THIS year’s Philippine economic report is a mixed bag.
Last week, the domestic economy picked up more steam by expanding its growth to 7.1 percent in the third quarter, as measured by the Gross Domestic Product (GDP).
According to Economic Planning Secretary Arsenio Balicasan, domestic consumption remained firm, sustained by strong local demand amid the downturn in the global economy, and supported by remittances from Filipinos abroad.
Due to positive forecasts of sustained domestic growth, the peso is Asia’s best performing currency so far this year. The Philippine currency is up more than 7 percent against the dollar, based on strong foreign inflows into Philippine stocks and bonds.
According to President Benigno Aquino, these achievements made under his leadership, are “few bright spots in a world beset by economic uncertainty.”
“The Philippine economy has shown both resilience and resurgence despite the global economic slowdown,” Presidential Spokesperson Edwin Lacierda said. He also said that the government has also pushed to ensure this economic growth is felt by the broadest number of people.
Even with positive year-end reports, Filipinos seem to feel otherwise. Less number of Filipinos are enthusiastic on what lies ahead in the coming year.
In its recent survey, Social Weather Stations (SWS) showed that the number of Filipinos who are optimistic that their quality of life will improve, declined. The nationwide survey was conducted to establish the trends in personal quality of life and optimism with the current economy.
“In your opinion, what will be the quality of your life in the coming 12 months? Would you say that it…will be better, same, will be worse?,” the survey asked.
34 percent of Pinoys expect that their quality of life will improve (optimists) in 2013, while 7 percent expect it to become worse (pessimists). The latest figure was 5 points lower from the 39% optimism recorded the same period last year.
It should be noted that despite leading in terms of economic growth (second to China) in Asia, the country’s unemployment rate remains high with 7 percent or 2.8 million jobless Pinoys. Reported by the National Statistics Office (NSO), the unemployment rate is represented by individuals aged 15 years or older who are without jobs and actively looking for work.
With regard to improvement in the quality of lives in the last 12 months, 28 percent said their lives had improved (gainers), while 21 percent said it worsened (losers), the same SWS survey showed.
Surveys are like customer’s feedback. While feedback is vital to the growth and sustained success of any business, it often comes with resistance. For some, surveys equate to or received as (negative) criticism.
In any business, feedback is important. Earning criticisms, through surveys is even better, because these numbers provide bigger room of improvisation.
A good businessman would know, that for his business to really succeed, he must know what his customer base thinks about his products and services.
In this case, Pinoys’ optimism is a strong predictor of the country’s overall well-being. Looking at survey results will give you an idea on what your demographic is looking for. The next step would be to implement necessary adjustments.
(AJPress)
