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Aspirations and Challenges for Economic and Social Development in the Philippines Toward 2030

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  • Yap, Josef T.
  • Majuca, Ruperto P.
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    Abstract

    The Philippines continues to demonstrate a development puzzle. Despite abundant natural and human resources, its development record pales in comparison with its neighbors in East Asia. This study presents a SWOT analysis to explain the economic development of the Philippines. To overcome the threats and weaknesses, the Philippines should aspire for BRISK development: balanced, rapid, inclusive, sustainable, and capital-intensive economic growth. Policy recommendations include standard reforms related to expanding fiscal space and improving infrastructure. However, Philippine history requires that special attention be given to strengthening institutions and weakening the grip of oligarchs. The rapid rise of China and India and the establishment of the ASEAN Economic Community provide an opportunity to attract more foreign direct investment, diversify the productions base, and expand the role of small and medium-sized enterprises.

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    Bibliographic Info

    Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2013-27.

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    Length: 42
    Date of creation: 2013
    Date of revision:
    Handle: RePEc:phd:dpaper:dp_2013-27

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    Keywords: Philippines; ASEAN Economic Community (AEC); development puzzle; SWOT analysis; critical development constraints; balanced; rapid; sustainable; inclusive; and capital-intensive economic growth;

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    1. Emmanuel S. de Dios, 2008. "Institutional Constraints on Philippine Growth," UP School of Economics Discussion Papers 200806, University of the Philippines School of Economics.
    2. Dani Rodrik, 2008. "The Real Exchange Rate and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 365-439.
    3. Nye, John, 2011. "Taking Institutions Seriously: Rethinking the Political Economy of Development in the Philippines," Asian Development Review, Asian Development Bank, vol. 28(1), pages 1-21.
    4. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications, The World Bank, number 6632, August.
    5. Orbeta, Aniceto Jr. C., 2005. "Children and the Labor Force Participation and Earnings of Parents in the Philippines," Discussion Papers DP 2005-20, Philippine Institute for Development Studies.
    6. Magnoli Bocchi, Alessandro, 2008. "Rising growth, declining investment : the puzzle of the Philippines," Policy Research Working Paper Series 4472, The World Bank.
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