ECON

• In Aquino's administration, the growth rate of the country's GDP was 6.8% in 2012, improving to 7.2% in 2013, and slowing to 6.1% in 2014, these rates are an improvement of past rates preceding President Aquino's term. It also higher than its Asian neighbors such as Malaysia, Thailand, Sought Korea, Hongkong, India, and Indonesia (CIA World Factbook 2013)
• About 25.24 million people in the Philippines were pushed into poverty between 2023, largely due to the economic downturn caused by the pandemic, according from PSA
• The poverty rate in the Philippines was 16.7% in 2018 and increased to 22.4% in 2023, overshooting the government's target of 15.5%-17.5%
• The booming population growth is another basic economic problem in the Philippines. This is also one of the main causes of Unemployment within the country
• The high population growth rate translates to a steady supply of graduates which did not satisfy the number of available created jobs
• Malthusian theory


  The human population grows more rapidly than the food supply until famines, war or disease reduces the population. He believed that the human population has risen over the past three centuries
• It became a culture in the Philippines that working in other states will give them a better life. For decades, it use as a good strategy to escape poverty
• Today, more than 10 millons or about 10% of the Philippines population are working/living abroad. The Philippines started its Overseas employment program in the 1970s which give way to the filipinos another door to escape unemployment
• Emigration


  Leaving one country for another one on a voluntary basis for economic, political, personal or other reasons
• Deportation


  People are forced to migrate
• Immigration


  Entering another country for a permanent or temporary residence or for some other reasons
• Unemployment is still a main problem of the Philippine economy. As reported by CNN, "The PSA reported an 8.7% unemployment rate among residents aged 15 and up, easing from 10% in July but still worse than October 2019's 4.6% level
• Currency


  A system of money in general use in a particular country
• Peso


  The Filipino and Tagalog name for the Philippine currency, divided into 100 cents ("Sentimo" in Filipino)
• Currency


  A medium of exchange for goods and services, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment
• Economic concepts


  • Interest rates
  • Economic growth
  • Inflation
  • Current account balance
• If the price elasticity of demand is greater than one, it means that there are more substitutes available to consumers.
• Inelastic goods have an income elasticity less than one, while luxury goods have an income elasticity greater than one.
• The price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price.
• If the price elasticity of demand is less than one, it means that there are few substitutes available to consumers.
• Price Elasticity of Demand (PED) = % Change in Quantity Demanded / % Change in Price
• If the price elasticity of demand is equal to one, it means that there are many substitutes available to consumers.
• Price elasticity measures how responsive quantity demanded is to changes in price.
• Price elasticity measures how sensitive buyers are to changes in prices.
• When the price of a good increases, the quantity demanded decreases.