ranks the Philippines 6th among selected emerging economies in the world, and the best among those ranked from Southeast Asia, in terms of economic, fiscal, and financial management measures.
Our economic managers are not keen on expanding borrowings to finance public and merit goods. Two stimulus measures passed by the House before it adjourned was thumbed down as"unfundable." The Bayanihan 2 bill passed by the Senate providing an additional P140-B fund got a lukewarm response. The common measure of economic growth is a country’s GDP. GDP is an accounting summary of final sales for new goods and services. It adds consumption and investment spending together. As a result, GDP reveals nothing about what grows an economy. At best, it demonstrates how large the economy is and not whether it’s growing or shrinking.
The impact of COVID-19 on the Philippine economy is significant, as the country will suffer its worst economic slump since the 1985 debt default. In April 2020, some 7.254 million workers lost their jobs, or 4.987 million more compared to April 2019. As a result, the unemployment rate rose from 5.1-17.7%. Underemployment also increased from 13.4-18.9%, even with a massive social amelioration rollout.
Government is pushing for the Corporate Recovery and Tax Incentives for Enterprises Act , with provisions that reduce corporate income tax to 25% from 30% in 2020, hoping to attract foreign investments. Companies also declare profits but after doing cross-border tax avoidance. In the so-called base erosion and profit shifting, strategies of MNCs that exploit gaps and mismatches in tax rules of countries, the IMF estimated $650-B annual revenue losses.
The economic crisis is global : 'The global economy is in a dirersituation than it was during the 2008 financial crisis. COVID-19 has resulted in production stoppages and supply chain disruptions in most sectors,
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