984
Laughed at that bit hah
@RingSight91 Thank you for your response but I stopped caring 6 months ago, 2 seconds after I made that comment.
"Voltron"... so 80s and 90s. 😂 Not sure if the millennials dig it. 😉🤙
@RingSight91 well you just explained why the designation is unique so, you played yourself
Can’t tell whether I’m more fascinated by the content or the amount of 5 second clips this man shows us
"Game of throne boxset not being sold of some reason"
PD 32 “Season 8 never happened”
@@jl1702 there's a season 8?
@fellow human being i'm you why are you replying to like every comment with this even if it has nothing to do with the comment. Just write your own comment instead of replying
@@Kevin-sy8uf i thought it ended on s4....
May bobo dito oh naliligaw ata yung comment edukado daw HAHAHA! nice joke
The oversupply of work is true. You can be an engineer and earn just 300USD a month... gross, which is sad. That's why people choose to work overseas.
🙄 🤔
With the amount of intelligent lawyers we have and the amount of patriotism we express, it's stupid how we can't convert that into electing better officials and creating a better government,
that's the fault of greedy private companies
@@itsmenny No. The problem is government's over-emphasis on education instead of investment. Lack of investment equals lack of opportunities. If government focused more on attracting investment or making a more business friendly climate, we will not only attract business and their capital, but also attract talent with high-paying jobs. Initially, our workforce will have significant percentage from overseas, but overtime, the local population's share should increase.
"Philippines population is still growing, which is strange"
- Let me tell you what most of the people here call: "National past time of the poor"
As if rich people don't have the same pastime. Imagine thinking this but unironically. Idiocy, indeed - nah, actually its pure ideology.
@@kataliyun226 have u seen how much children filipinos in poverty have?, i should now bcs my mother who was born in poverty has 10 siblings
@@fabulousmeatpotato5987 and? you think they're poor because their families are big? you think that your poor bcuz of your siblings? haha idiot. your elder siblings worked to pay for your house bills and tuition.
@@kataliyun226 heard of family planning? Apparently a lot of people still have no idea what great of an idea that is.
@@ashiruwa4132 ever noticed how a lot more people think family planning is for poor people?
Beautiful country, and nice people who can communicate with English. Been there 5 times. Just love it, can’t wait to go back soon. 😁😁😁
Why not live there
@@payca4394 mate I don't think they know how to speak there language
in the Philippines, if you make $4/hr then you can already afford to have your own car and a nice appartment in the city. With $10/hr, you could have you own house, 4 kids in private school and you are on your way to becoming a lower-upper class.
$4/hr. Where in here would pay like that tho? kek
200 pesos? That salary rate could only applied for dish-washer. 🤣🤣🤣
@@amaliahmontefalcodelmoral651we are talking per hour... that is one lucky dishwasher
@@amaliahmontefalcodelmoral651 200 pesos per hour means over 30,000 pesos a month. Are you alright?
I was really expecting you to mention the huge amounts of Filipino's working as sailers, teachers, nurses, and nearly every other occupation overseas in every single country. And they are some of the nicest, harshest working people you'll ever meet!
Filipino professionals all over the world is a big help for their economy...without Filipinos who are highly educated and yet humble people, world economy in terms of needed human resources will stand still....Filipinos are hardworking people even if being ask to work extra hours without complaining salary-wise. The world have seen how amazing Filipinos are especially during this pandemic where Filipino nurses are.everywhere even putting their lives at risks. God must have gifted the Filipino race with bravery and compassion to serve....
3:38 I never thought I would see a stock footage video from my hometown.
Palawan?
@@noahpolicarpio1530 Yep, Puerto Princesa City Palawan
what's with those weird boat/bike things?
@@livethefuture2492 Those are tricycles, a form of public transportation here in the Philippines. Basically a motor strapped to a sidecar chassis.
Live The Future In my hometown in Luzon, Tricycles are simply a motor with a little one wheel car attached to the passenger side. Hence Tri-cycles
In the video however, the town or region seems to have a more sophisticated tricycle with the frame of the car covering the motorcycle aswell... I say that design is better as it makes the tricycle rain proof.
Sir, please make a video about the Philippines again and put it on your leaderboards. I'm a huge fan of your work. Thank you
There goes the old filipino pride itching on you. You won't accept facts, u want praises
yeah though with still low expectation. The WFH option is really a game changer for us.
I am a Filipino American, one day I want to invest in the country and help improve it! Mabuhay! haha
Same but it is difficult with it not being possible to own land or more than 50/60% of a business as a foreigner. I wanted to start a small lending and investment company in a small town where my ex-gf is from. Since we broke up and I can't do it alone as a foreigner I had to postpone.
Didn't expect to see this on my feed today!
Feels refreshing to see an outside perspective give a good-natured look into our economy. It's easy to feel depressed that we're not going anywhere from ground level. That being said, I can't say for sure that we're really better off as a country. We have potential... hopefully we put it in the right place to move forward...
Literally, this was the topic of our family trip home!
Expect a big boom in your viewership. Mark my words.
Pao Gene *expect a surge in comments
Here come the Filipinos
Marcos parin mga ulol!
Put US and China on the title you will see what boom really looks like😂😂
Hence, the boom in the comment section
Salamat, Economics Explained. I always wanted to see a very intricate and objective analysis on our country's economics.
People here tends to succumb to the opinions of others, making biased guesses on the economics and mostly highlight weak arguments towards one another.
As a suggestion, I would like you to cover some of our neighbors so you can talk about SEA more. I want to be more educated about ourselves and our region.
Having lived abroad for the majority of my life in the US and visited the Philippines several times, I’m in awe of the excellent services that my family and friends get from real estate transaction to getting connected to WiFi to shopping and delivering appliances and furnitures to their destination to eating at restaurants or buying taho on sidewalks, or people giving you directions to certain places, I’m in awe of their being open and majority are kind. If poverty is eliminated completely, the Philippines would be more amazing to be IN. Tuloy po, welcome, kumain na ba kayo, kain tayo, have you eaten, let’s eat even if there’s only a few slices of bread. There is the kalooban, how one needs to continually check one’s budhi, conscience. With poverty, bitterness, jealousy, roughness, being suspicious take over that aura of kindness. But perhaps people from many countries would be kind and loving if the balance of nature tip over people thriving than being taken advantage of.
Bla bla bla. You don't solve economic problems with jingoism and this fake narrative u posting
You forgot an intriguing fact about Phil' economy, more than 60% of GDP comes from service sector. That's a lot for a developing nation.
Yes, also we are actually a majority consumption economy (rather than production) than producing so I was puzzled by some statements by that we weren't. This insulated us from many global economic crises.
Is this a good thing or bad?
This video: *breathes
Filipinos: "Allow us to introduce ourselves"
Shut up, just eat pagpag.
Im Filipino and i agree
nice meme
Most Filipinos are actually ashamed of the country and don't even want to admit they're filipino. It's sad really. The " proud to be filipino " meme is just so false.
Not only pinoy used that "iam proud to be" also indonesian,viets,malay same austronesians
"24 million people in the space only double the size of Atlanta Internation airport"
Jaw literally dropped
I think he means habitable space but yea Atlanta airport is giant
@@23gt17 thank you for explaining this
No, he made a mistake. Manila proper is only about twice the size of Hartsfield-Jackson International airport. Most of what we think of as Metro Manila is, in reality, a huge number of other cities and towns.
@fellow human being i'm you To the point of being fascist.
@@gilduma8456,
Excuse me, but could you please explain to me what a 'Fascist' is?
My Chrome isn't working and there aren't any dictionaries nearby. :'L
As a Filam, I was born and raised in California but went to college for some highschool and college in Baguio. Really beautiful places to see all over the PI but the inequality of wealth is well.. it's sad to see. In the end though.. I'm glad I got to grow up in both where my parents are from and US.
I understand FilAms...of course, you have embedded western culture already and not so much about being a true-bloodied Filipino, which i believe only a genuine Filipino would ever believe the Filipino can!..As a Filipino, i have loved my country so much since birth to witness how magnificent this country is and how incomparable the Filipinos are. We may have problems, yes, but don't you too?..but Filipino's resiliency and bravery is unbelievable!...Filipino's smile even in the midst of uncertainty and danger....do you too? So, just stick to US and spare my beloved country...ok?
@@patgonzalo2495 Filipinos resiliency is such an overused word nowadays..
@@espam4557 truee as a filipino, Filipino "resiliency" is just a way to romanticize unfair and inhumane labor, and to hide government incompetence.
Awesome video - As a Expat here in Philippines I found this great, cheers
As a 16 year old who is interested in Economics and Politics in general, from the bottom of my heart, thank you for featuring my country this episode. Love lots from the PH. *Angat Pilipinas!!!* 🇵🇭🇵🇭🇵🇭🇵🇭
the philippines economy growth is unique, it outperform in asias growth driven by its own people. how could it be if it become an export economy , philippines is at a tropical zone, surrounded by marine resources ,can speak english and rank 12 in our world population
As a filipino,
HAHAHAHAHHQHAHAHAHAHAHAHAHHAHAH.
☝️ *The Philippines still has lot of natural resources to invest and to extract, infrastructures to construct, issues to solve in the rich southern part of the nation, and others... -> to further expand its economy...*
☝️ *still, the Philippines has a lot of potentials that need to open up.. to further speed up its economic developments...*
OH MY GOD YES FINALLY
Edit: ok so I watched the whole video, and yeah, what makes the bulk of the Philippines' economy is outsourcing. However, it's very fragile at that, and once automation sets in, the whole stack of cards will just come tumbling down.
All developing countries have this problem to deal with as with greater automation less need to out source
Human labor os cheaper than machine
Human labor os cheaper than machine
@@MrChamber69 wrong human labor requires health care and a salary machine only needs minor maintenance if it breaks
Actually. It is our biggest export that keeps us alive and isolated from crises.
Overseas Filipino Workers
I just wanna say thanks for covering the Ph since I’ve always been interested as to why the country hasn’t been growing as much as its neighbours but I guess things are changing.
From my own research and experience, the country really needs to improve its infrastructure to sustain this growth. The reason why it failed to grow as fast as the others seems to be due to lagging infrastructure between the 1970’s and 2000’s- especially in terms of electricity. So along with political instability, it hasn’t gathered as much manufacturing investors as with neighbouring countries.
Hopefully the BPO industry can provide enough people with a stable job that some might even consider starting a business so that the economy is more diversified. I think a lot of people are entrepreneurial but limited resources mean that they’re restricted with what to do. This was the case with my parents where they owned a vegetable oil distribution business but ended up selling it since working overseas was far more stable than staying.
Wow that's really sad. You would have provided a lot of jobs.
Ristricted parin sa foriegn direct invesment yan ang dahilan kon bakit ang liit ng mga job opening dito
@@larimadunaldo9814 Not anymore. 100% foreign ownership on a lot of industries was finally allowed by the senate. Hoping to see a bountiful 2022 in terms of fdi.
@@wavemaker2077 Yeah but the 60/40 is still there. Any news about the RBH2? I am still waiting about it and the RBH2 is the only amendments that will end the monopoly
There are three factors that contributes to the reason why the country is not growing like others are: 1) the poor infrastructure that makes a nightmare in transporting goods and services from island to island because it is composed of more than 7,000 islands. In short it is an archipelagic country. 2) The system of government which is centered only in Metro Manila, and focuses its development efforts and projects in Metro Manila only, thereby creating a situation for the people to leave the countryside and move to Metro Manila to look for a job. 3) the insurgency problem which not only causes the people to abandon their productive lives in the countryside for fear of their lives and migrated to the urban areas which more often than not, they become idle there.
The Phirwipines, such an amazing country, i love the country, i feel like the ppl are very kind, amazing, I feel that filipinos are very close to Portuguese ppl, I guess its because we are descendants from the same mother ehehehehe xd
Interesting to see "descendants from the same mother." In a way the sort of things we recognize as our culture resemble Iberian culture. Of course there's the religion and cuisine, but on our Language Month, which is August, it's not uncommon to see kids dressed in barong and baro't saya, which look divorced from the sort of traditional clothing our neighboring countries have, they look more Western than they do Asian.
I must say that we filipinos are malays look at our nose and color its very different from yours ferdinand magellan was portuguese who worked for the king of spain who murdered hundreds of Maharlikans during colonial times but don't worry brother we filipinos already forgave what happened from the past.
@@strivehard7244 yeah, i understand, those times were messed up. I know that the filipinos had to endure multiple hardships, first from the colonials, the spaniards, then you guys fought for your independence, wich resulted the death of many national heroes, then the second world war occupation by the japanese. I really understand the suffering of the people of the philippines, but you know what? It makes really appreciate the nation, the strong will to fight for what is yours. The colors of the banner are inverted when its at war. It was not easy for the filipinos. But this once more proves the strong blood of the natives of that nation :) i am hoping that the philippines becomes a strong nation economically aswell just like it was used to be in a not so long past ^^
@@strivehard7244 And also, we dont need to have exact the same nose to be brothers eheheh xd
@@toshitosliba4737
😂 exactly Brother, thanks for your kind words. Muito obrigado.
damn i'm trying to study and then i saw my country's name
yo same here
What I like about Philippine
Jollibee 🐝🐝
How about " Pares"
I love the Philippines but hate the level of service at some restaurants and bars it's so bad.
You like Jolibee??
No one:
Economics Explained: ... B U T.
Great video as always. I'm considering to move there in the future! A beautiful economy and a beautiful country! :)
I: have lived in Philippines for 15 years I first came there the in 1989. I tell you I understood nothing in this video and the guy who did it need to do alot of thinking about what he is talking about. Thanks Dan
Me too, been living in the Philippines for 6 years. This guy doesn't appear to know what he's talking about, I agree with you.
It'd be great if you can elaborate on the specifics of what you mean. What exactly did he get wrong and what are the parts did he miss?
It'd be interesting for the next one to be the economics of Greece, especially with the change in economic policy under Mitsotakis and what effects it might have over the financial crisis
What is greece?do you think,you are important to eu?you failed to deliver.so noone cares anymore if you fail once more.
A few days from now this video will be featured in one of our local TV network.
Thanks for featuring my country EE...
This was a truly unexpected One!
Peru next? :)
please
Its turn for Peru
The DORUK true we had our last few presidents go to jail for corruption
most of the employees i have and have had in the past have been Filipinos. all of my VA's, customer support staff etc. they have done good work and at good prices, and the quality has been overall good as well
Not starting to watch game of thrones was one of my smartest investments ever.
Yep, i agree, analyzing an economy is multi disciplinary, not just looking solely on its GDP, and covers a lot of broad spectrum of factors.
Having said that, i'm quite disenfranchised after working as an employee, with regards to high labor demand;low job supply, being undercut and whatnot...
I'm Indonesian proud to welcome the revival of Philippines economy ! But it must be noted, in the coming years not only Philippines but ASEAN is also ready to compete with Uni Eropa ! Bravo our Phillipines brother and Presiden Duterte..!
Thank you DJOKO Sir for having confidence in the Filipinos, I always thought that if there is a neighbor about us that will stick closer than a brother - then its Indonesia alone, not even the US will extend a helping hand when the worst comes to worse in an emergency, existentially-threatening situation. When I come to read of comments citing a YT video featuring the Philippine's economy and financial standing - I don't fail to notice that there is always present, a word of encouragement, some tap on the shoulder, some words exuding warmth and fraternal kindness - from Indonesian friends. The tone is always kindly, understanding and makes room for compassion - for if there's a people who is acquainted similarly with the Filipinos' perpetual sources of grief, misery and troubles - then its our brethren Indonesians, they could understand us better than condescending, arrogant and indifferent ASEAN neigbors who's got more critical troubles of their own. What I can say from re-watching this pre-epidemic video about my land is if the Lord God will have mercy to lift us out of the pestilence, The Philippines is the likeliest nation to emerged more vibrant, more confident and stronger. I feel this very strongly, while many Filipinos have been made despondent, despairing and hungry because of the worldwide epidemic -- wait until God Almighty will have compassion to these perpetually oppressed, downtrodden people by "appeasing" the virulence of the China-borned pestilence, and by His grace we will be able to survived, even triumph, from the destitution brought upon us by the virus. Right now, the Filipinos can be likened to a multitude of livestock corralled so tightly and so miserably in a pen, enduring the hardship and the confinement. But once the pen is finally opened someday, all exuberance and zeal that these people has in them generously will be unleashed spectacularly, mark my words. Filipinos loves freedom, and freedom in his land is almost exhilirating.....
Westerner: speaks relatively good things about Philippines from a birds eye view
Actual Pinoys: Gets mad because Philippines is not depicted as a shitshow and uses anecdotal examples
hayst...
Because Filipinos see the entire picture. The Philippines was once the third most powerful economy in Asia. It is one of the few examples of a developed country turning into a developing country.
Foreigner: *shows philippines as a shitshow*
Filipinos: HEY ONLY WE CAN DO THAT
But yeah Philippines became really shit because of corruption and terrible leadership
Actual Pinoys = Victims of corrupt media propaganda telling us were poor.
@@jyashin 3rd? Boi we were 1st then Japan beat to us that and the rest is history
@@MrEnlightener101 The Philippines was never first. Its highest point was in the late 1940s when it was third, behind the Soviet Union and India.
The Philippines and Japan are pretty similar in the sense that they're both island chains on the edge of Asia that are so mountainous that their big populations live on relatively little land, thereby increasing the population densities further still. Also, in the 1950s-1960s, the Philippines were second only to Japan in per capita income in all of Asia; of course, the Philippines have long since been outstripped in that regard by the Asian Tigers like S. Korea and Singapore, plus Malaysia and Thailand and what not. Where the Philippines and Japan are opposites is that the Filipino population continues to grow and is still quite young while Japanese population growth has been pretty stagnant (projected to decline relatively soon) and has been aging.
Great people n nation philippine, love from indonesia
"This is the Phili-PAINs", sounds about right
Philipenis
Thruth hurts❤️
Filipinos are trigger happy people.
I hate the fact that I'm one of them.
@@gkfujiwaraesquibel7998 my fellow upper middle class kababayan. Our station in society makes us think alike
Really weird to have my homeland featured, we're usually footnotes in foreign youtube videos.
Geography now is very very silly
hahaha, filipinos are hungry for online recognition that's why.
@Ronnie B. Lmao .Yeah, maybe that's a trait of being a filipino. To be happy in small things like attention even if they are suffering on there current economic situation.
@Ronnie B. Err...which survey found them the happiest people in the world?
@Ronnie B. I am aware of happiness surveys. And the Philippines isn't ranked as the happiest according to any that I've come across.
I have a video suggestion for you. A topic which seems very interesting to me is "Winners and loserd of the economic transitions". It was very interesting to me how enormous is the economical difference between some countries of the USSR and other eastern bloc countries. Some countries like Estonia, Lithuania, Poland, Czech Republic are doing great and others like Ukraine, Moldova, Belarus are not doing so well. It's very interesting to me how these countries perceive the fundamental change in the economic system, some remember the USSR with fondness and think it was a very stable economic system and other think it was the worst thing that was ever forced onto them. I know it's a lot of work, however these economic transition and their success and disaster stories are a very interesting topic.
drinking my morning coffee and these videos go great together
An open, transparent, objective , vibrant debate, discussion, analysis of geopolitical,natoinal affairs, crisis & issues
promote freedom, democracy, human rights & economic development. PH Philippines population 106.7 million
Coming back to watch this makes me appreciate just how great the videos have gotten with time and practice. Keep up the great work
Amazing how the Philippines is featured here. Thank you EE!
-a random sub from the ph ^^
This is going to become your highest viewed video in a few days if not today.
What makes you said that? (Excuse my ignorance)
@@Kevin-sy8uf because a lot of Filipinos tend to flock every videos that mentioned the country, and EE made an entire video dedicated to it.
Haha filipino here and I whole heartedly agree, and frankly this was the first thing that has come to mind when I saw this in my feed.
it became a culture of recognition for young filipinos
EE, I was wondering why you didn’t mention OFWs as they have a significant impact in the Philippine aconomy. It saved rhe economy after Marcos was booted out.
Yes. Remittance is the king!
@@papapawer4043 is this good thing or bad?
I hope you can make an updated video of this. I'm not sure if this is still applicable since this is a pre-pandemic video. Maybe you can also make a video about how the pandemic and Russian war affected the global economy.
11:32 I'm an accountant working for a american company here in manila. Pay in bpo is twice the amount that I received when I was still working with some local companies. Bpo workers have more money to spend but the downside of that is that the talent is drawn away from the local industries. I think the correction for that is the citira bill(trabaho bill v2) which would incentivize research&devt in the ph while gradually lowering the corp income tax similar to other asean cit rates. Ideally more tech/innovative companies will be attractive to young employees, which would eventually allow ph to compete with more advanced asian economies. Well that's the plan at least, we are yet see however...
Another key portion of ph economy is the inflow of foreign currency from filipino migrant workers(ofw). Since ph doesnt get as much fdi like other asian countries, remmitances from migrant workers is like the offsetting item of ph for that. Bpo and ofw bring in alot of foreign currency but most of filipino workers still work in farmlands which unfortunately is a neglected sector of the ph economy.
I hope you also mentioned the role of the natl govt in drastically improving the infrastructure of ph. They do this to boost the economy with the spending and improved intra-country connectivity after the projects are done.
I see that you focused on demographics, and outsourcing on this video. Great work nonetheless presenting the ph economy to intl audience of yotube. 👍👍👍
This comment is so informative. Thanks for sharing your knowledge!
I completely agree. I find it interesting that the country is doing well considering the existing business/corporate tax policies.
Philippine is in the prophecy to be great Nation again... A God house with a perfect of environments with thousands of white beaches, blue soil hills and pink beaches...
The economy of Philippines has just started and continues...
People of Philippines are immuned with sacrifices and calamities but still happy with smiles...
And I'm proud Filipino.
We are facing south, where the sunrise is shining g upon us.
true,wake up..read your bible..you who are zero knowledge..nit always social media lng
God bless,arise Philippines..the Zion of God..the new city of God!
Can you do a video on Max Weber’s theory that the Protestant Revolution kick started capitalism?
Monopoly, corruption, and lack of support of small business and cooperatives. Also, Philippines will never have a good future when the goverment focusing and relying so much in overseas workers remittances.
We have to remove all of these unnecessary restrictions and regulations that keep cronies pockets fatter and oligarchs richer. We will never find a person who wont be corrupted by being in a powerful central authority.
Any developed countries in the world relies heavily in big business and corporation, billionares and oligarchs. They are the one that makes the country strong economically at least in the eyes of the global community.
@@jeffmates1619 Exactly, those restrictions and regulations are made to enrich wealthy oligarch. The more the wealthy they are, the more they control the people and the economy.
@@domzdome9723 but unlike Philippines, more people doesn't have money to spend because wealth is concentrated to the top and no big businesses want to invest here because not only the people doesn't have money, the restrictions are an obstacles to start and the Utilities like water, electricity and internet services are ridiculously expensive plus with a worst services. If government nationalize the utilities and reduce restrictions and regulations then support small businesses and cooperatives especially in the farming sector , they will grow and they will hire more people, the more the people they hire , the more the people have money to spend and the more attractive to big Investors . That's why small business called the backbone of the economy and cooperatives called the support of the backbone.
Every country has corruption, small business and cooperatives have lots of support and can loan. The whole infrastructure which are the industries lacking drives the costs for smaller businesses. What lacks is foreign investment and the protectionist policies in our laws.
I've watched this video for like 5 times. The explanation in clear about my country. You rlly made me interested about economics.
Hello can you help me in my assignment it tackles about the Philippine economy
I really feels good to hear that the philippines is one of the most important community in the world today 🥺
Don't let it get to your head Kuya...
Well
The economy of the Philippines is good and all
But it's too centralized
Manila is too developed and because of that, alot of people from different provinces migrate to the capital itself.
There's also lack of investment in other places aside in manila
The BPOs are actually spreading all over the country from the north to the south. People don't need to go to Manila anymore just to find a good paying job. The BPOs are in their neighborhood now and the pay is good.
Manila? not really develop
In the case of the Philippines, it is spot on to consider Economics as a Social Science rather than Math or Statistics. I'm surprised by your deeper understanding of the unique Philippine situation. If only we can control population growth, I'm quite certain we'll be better off individually and as a nation. Thanks for the great insights!
No one:
Absolutely no one:
Economics Explained: something philippines
Filipinos everywhere: what about us?
1:25 Just a slight correction: One does not "look down an electron microscope". That would be impossible. Even if you could "look down" the axis of the electron emitter, you can't see electrons. Instead you "look at the images from an electron microscope" on a screen generated by a computer from the signals of two detectors that sense the electrons that reflect off or are emitted by the sample.
Great video by the way. Love your channel
Manila: Voltron of Cities
I want that on a t-shirt
I want that on a poster
The Economy of Argentina pls!
50% nazi gold, 50% corruption?
Brazilian economy too! Looks like no one cares about south america hahaha
Che boludo
@@Xtonhao maybe because south America occupies a very little portion of the public who watch this channel. greetings from Chile :b
VisualPolitik does that plenty
Filipinos are so friendly
Happy people every one speak English!!
They are exporting their workers quite literaly. Few hundreds in Croatia, 100k in Poland...
🙄
@LagiNaLangAko23 Filipinos, God's modern global missionaries. 🇵🇭🇵🇭🇵🇭
100k in poland, really?
Yes this is the time of Philippines to become ,one of the biggest economy in the world ,with the recessions of mostly Western countries,the have a vast source of population,the skilled manpower ,source of natural minerals and ore,the vast agricultural land to improve ,technology and wide sea that surround this nation a big source of food, minerals
I was in Subic Bay, Philippines as a young Merchant Seaman. Terrific people. I suspect, while it hurts younger people in the US, bringing this kind of affluence to a formerly third world nation will create a peaceful global environment. The only question is: which hegemonic power will oversee the growth: the United States or China?
I work in Thailand, and there is a big Fili presence, especially in teaching. They send everything back home and live on next to nothing.
We love our families even if we have to sacrifice ourselves. Maybe that is the role of catholicism in my country.
@@pedritodio1406 Catholicism and influence of Chinese filial piety. I think the influences the archipelago had around the time of the Spaniards' arrival made it easy for us to identify with Catholic beliefs and we all got converted, except of course for the Muslims and the people that the Spanish found hard to reach.
Cuba does the same thing with their doctors. They send them abroad and take almost all of their salaries as remittances.
Its better to send teachers from that country, than sending prostitutes to the world like thailand does.or do you think thats better for you?🙄 thailand sends prostitutes to europe.philippines send nurses to europe.
@@delmonte4824 totoo namn sinasabi niya, huwag mo nang patulan
Philippines has so much potentials.
make a video about economy of vietnam
Thank you for this revelation. I have much more respect and understanding.
A lot country ard investing in vietnam and malaysia but reluctant to invest in philippine.the major news claim it was the labor union.
Prepare for the flood of comments coming from Filipinos.
they call it filipino bait....most especially if you're a foreigner and if you want to increase your subs, then make a video bout the good things about Filipinos then expect thousand or even millions Filipinos subs to flood your channel...
Of course.... just common sense and if u have good IQ...don't expect Somalians to comment here!
It's called Pinoybaiting
@@zephdo2971 becuz for me, pinoys can understand and comment in english...(though may not so good english structure or grammar)...that's one of the reasons they like 'pinoybaiting'
@@jomaabuel1048 obviously.