Perhaps the greatest political victory in the Philippines in recent years has been in the field of transportation infrastructure. The Filipino economy is relatively newly industrialized, and it’s quickly becoming an emerging market. As a result, local politicians have had the ability to start with a relatively clean slate.
The Civil Aviation Authority of the Philippines has implemented a number of policies in regards to safe air travel, which has helped to increase travel to the nation as well as improve domestic flights. This comes at a time when the economy has reached new heights, and many people are saying that it might be one of the fastest growing economies in the entire world.
On the other hand, the country has a number of serious problems that are continuing to impede social and economic growth. While it might have shown annual GDP rates of upwards of 6.4 percent at various points, the Philippines also suffer from severe unemployment and underemployment. Some estimates from political commentators have suggested that only around a quarter of all working-age individuals are able to find jobs that pay enough to cover expenses.
At the same time, though, that’s created new opportunities for those willing to look abroad for work.
Overseas Filipino Worker Status
A large number of individuals, often classified as OFW employees, work outside of the country. Approximately 10 million Filipino citizens hold jobs in other countries. Saudi Arabia, the UAE and Kuwait are among the top destinations for Filipinos looking for jobs in exterior economies.
Students often work a part-time job in one of these countries while they’re studying either at home or abroad. They then transfer money to the Philippines through a wire service, which means they have a nest egg growing for when they ultimately return. This sort of third-party economy activity represents a large portion of the domestic Filipino economy.
Some students who work part-time jobs abroad eventually become extremely proficient in certain tasks, and they might remain in their home country for some time. College-educated individuals will also seek employment in foreign nations after they finally do graduate. They’ll continue to wire money home for some time afterward, which gives them the freedom to grow their savings regardless of whether or not they have an open opportunity waiting for them in their home country.
While this has created some degree of international political strain, it’s also helping to create new opportunities.
Southeast Asian Worker Transfers
While there aren’t formal systems in place, overseas Filipino employees are often able to take advantage of the nation’s decent international relations. Hong Kong and Singapore are other destinations for Filipino workers, and these have proved especially attractive as a result of the lack of culture shock that many people experience when they first take up residence there.
At the same time, the Philippines is embroiled in a number of controversies over the control of smaller outlying islands that are claimed by multiple nations. In spite of this, Brunei Darussalam has also been a home away from home for quite a few people seeking employment. These employees also transfer money to Filipino accounts, which have further helped to correct the balance of trade to at least some degree.
Perhaps most importantly, though, the country is heavily investing in its future. That means some students, upon returning home, might soon find that they have newer high-tech jobs waiting for them.
The Growth of the Domestic Semiconductor Industry
Politicians of several positions have helped to create a tax-friendly environment in urban areas in the country, which in turn has helped to grow the domestic semiconductor industry by leaps and bounds. The world has experienced a shortage of many types of microchips in recent years, which is due at least in part to the fact that the demand for technical products has continued to climb while the production of these goods has remained somewhat stable.
Considering the recent disruption of trade with the People’s Republic of China as a result of health concerns, politicians in the Philippines have been quick to establish their country as a top destination for international tech companies. Students who’ve been trained abroad are now in high demand by these firms, as they look for technicians and engineers to help continue to improve the balance of trade.
While there are a number of economic issues to deal with, the future looks bright for this and some other emerging industries. Oil and gas exploration as well as a renewed focus on renewable energy should continue to create jobs in coastal areas. These will become increasingly important as environmental issues start to shift the global consumption of energy.
Through it all, individuals will be able to take advantage of an increasingly developed system of monetary exchange and international trade.
Alice is a passionate blogger, she writes on various topics like Business, health, technology, Fashion, and Lifestyle, etc. Gardening is her hobby and loves to travel a lot. She is also very much into learning new ideas that prove useful to one’s personal and Business life.
