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2014066358

201407XXXX
2TE-3

THE AQUINO
ADMINISTRATION
AND THE
PHILIPPINES
ECONOMY
A RESEARCH ON THE ECONOMIC ASSESMENT OF OUR
PRESIDENT, BENIGNO SIMEON AGUINO III

Table of Contents
INTRODUCTION

Type chapter title (level 1)

Type chapter title (level 2)

Type chapter title (level 3)

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INTRODUCTION
Philippines is predicted to be the second highest fast growing economy
worldwide because of the sentence "No more, sick man of Asia" and this was
"cured" by Aquino's administration. We are now on the Last Six Months of
President Benigno Auqino Jr III. Final evaluation for his Administration's
impact to our state is untimely. However, we would now assess and see
whats this present administration has brought to our country's economy and
whats consequences it gave us. Here we will assess Aquino's five years
performance through focusing on macro-trends and performance. Another
way to focus on his economic performance is to point out inadequacy and
gap in performance. This paper would examine and cover twenty four
quarters of Gross Developement Product (GDP), Gross National Product
(GNP), Inflation and Unemployment performances from 2010 to 2016. We will
tackle here the rise and fall of the different macroeconomic elements and
differientiate the growth of the country per year.

The purpose of this research paper is to

This research paper is organized as it follows: first is the introduction


and background which will provide the brief information about the topic of
the paper, secondly are the presented facts and articles per year with
graphical presentations that would support our research topic, followed by
the analysis

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GRAPHICAL
PRESENTATION
PHILIPPINES GDP FROM THE YEAR 2010 TO 2016

In the mid year 2010, Our Filipino men and women elected the new President
of the Philippines, Benigno Aguino III. This year was also the last term of
President Gloria Macapagal Arroyo who also ended her administration. The
unfolding events between January 2010 to January 2016 made our economy
boost to the highest level. On the first term of Benigno Aquino III our GDP
grew with an average of 6.2.% considers as the highest in four decades. In
contrast, during the Arroyo administration GDP was 4.4% between 1999 up
to 2009. Aquino started his term right and really did increase Philippine's
economic growth. This was also the start of curing the "Sick Man of Asia"
clearly, Aquino's "medicine" for the state has worked really well. On 2011,
the state ecnomy slowed down due to the global economic catastrophe, bad
weather and delays in government spending. Including with realsing of
money and budget funds for the cost of Infracstructures that was broken
down during the calamity hit , this year made it rough for our country to
raise up our economy growth and find it hard to put it back at the right track
to achieve the expected GDP Growth rate for the year. The downfall of 2011
GDP growth rate, Philippines wenr to 3.7.% to 6.6% in 2012. Philippines's
economy exceed beyond the expected target the full 2012 has exceed its
own expansion target and NEDA's GDP growth expectation. 2013 was
welcomed by lots of disasters and calamities but, it never stops to rise its
GDP growth rate on this year GDP exceed beyond the government's target
even though it was hit by lots of disasters like Typhoon Yolanda and Bohol's
earthquake that need a higher cost for the remake of its infracstructure. The
3 | Page

continuos rise of the Philippines economy growth rate would beat china as
second place. For the last two years of Aquino, 2014-2015 was stable even
though it has its own downs and falls. The last two years might have not
reach the government target expansion but, it did make our economy high
compared to other countires. Meaning this year does reach aquino's
expectation but dosen't make it higher than expected. Aquino said, that if in
the mid 2016 our GDP growth rate was maintianed out country could be "six
decades fast growing economy" .

PHILIPPINES GNP FROM THE YEAR 2010 TO 2016

PHILIPPINES UNEMPLOYMENT RATE FROM THE YEAR 2010


TO 2016

4 | Page

PHILIPPINES INFLATION RATE FROM THE YEAR 2010 TO


2016

5 | Page

2010
PHILIPPINES GDP

In 2010, GDP growth rate under President Benigno S. Aquino III was an
average of 6.2 percent the highest in four decades. Clearly, Aquinos plan
or medicine for the country has worked very well. The incidence of poverty
remains unchanged at 25% since 2009. In the first quarter of 2010, GDP
growth rate increased to 7.3% from 0.5% last year during the Arroyo
administration. Almost everything went up aside from the agriculture sector
because of what happened during the El Nino incident.
Manufacturing rebounded astoundingly, supported by hefty
contributions from trade and private services, particularly recreational and
business services. On the demand side, consumer and government spending
increased by the great performance of external trade and increased of
investments in fixed capital formation contributed to the highest economic
growth since second quarter of 2007. With the decline of palay, corn and
sugarcane, the seasonally adjusted Agriculture, Fishery and Forestry sector
posted zero growth in the first quarter after declining by 2.8% in the fourth
quarter of 2009. Our Industry grew by 3.8% from an already record 6.3%
gain in the previous quarter. The substantial rebound of the manufacturing
sector contributed to the sustained growth of industry. Services sector
likewise posted a 3.6% growth for the first quarter of 2010 after declining by
0.1% in the previous quarter, as private services, trade and finance sub
sectors posted substantively positive growths. With projected population
reaching 93.3 million at a slower pace than the growth of the domestic
economy, per capita GDP grew by 5.3% from a decline of 1.4%. Per capita
GNP grew by 7.4% from 1.3% while per capita PCE expanded by 3.9% from
its year ago growth of 1.0. On the expenditure side, consumer spending
continued to expand in the first quarter of 2010 to 5.9% from 3.0% last year.
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Government Consumption Expenditure (GCE) grew by 18.5%, the highest


ever recorded growth, from 6.1 percent documented last year. Investments
in fixed capital formation snowballed to 15.7%, the highest since the fourth
quarter of 2000, from negative 7.4% in the same period last year. Total
investments in Construction expanded by 8.2% from 6.5% while Investments
in Durable Equipment rebounded to 25.0% from negative 18.5% a year ago.
Total Exports surged to 17.9 percent from negative 14.6 percent last year as
Merchandise Exports registered double-digit growth in the first quarter of
2010. Total imports grew by 20.3 percent from negative 11.2 percent in the
previous year largely attributed to the positive performances of both
Merchandise imports and Non Merchandise Imports. The terms of trade
during the quarter posted a Trade Index of 109.4 percent from 105.8 in 2009.
Trading gains f or the quarter amounted to 13.4 billion pesos.
GNP Implicit Price Index (IPIN) stood at 536.5 percent from 516.6
percent in the previous year or a 3.85 percent inflation.
THEN
6.3% gain

NOW
Grew by 3.8%

Services
Per Capita GDP

0.1% previous Quarter


1.4% decline

Grew by 3.6%
5.3%

Per Capita GNP


Per Capita PCE

1.3%
Last year growth 1.0%

7.4%
Expanded by 3.9%

Consumer Spending
GCE

1.0%
6.1% documented last year

5.9%
18.3%

Investments in Fixed Capital

Negative 7.4% last year

15.7%

Investments in Construction

6.5%

8.2%

Investments in Durable
Equipment

Negative 18.5% last year

Rebounded by 25.0%

Total Exports

Negative 14.6%

Surged up to 17.9%

Total Imports

Negative 11.2%

20.3%

Industry

PHILIPPINES GNP

7 | Page

2010 was said to be the "sick man no more" year because the last
term of President Arroyo has finally ended and this was the first term of our
new elected president Benigno S. Auqino III. The GNP was 9,750 Billion as
compared to 8, 809 Billion in the year 2009. With this high result, the
country's GNP exceeded its GDP with a 7.2% beating the 4% last 2009. The
GNP per capita also increased at 5.1% higher than last y ear's GNP. The
country's GNI amounted at 4,002. Our country also, has the biggest
economic hit wherein both GDP and GNP are higher than its previous results.
http://www.euromoneycountryrisk.com/Wiki/Philippines

UNEMPLOYMENT RATE

In the year 2010, The Philippine Statistics Authority (PSA) estimated


that 92.7% of the population are employed. Compared to last years
employment rate, this years was higher by .2%. Among regions, Cagayan
Valley, Zamboanga Peninsula and Autonomous Region in Muslim Mindanao
(ARMM) posted employment rates of more than 96%. The National Capital
Region (NCR) registered the lowest employment rate of 88.5%. Out of the
92.7% employment rate or 36 million persons who are employed, it is said
that 51.8% or more than half were engaged in services. Most of them were
into wholesale and retail trade, repair of motor vehicles, motorcycles, and
personal and household goods. On the other hand, 33.2% or one-third were
in agriculture.
Of the total employed persons, 32% of them are said to be laborers
and unskilled workers, 16% are composed of farmers, forestry workers and
fishermen, 13.8% are the officials of government, corporate executives,
managers, managing proprietors and supervisors, the service workers, shop
and market sales workers comprised 10.6%.
8 | Page

Underemployed workers are persons who express the desire to have


additional hours of work in their present job, to have an additional job or to
have a new job with longer hours of work. In our country, for the year 2010,
there are 6,800,000 underemployed workers representing an annual
underemployment rate of 18.7%.
Meanwhile, it is stated that 7.3% or 2.9 million of the population were
unemployed, 63.33% of them are men while 36.7% are women. 45.2% of
the 2,900,000 who doesnt have jobs is said to have attained higher
education.

https://psa.gov.ph/content/2010-annual-labor-and-employment-status

INFLATION RATE

9 | Page

According to Philippine Statistics Authority, The annual headline


inflation in December was estimated at 3%. 3% was recorded to be the
headline inflation rate at November as well. The average annual headline
inflation for this year amounted to 3.8%. Compared to the headline inflation
figure in 2013, which was at 3.2%, this years higher.
Correspondingly, the inflation eased to 3.4% in December from 3.5% in
November. The annual average core inflation in 2010 amounted to 3.7% from
4.1% last year.

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2011
PHILIPPINES GDP

In the first full year of the Aquino Administration, the Countrys


economy slowed down to 3.7% from a prosperous 7.6% during 2010. Global
economic catastrophes, bad weather and delays in government spending on
decisive infrastructure. We all have the knowledge that GDP is one of the
primary indicators to basis the health of ones economy. This year, the
government missed its target to increase GDP growth rate of 4.5% to 5.5%.
An official announcement was made on January 30 by Romulo Virola of
National Statistical Coordination Board. Virola reported that our economy
grew at 3.7% in the 4th quarter. That was far slower than the 6.1% growth
during the same quarter of 2010. Due to urgency to spend budgeted funds
our Infrastructure cost was increased to 136% in the 4th Quarter, according to
Romulo Virola. 2011s GDP results were not expected, the rise and fall has
results of 4.9% in the first quarter to 3.4% in the second quarter and 3.6%
for the third. Private economists expected full-year growth of 3.7%, given
that the economy might have grown just slightly higher than the third
quarter. In the third quarter of 2011, both government and private
economists were surprised when the National Statistical Coordination Board
(NSCB) reported a GDP growth of only 3.2%. The NEDA had predicted a range
of 3.8% to 4.8% growth. Private economists had forecast an average 4percent expansion.

Total Imports

Total Trade

THEN

NOW

$4.96 Billion same month


2010

Slowed down to 0.6% for


the second straight
month.

Last year deficit at $810

$4.98
$1.64 Billion higher than
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million
Total Exports
Agriculture

last years deficit


Dropped 5.6%
Decelerated 2.5% 4th
quarter due to Bad
Weather

http://business.inquirer.net/41451/philippine-economy-grew-3-6-4-in-2011
neda
http://www.rappler.com/business/1166-ph-economy-under-aquino-slowsdown-to-3-7-in-2011

PHILIPPINES GNP

UNEMPLOYMENT RATE

According to Ms. Carmelita Ericta of the Philippine Statistics Authority, the


employment rate amounted to 93% for this year, slightly higher than last
years which was 92.7%. There were 4 regions with employment rate less
than the annual national rate: Central Luzon, Ilocos Region, CALABARZON
and NCR. Cagayan Valley, Zamboanga Peninsula, ARMM, MIMAROPA and
SOCCSKSARGEN and Northern Mindanao posted an employment rate higher
than 95%
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Cagayan Valley
Zamboanga Peninsula

97.1%
96.8%

The Autonomous Region of Muslim Mindanao (ARMM)


MIMAROPA

96.6%
96.1%

SOCCSKSARGEN
Northern Mindanao

96.1%
95.5%

In the year 2011, the total employed population was estimated at 37.2
million persons. About 52.2% were into services, 33% were in agriculture and
14.9% were in the industry sector.
Among the occupation groups, 32.6% of them are laborers and
unskilled workers, 15.4% were farmers, forestry workers and fishermen, 14%
were officials of the government and special interest organizations, corporate
executives, managers, managing proprietors and supervisors, lastly, 11.1%
of the employed population were service workers and shop and market sales
workers.
Meanwhile, 19.3% or 7.2 million persons was estimated to be
underemployed. Of the total underemployed persons, 59% were reported as
visibly underemployed or working less than 40 hours during the reference
week. 39.4% was said to be working 40 hours or more.
Apparently, 7% or 2.8 million Filipinos were unemployed this year,
slightly lower than the unemployment rate last year. 63% of the unemployed
persons are men. 45% have reached high school, 42% have attained college
and 12.6% have attained most an elementary level.

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https://psa.gov.ph/content/2011-annual-labor-and-employment-statuscomparative-annual-estimates-2010-and-2011

INFLATION RATE

According to the National Economic and Development Authority (NEDA), the


full-year inflation rate is kept within the governments target. In December
2011, the headline inflation rate was estimated at 4.2% from 4.7% in
November 2011. The headline inflation figure for December 2011 is higher
than that of last years at 3.6%. Meanwhile, it was estimated that the
average inflation rate for the full year of 2011 is at 4.8%, well within the 3.0 5.0% inflation target for the year which is set by NEDAs interagency
Development Budget Coordination Committee (DBCC).
Core inflation is a widely used measure of the underlying trend or movement
in the average consumer prices. It is often used as a complementary
indicator to what is known as headline or Consumer Price Index (CPI)
inflation. Meanwhile, the average annual core inflation rate for 2011 was
recorded at 3.6%. As compared to last year's inflation figure, this year's rate
is slightly lower than the present rate in 2010 which is 3.7%.
this expected lower inflation may provide the Monetary Board Room to
adjust its policy stance in the first quarter of 2012 NEDA Director-General,
Padarenga said.
http://www.gov.ph/2012/01/06/inflation-down-to-4-2-in-december2011/

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2012
PHILIPPINES GDP

The downfall of 2011 GDP growth rate, Philippines went to 3.7% to 6.6% in
year 2012 outpaces forecasts and making as Asias best performing
economies. The countrys economy performance was well above expansion
of 3.7% in 2011 and exceed owns target of 5% to 6% for 2012. The full-year,
2012, figure was higher than 2011's 3.7% and was higher than the National
Economic and Development Authority's (NEDA) 6.5% GDP growth
expectation. Contributors for the 6.6% growth were then Industry sector,
agriculture sector and the services sector. The industry sector contributed
2.1% to the full year growth. On the other hand, agriculture contributed
0.3%. The services sector also contributed 4.20%. With the healthy growth of
the services sector led by Trade and Real Estate, Renting and Business
Activities, sturdy performances of Manufacturing And Construction the
countrys GDP grew 6.8% in the fourth quarter of 2012. In the demand side,
Household Final Consumption Expenditure (HFCE) with government
spending, the recovery of capital formation and the remarkable performance
of our external trade contributed to the healthy growth of the economy in the
fourth quarter and the year 2012.
Government National Income
(GNI)
Net Primary Income (NPI)

THEN

NOW

3.2 % pervious last year

Grew by 5.8%

FOURTH QUARTER:
4.5% previous year
1.0%

Grew by 5.4%
3.3%

FOURTH QUARTER:
AHFF
Per Capita GDP

6.2% previous last year

Grew by 0.9%

2.2% last year

Grew by 0.1% and 1.2%


4.8%
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Per Capita GNI


Per Capita HFCE

1.5%
4.5%

4.0%
Slightly decelerated to 4.4%

http://nap.psa.gov.ph/sna/2012/4th2012/highlights.asp
http://www.rappler.com/business/20781-philippine-economy-grows-6-6-in2012
http://www.gmanetwork.com/news/story/292757/money/philippine-economybeats-market-expectations-expands-6-6-in-2012

PHILIPPINES GNP

According to Officer In-charge Liza Castro, "For the first semester, GNI
grew by 5.4 percent from 3.0 percent in the first semester of 2011. On a
seasonally adjusted basis, GDP decelerated at 0.2 percent. Similarly, GNI
grew by a slower pace of 1.0 percent in the second quarter of 2012. All three
major sectors failed to sustain their gains in the first quarter of 2012" our
economy grew higher and higher per quarter for every year saying that with
every downfall we encounter we kickback with good results. Also, with the
expectations of the growth of the population for this year it will be the same
with the increase of our GNP.

Fourth quarter of 2012 our GNI increased up to 5.8% along with the
Increase of NPI from the rest of the world by 3.3% from 1.0% previous year
also on this quarter our NPI increased to 0.2% from 6.2% with the same
17 | P a g e

quarter due to the increase of the NPI it resulted to a increase of our GNP
with a 5.4%.

"Meanwhile, seasonally adjusted GDP and GNI grew by 1.5 percent and
1.2 percent, respectively during the current quarter. The Agriculture,
Hunting, Forestry and Fishing (AHFF) and the Services sectors rose by 0.1
and 1.2 percent, respectively, while the Industry sector expanded by 2.5
percent due to the growth of Construction and Manufacturing. With the
robust economic growth in 2012, per capita GDP accelerated to 4.8 percent
from 2.2 percent in 2011 while per capita GNI climbed by 4.0 percent in 2012
from 1.5 percent in 2011" said by Secretary of NSCB, Jose Ramon G. Albert
http://www.nscb.gov.ph/sna/2012/4th2012/2012qpr4.asp
http://www.nscb.gov.ph/sna/2012/2nd2012/2012qpr2.asp

UNEMPLOYMENT RATE

In the year 2012, the Philippine Statistics Authority reported that the
employment rate was estimated at 93%, the unemployment rate at 7% and
the underemployment rate at 20%.
37.6 million persons were estimated to be employed. 52.6% were in
service sector who are engaged in wholesale and retail trade, repair of motor
vehicles and motorcycles. 33.4% of the total employed were laborers and

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unskilled workers. 57.2% or 21.5 million persons were wage and salary
workers.
20% of the population or 7.5 million persons were underemployed.
61.7% or 23.2 million employed persons worked for 40 hours and over. While
37% or 13.9 million employed persons worked for less than 40 hours.
On the other hand, 7% or 2.8 million persons were unemployed. By
education among the unemployed, 33.3% are high school graduates, 19.6%
are college graduates and 7.4% are elementary graduates. It was said that
half of the unemployed were in the age group 15 to 24 years old.

http://www.census.gov.ph/content/2012-annual-labor-and-employmentstatus-annual-estimates-2012

INFLATION RATE

In 2012, the annual average headline inflation rate in our country, the
Philippines, decreased. In 2011, the headline inflation rate was 4.6% while in
2012 it is reported to be at 3.2%. Headline inflation measures changes in the
cost of living based on movements in the prices of a specified basket of
major commodities, and refers to the year-on-year change in the Consumer
Price Index (CPI).
Core inflation is a widely used measure of the underlying trend or
movement in the average consumer prices. It is often used as a
complementary indicator to what is known as headline or Consumer Price
Index (CPI) inflation. Meanwhile, the annual average core inflation rate was
estimated at 3.7%. Compared to last years core inflation rate, which is 4.3%,
it decreased together with the headline inflation rate.

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2013
PHILIPPINES GDP

Philippine economic growth surpasses government target in 2013


despite the disasters that struck the country throughout the year. The
Countrys full year GDP growth rate increased by 7.2%, larger than the
governments expectations of 6% to 7%. Socioeconomic Planning Secretary,
Arsenio Balicasan, Announced that that rise of GDP rate was fueled by
industry and service sectors, service exports, and other services in
education, health and social work. The economy grew at 6.5% even though
Super Typhoon Yolanda and Bohol Earthquake destroyed billions of pesos
worth of infrastructure. According to Balicasan, the rise of fourth quarter GDP
will make the Philippines as one of the best performing economies in Asia
beating China with 7.7% growth. Services sector has contributed 3.6% of the
real GDP growth in the last quarter of 2013. While, Industry sector
contributed with 2.8% in the sectors of manufacturing, trade, finance, and
real estate have also helped drive the supply side of the economy.
The fourth quarter growth was slower than the 7.7%, 7.6% and 6.9%
recorded by three quarters. Enormous destruction caused by Yolanda
weighed, but financial aid helped offset this. "Growth in the fourth quarter
could have been 7% to 7.3% if not for Yolanda," noted Balisacan.
THEN
NPI

NOW
11.9%

GNI

7.3% in the third quarter of


2012

7.8% in the third quarter of


2013

GDP

1.6% pervious quarter

Positive growth of 1.1%

Agriculture

0.7%

0.7%

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Industry

1.4%

0.3%

Services

2.1%

1.6%

Per Capita GDP

Grew by 5.2%

Per Capita GNI

6.0%

Per Capita HFCE

Decelerated by 4.5%

http://www.rappler.com/business/economy-watch/49240-2013-q4-ph-gdpgrowth
http://www.mb.com.ph/philippines-gdp-grows-at-7-2-in-2013/
http://www.nscb.gov.ph/sna/2013/3rd2013/2013qpr3.asp

PHILIPPINES GNP

Philippines is the gate or first stop of mostly different kinds of


catastrophe. We are very fond on being hit by storms and bad weather but,
these calamities and bad weathers are not only the country's problem. In this
year, the Philippines encountered political issues regarding the pork barrel.
Despite of all of these obstacles that our country is encountering, we we're
able to have a growing and outstanding economy for 2013.
For the first three quarters of the year our GNI, formerly called as GNP,
increased to 7.4%. This includes income by Filipinos national abroad less
income in the foreigners of the country which is increased by 7.3%.
Philippines was a fast growing economic country compared to China.

22 | P a g e

Despite by the natural dissasters that went through our country, On


the forth quRter of 2013 our GNP grew 7.8% much more higher than 8.5%
posted last 2008 by NSCB "grew by 15.1 percent, the highest since the first
quarter of 2010, from 2.7 percent the previous year. This, together with the
GDP performance, resulted to GNIs growth of 7.8 percent in 2013 from the
previous years 6.4 percent." Stated by OIC- National Statistican, Carmelita
Ercita. Our economy is very fast growing even if we are experiencing
calamities and and dissasters, this never stops from letting our country rise
up our economy status. Also she said that "With the robust economic growth
in 2013, per capita GDP accelerated to 5.4 percent from 5.0 percent in 2012.
Likewise, per capita GNI grew in 2013 by 5.8 percent from 4.7 percent in the
previous year."

http://interaksyon.com/business/76060/fat-free-economics--growth-amidstorms http://nap.psa.gov.ph/sna/2013/4th2013/2013qpr4.a

UNEMPLOYMENT RATE

According to the Philippine Statistics Authority, this years employment


rate was estimated at 92.7%, the unemployment rate at 7.3% and the
underemployment rate at 19.8%.
38 million of the population was said to be employed in 2013. 53.4% of
the total employed works in the services sector. The workers in the
agriculture sector comprised 30.9%. Lastly, 15.7% of the employed persons
23 | P a g e

works in the industry sector. 32.6% of the total employed are laborers, they
comprised the largest group among the rest. The second largest group
amounted to 16.2%. They are composed of the government and special
interest organizations, corporate executives, managers, managing
proprietors and supervisors. Meanwhile, the farmers, forestry workers and
fishermen comprised 13% of the population. Lastly, which is the smallest
group as well, the service workers and shop and market sales workers which
was said to be 12.3% of the population of employed persons.
There are different classes of workers. They can be wage and salary
workers, self-employed workers without any paid employee, employees in
own family-operated farm or business and unpaid family workers. The table
below shows the percentage of workers comprised each of the classes
WAGE AND SALARY WORKERS
a) Workers in private establishments

58.6%
45%

b) Workers in government & government controlled corporations


c) Workers in private households

8%
5.2%

SELF-EMPLOYED WORKERS WITHOUT ANY PAID EMPLOYEE


EMPLOYEES IN OWN FAMILY-OPERATED FARM OR BUSINESS

27.9%
.4%

UNPAID FAMILY WORKERS

10.1%

Employed persons are classified as either full-time workers, those who work
for 40 hours or more in a week, or part-time workers, workers who work less
than 40 hours per week. The table below shows the number of persons who
work for 40 hours or more and 40 hours or less per week.
Full-time workers

64.5%

24,500,000 persons

Part-time workers

34.4%

13,100,000 persons

In 2013, the underemployment rate amounted to 19.8% or 7.5 million


persons. The unemployment rate was estimated at 7.3% or 3 million
persons. Among the unemployed persons, 62.1% are stated to be males.
Also, the age group 15-24 years are composed of 48.8% followed by the age
group 25-34 years which has 30%. It was stated that 20% of the unemployed
were college graduates, 13.8% were college undergraduates and 32.7% were
high school graduates.
https://psa.gov.ph/content/2013-annual-labor-and-employment-statusannual-estimates-2013#sthash.R7fnD1YQ.dpuf

24 | P a g e

INFLATION RATE

The Philippine Statistics Authority reported that the for the year 2013,
our countrys annual average headline inflation slowed to 3% from 3.2% in
2012. In December 2013, the headline inflation jumped to 4.1% from 3.3% in
November. Headline inflation measures changes in the cost of living based
on movements in the prices of a specified basket of major commodities, and
refers to the year-on-year change in the Consumer Price Index (CPI)
Core inflation is a widely used measure of the underlying trend or
movement in the average consumer prices. It is often used as a
complementary indicator to what is known as headline or Consumer Price
Index (CPI) inflation. Meanwhile, the annual average core inflation amounted
to 2.9% this year. Lower than last years inflation figure at 3.7%.

http://www.census.gov.ph/content/summary-inflation-report-consumer-priceindex-2006100-december-2013

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2014
PHILIPPINES GDP

The Philippine Economy increased by 6.1% in the year 2014, gradual


than 7.2% previous year. This years figure was below the governments
expectation of 6.5-7.5% growth. During the fourth quarter the GDP growth
rate hit 6.9% faster than the 6.5% percent in 2013s fourth quarter. With the
contribution of the healthy performance of Industry sector, mainly by
Manufacturing and Construction and supported by Trade, Real Estate,
Renting and Business Activities, and Transport, Storage and Communication,
rise on the fourth quarter performance and covered the way of the annual
GDP to post a growth of 6.1%.
THEN

NOW

Gross National Income


(GNI)
Net Primary Income (NPI)

7.5% previous year

Slowed down to 6.3%

9.0% 2013

7.3%

GNI

7.2%

FOURTH QUARTER

NPI

Double digit growth of


12.3% pervious year

GDP

0.7%

Decelerated to 6.3%
FOURTH QUARTER:
Slowdown of 2.8%
2.5% (Seasonally Adjusted)

Agriculture

Negative 3.0%

Rebounded to 6.0%

Industry and Service


Sectors

1.3%

3.6%
from a growth of 1.1%
recorded by both sectors in
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the previous quarter of


2014

http://business.inquirer.net/185733/ph-gdp-grew-6-1-in-2014-6-9-in-4thquarter
http://www.nscb.gov.ph/sna/2014/4th2014/2014qpr4.asp

PHILIPPINES GNP

On the second quarter of the year 2014, the larger contribution of the
Industry Sector and the Services Sector which contributed 7.8% and 6.0%
are one of the reasons why our GNI increased. As stated by Lisa Grace S.
Bernales "Gross National Income (GNI) accelerated by 7.3 percent from 6.4
percent in the same period last year with the continued inflow of remittances
that boosted the rebound of Net Primary Income from the Rest of the World
by 12.7 percent from a decline of 1.2 percent last year." With our country's
assuming increase of population, our GNI is expected to grow and increase at
the same time.
The fastest growing economy in Southeast Asia was recorded on the
third quarter of 2014. With the continuous growth of our economy, Secretary
Arsenio Balisacan said" We remain to be the fastest growing economy in the
major economies of Southeast Asia... We are second to China, Our GNP on
the third quarter is 7.8%.

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For the fourth quarter of 2014, The Philippines GNP slowed down due
to low contributors coming from the three major sectors which are Services,
Industry and Agriculture. According to Lisa Grace S. Bersales, Phd, A national
statistician, "On an annual basis, Gross National Income (GNI) slowed down
to 6.3 percent in 2014 from 7.5 percent the previous year with the
deceleration of Net Primary Income (NPI) to 7.3 percent in 2014 from 9.0
percent in 2013. For the fourth quarter, GNI decelerated to 6.3 percent in
2014 from the previous years 7.2 percent with the slowdown of NPI by 2.8
percent from a double digit growth of 12.3 percent the previous year." This
means that on the last quarter of the year 2014 our GNP was very low and
continuously to slowdown from quarter to quarter. From the third to the
fourth quarter of 2014, seasonally adjusted GNI grew by 2.3 percent.
http://www.nscb.gov.ph/sna/2014/4th2014/2014qpr4.asp
http://nap.psa.gov.ph/sna/2014/2nd2014/highlights.asp
http://www.mb.com.ph/nscb-revises-gdp-growth-in-3q-to-6-9/

UNEMPLOYMENT RATE

In 2014, as stated by the Philippine Statistics Authority, the


employment rate was estimated at 93.2%, the unemployment rate at 6.8%
and the underemployment rate at 18.4%.
For this year, the total labor force was slightly higher than last years.
In 2014, it was estimated at 93.2% while in 2013, it was estimated at 92.8%.
Furthermore, the employed persons in 2014 amounted to 37,300,000
persons. 53.9% of the population were in the service sector.

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Around 40.9 hours was the average weekly working hours. From the
total employed persons, 62.3% or 23.2 million persons are full-time workers.
On the other hand, 36.4% or 13.6 million persons are part-time workers.
Also, the underemployment rate was estimated at 18.4% or 6.9 million
persons. Lower than that of last years by 1.4%. The unemployment rate was
stated to be at 6.8% or 2.7 million persons. 49.1%, almost half of the
unemployed persons came from the age group 15-24 years. Among the
unemployed 63.6% were said to be males. Furthermore, 33.2% of the
unemployed persons are high school graduates, 21.6% are college graduates
and 6.8% are elementary graduates.

https://psa.gov.ph/content/2014-annual-labor-and-employment-statuscomparative-annual-estimates-2014-and-2013#sthash.tS3G2lrw.dpuf

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INFLATION RATE

According to Philippine Statistics Authority, In 2014, the annual


average headline inflation was estimated to be at 4.1% from 3% last year.
2.7% was said to be the headline inflation rate in December. In November, it
was at 3.7%. Headline inflation measures changes in the cost of living based
on movements in the prices of a specified basket of major commodities, and
refers to the year-on-year change in the Consumer Price Index (CPI)
Core inflation is a widely used measure of the underlying trend or
movement in the average consumer prices. It is often used as a
complementary indicator to what is known as headline or Consumer Price
Index (CPI) inflation. Furthermore, the annual average core inflation rate
inched up to 3% this year from last years core inflation figure which was
2.9%

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2015
PHILIPPINES GDP

For the entire year our countrys GDP grew an average of 5.8%. The
Philippines GDP growth rate rise by 6.3% in the last quarter of 2015, up from
6.1% in the 3rd quarter of the year. The rise of GDP for the entire year is
however higher than whats expected internationally. Contributors of the
Growth for the whole year of 2015 was driven by the services sector which
serves as the main avenue for the growth for the whole year, industry and
agriculture both slowed down this year. The agricultural sector persists to
be the biggest road block in our goal where attaining a higher and more
inclusive growth both in the light of improving crop production and farmers
income. There is an urgent need to rethink the development strategy for this
sector, especially with the impact of El Nio and natural disasters that hound
the country yearly, According to Socioeconomic Planning Secretary, Arsenio
Balaicasan. Slower Exports was also citied of the slower growth.
http://www.rappler.com/business/economy-watch/120543-philippines-grossdomestic-product-2015

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PHILIPPINES GNP

The domestic economy grew by 5.2% on the first quarter of 2015.


Three major contributers for the rise of the economy's growth are services,
agriculture and industry. The NPI from the rest of the world grew by 2.7%
from 11.1% in the same quarter of 2014. This resulted to GNI's growth of
4.7% from 6.6% in the first quarter of 2014. Philippines projected population
for the first quarter of 2015 is 100.9 million, per capita GNI grew by 3.0%
from a 4.8%.

GNI grew on the second quarter of 2015 from 6.9% (same period) last
year it went up to 5.0%. Due to the slowdown of the OFW or Overseas
Filipino Workers deployment, it pulled down our NPI from the rest of the world
to a 2.2% from a 7.9% previous year. For the first semester of 2015, GNI
grew 4.6% from the 6.7% results during the year 2014. With this, our
country's projected population of 101.4 million on the second quarter of 2015
per capita GNI grew by 3.3%

In the third quarter of 2015, GNI grew to 5.8% from 3.9% in the
previous quarter of 2014. On the seasonally annual basis, GNI decelerated by
0.8% in the third quarter of 2015 from 2.2% in the second quarter of 2015.
Assuming with the projected population reaching of 101.8 million, per capita
GNI accelerated to 4.1 percent from 2.2 percent.

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In this year, Net Primary Income or NPI from the rest of the world rise
at 5.4% on the fourth quarter of 2015 from 1.4% results from the previous
quarter, making the GNI or Gross National Income to a post growth of 6.2%
from 5.2% previous last year. Regarding to the annual basis, our GNI slowed
down to 5.4% compared to 5.8% results from last year's 5.8% also including
the deceleration of the NPI of this year with 3.6% compared to 2014's 4.1%
http://www.nscb.gov.ph/sna/2015/4th2015/2015qpr4.asp
http://www.nscb.gov.ph/sna/2015/2nd2015/2015qpr2.asp
http://www.nscb.gov.ph/sna/2015/1st2015/2015qpr1.asp
http://www.nscb.gov.ph/sna/2015/3rd2015/highlights.asp

UNEMPLOYMENT RATE

The number of jobless Filipinos declined as we enter a new year.


Employment, Unemployment and underemployment all improved in 2015.
The services and industry sector gave a lot of job opportunities to the
unemployed and the underemployed persons.
The employment rate in July 2015 amounted to 93.5%. 55.5% of the
employed persons worked at the services sector such as whole sale and
retail trade, repair of motor vehicles and more. The agriculture sector
comprised 28% of the employed persons and lastly, the industry sector
registered 16.5% of the total employed. 32.3% of the Employed persons are
said to be the laborers and unskilled workers. 16.5% are administrative
employees such as the officials of the government and special interest

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organizations. 12.5% are service workers and market sales worker. Lastly,
11.8% are farmers, forestry workers and fishermen.
There are different classes of workers. They can be wage and salary
workers, self-employed workers without any paid employee, and unpaid
family workers. The table below shows the percentage of workers comprised
each of the classes
WAGE AND SALARY WORKERS
WORKERS IN GOVERNMENT & GOVERNMENT CONTROLLED
CORPORATIONS
SELF-EMPLOYED WORKERS WITHOUT ANY PAID EMPLOYEE
UNPAID FAMILY WORKERS

62.4%
8.6%
26.2%
8.1%

Around 42.4 hours was the average weekly working hours. From the
total employed persons, 67% are full-time workers. On the other hand, 32.2%
are part-time workers. Also, the underemployment rate was estimated at
21%. Lower than that of last years by 1.4%.
The unemployment rate was said to be at 6.5%, lower than last years
unemployment rate. 50.4%, almost half of the unemployed persons came
from the age group 15-24 years. The age group 25-34 comprised 29.5% as
well. Among the unemployed persons, 62.1% were said to be males.
Furthermore, 33.2% of the unemployed persons are high school graduates,
33.2% are college graduates and 13.5.2% are college undergraduates.
https://psa.gov.ph/content/employment-rate-estimated-935-percent-july2015#sthash.fITPVArB.dpuf
http://www.neda.gov.ph/2015/03/12/january-2015-employmentfigures-show-stronger-ph-jobs-market/
http://www.philstar.com/business/2015/06/09/1463980/unemployment-ratefalls-6.4

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INFLATION RATE

In 2015, the annual average headline inflation rate was estimated at


1.4%. It marked the lowest annual figure for the Aquino administration.
Compared to last years average inflation rate, which amounted to 4.1%, this
years was lower. The year-on-year headline inflation accelerated to 1.5%
from 1.1% in
November.
Correspondingly, the annual average core inflation amounted to 2.1%
this year. It is said to be lower than last years rate at 3%. In December the
core inflation figure was at 2.1%. Compared to Novembers rate at 1.8%, it is
slightly higher.
http://www.census.gov.ph/statistics/survey/price/summary-inflation-reportconsumer-price-index-2006100-december-2015

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