WHILE President Benigno Aquino III continuously reports the country’s economic gains, Filipinos have yet to enjoy such good news. According to a recent survey, the majority of Filipinos consider themselves “struggling” or “suffering” financially.
US-based think tank Gallup-Healthways’ State of Global Well-Being Index 2014 reported that 52 percent of the Filipino respondents said they are struggling in terms of economic security while 30 percent suffer financially. Only 18 percent consider themselves as “thriving.”
On the other hand, Aquino took pride in saying that so far in his administration, the Philippines averaged a gross domestic product growth of 6.3 percent, compared to the 4. percent average of the previous administration.
Although super typhoon Yolanda has had a lasting impact in the economic growth of the country, GDP growth was 6.1 percent in 2014.
Moreover, the country upgraded to investment grade by all major credit ratings agencies in 2013, and continued credit rating upgrades ever since.
As the President say in most of his speeches, the Philippines is no longer the ‘Sick Man of Asia,’ the country is now considered as a ‘Rising Tiger.’
Aquino’s claims, however, contradicts Gallup’s survey results. How come many Filipinos consider themselves struggling or suffering?
There might be a problem with the management of the country’s economic gains if the regular Filipino family does not feel such positive changes in the country.
The government has successfully utilized the country’s momentum to encourage businesses and tourists to the country. To keep this momentum at a positive pace, however, it should encourage the creation of more job opportunities for Filipinos, to eventually alleviate poverty.
With an established economic momentum and well-endowed resources, it is now time to deliberate on the citizenry’s needs—stable jobs, sustainable income, access to basic service and an accountable government. It is this booming economy’s responsibility to not just increase in numbers, but also make its presence felt by most Filipinos, not just those at the top.
The positive reports and assessments are a welcome development. But for this economic growth to have a lasting impact, it must first ensure an inclusive and sustainable effect on the people it serves, the Filipinos. (AJPress)
