Measuring the EconomyStatistics and IssuesBraga, Ann CherrylFernandez, GuiaNeptuno, Jasmin Aei4Bio2

Statistics

Components of Real GDP: Industrial-Origin ApproachGROSS DOMESTIC PRODUCT BY INDUSTRY: 4th Quarter 2013 and 4th Quarter 2014, AT CONSTANT 2000 PRICES , IN MILLION PESOS

Components of Real GDP: Industrial-Origin ApproachGROSS DOMESTIC PRODUCT: Breakdown of economic sectors 1st Quarter to 4th Quarter 2014, AT CONSTANT 2000 PRICES, IN MILLION PESOS

Components of Real GDP: Industrial-Origin Approach

Components of Real GDP: Expenditure ApproachGROSS DOMESTIC PRODUCT BY TYPE OF EXPENDITURE: 4th Quarter 2013 and 4th Quarter 2014, AT CONSTANT 2000 PRICES, IN MILLION PESOS

Net Primary IncomeDETAILS OF FACTOR FLOWS FROM AND TO THE REST OF THE WORLD4th Quarter 2013 and 4th Quarter 2014, IN MILLION PESOS

Real GNI

Historical Trend of GDP and GNI

Economic Growth

Philippine Economy vs ASEAN Members(GDP and Economic Growth)

Philippine Economy vs ASEAN Members(GDP and Economic Growth)

Issues

Factors affecting Economic Growth

upbeat business and consumer sentimentsustained government capital expenditureincreased investments such as in construction and durable equipmentdomestic factors will continue to drive the economymain risks to the country's economic growth are external

Why Philippines lagged behind some of its ASEAN neighbors in terms of economic growth?Asian Development Bank (2007)tight fiscal situationinadequate infrastructureweak investor confidencesmall and narrow industrial base lack and slow growth of employmentinequitable access to development opportunities inadequate social protection and safety nets

Weak agricultural productivityHigh government debtLow public, private and foreign investmentWeak research and development spendingLow spending on educationLacluster tourism sectorRelatively high income inequalityHigh corruptionEpisodes of financial crisisPolitical uncertainty

Economic Growth vs. PovertyEconomic growth did not translate into poverty reductionSome cities or provinces have been experiencing economic growth, but the poorest families are being left behindThe poor remain poor

Government Programs

Government ProgramsPantawid Pamilyang Pilipino Program (4Ps)

Government Programs

Government ProgramsKapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services (KALAHI-CIDSS)

Government ProgramsEnsure access to quality basic education

Government ProgramsProvide socialized housing

Brain Drainlarge outflows of educated and skilled labor migrants, especially those originating from developing countries and moving towards developed or highly industrialized countries

In the late 1960s, the United Nations Institute for Training and Research (UNitar) - Outflow of Trained Personnel from developing to developed Countries.Developing countries spends $326.3MUS saves $835.5MIntensified since 1990sGlobalizationAdvances in ICTForeign professionals and talents

Consequences for sending country:loss of human capital, manpower and skillsdecreased resources for national development and economic growthDirect and indirect impacts

Consequencesloss of human capital, manpower and skillsdecreased resources for national development and economic growthDirect and indirect impacts

Direct impactslowered economic growth and productivityfiscal lossreduction of wages for the unskilled population; increase of wages for the remaining skilled personsdecreased opportunitiesweakened competitiveness for attracting and gaining foreign direct investment loss of opportunities for research and development activities

Indirect impactsloss of accumulated and invested education and training

increased female migration = more gender-balanced migration stocksWomen are over-represented in the brain drain,the poorer the country of origin, the higher the outflow of highly skilled female migrants562, 215 female migrant workers from the Philippines

Factors which force Filipinos to work abroad (Trade Union Congress of the Philippines)low salarieslack of incentives for skilled workersrising cost of living in the countrylack of access of unemployed to job opportunities outdated training modules and standard offered by the academe, vocational schools and other training institutionsoversubscription of a few courses

Address the issue byTax and welfare incentives for migrantsLowering or restricting intake quotasInitiatives for maintaining contacts with migrants and encouraging knowledge transfer (i.e. UN TOKTEN Program)

Inclusive Growthgrowth that is rapid enough to mattersustained growth that creates jobs, draws the majority into the economic and social mainstream, and continuously reduces mass poverty

ensures the stability of societies, and consequently, the sustainability of growth. empowers citizens to become bona fide economic actors that can productively contribute to nation building allows them to buy into the system, from which they can reap benefits

Social servicesEducationBasic education cycle expansionHealthPoverty alleviationConditional cash transfer programAgricultureTourismInfrastructureProtection of public finances and resources

Referenceshttp://www.nscb.gov.ph/secstat/d_accounts.asphttp://www.nscb.gov.ph/sna/2014/4th2014/2014qpr4.asp#sthash.Al4Kll94.dpufhttp://business.inquirer.net/185733/ph-gdp-grew-6-1-in-2014-6-9-in-4th-quarterhttp://www.nscb.gov.ph/sna/2014/4th2014/2014gnpi4.asphttp://www.eastasiaforum.org/2011/09/06/poverty-and-growth-in-the-philippines/http://www.gmanetwork.com/news/story/353181/economy/business/millions-to-remain-in-poverty-as-philippines-re-sets-targethttp://adb.org/sites/default/files/pub/2009/Poverty-Philippines-Causes-Constraints-Opportunities.pdfhttp://budgetngbayan.com/poverty-reduction-and-the-empowerment-of-the-poor/http://www.car.dswd.gov.ph/programs-services/core-programs/pantawid-pamilyang-pilipino-program-4ps/http://budgetngbayan.com/poverty-reduction-and-empowerment-of-the-poor-and-vulnerable-3/

The Gross Domestic Product (GDP) in Philippines expanded 2.50 percent in the fourth quarter of 2014 over the previous quarter. GDP Growth Rate in Philippines averaged 1.15 percent from 1998 until 2014, reaching an all time high of 3.20 percent in the first quarter of 2010 and a record low of -2.40 percent in the first quarter of 2009. GDP Growth Rate in Philippines is reported by the Philippine National Statistical Coordination Board.