OPINION | Economic stagnation, de-industrialization, and lockdown in the Philippines [My Cup Of Liberty By Bienvenido S. Oplas, Jr.] READ:
The Philippines’ GDP growth of 5.6% in 2021 looks good considering that we experienced a deep contraction of -9.6% in 2020. But is this growth really good?
One, GDP size in 2021 of P18.5 trillion is way below the 2019 level of P19.5 trillion, and slightly higher than the 2018 level of P18.3 trillion. That is nearly three years of production backwardness despite the Philippine population expanding by about 4.5 million people in those three years.
Two, household consumption, which comprises about 73% of total GDP, has expanded only by P206 billion from 2018 to 2021. Consumer confidence remains weak and muted.Three, government consumption, which comprise about 13% of GDP, has expanded by P638 billion or three times the GDP level. Government was giving out more subsidies, paying in full the salaries, allowances, and bonuses of government personnel while joblessness in the private sector is high.
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The quick answer is “No.POC president Abraham Tolentino said 36 members, headed by athletes’ commission representative and Olympic gold medalist Hidilyn F.Linkedin The country’s gross domestic product (GDP) grew in the fourth quarter last year, beating market estimates, Philippine Statistics Authority (PSA) reported this morning.Linkedin THE PHILIPPINE ECONOMY expanded more than expected in 2021, as looser restrictions spurred more business activity and consumer spending in the fourth quarter.
” We look at actual values of production of goods and services, not just percentage changes, and data from the excel file of the Philippine Statistics Authority (PSA) show that 2021 GDP numbers are more comparable with 2018 than 2019 levels. One, GDP size in 2021 of P18. Juico.5 trillion is way below the 2019 level of P19.3% contraction in the fourth quarter of 2020.5 trillion, and slightly higher than the 2018 level of P18. “We’re just following the procedure and he (Mr.3 trillion.
That is nearly three years of production backwardness despite the Philippine population expanding by about 4. Tolentino. This brought the full-year growth to 5.5 million people in those three years. Two, household consumption, which comprises about 73% of total GDP, has expanded only by P206 billion from 2018 to 2021. Juico for alleged harassment that Ernest John “EJ” Obiena had accused him for. Consumer confidence remains weak and muted. Last year’s fourth-quarter GDP was above the 6. Three, government consumption, which comprise about 13% of GDP, has expanded by P638 billion or three times the GDP level. Obiena patch things up.
Government was giving out more subsidies, paying in full the salaries, allowances, and bonuses of government personnel while joblessness in the private sector is high. Four, capital formation or investments, which comprise about 25% of GDP, has declined big time, by nearly P1 trillion. Juico and EJ can reconcile and EJ withdraws his complain, the GA and executive board can revisit it,” said congressman from Tagaytay.3% median estimate and the 5%-5. Many businesses went bankrupt, many planned investments did not push through. Five, imports of goods and services declined big time at nearly P4. Obiena declined the mediation proposed by the Philippine Sports Commission that could have put an end to the issue.5 trillion.1%.
Six, in the GDP by supply or industry contributions, agriculture and fishery, which comprise about 10% of GDP, has flat output from 2018-2021. Seven, considering the industry sector that comprises 30% of GDP, we have de-industrialized by P50 billion the past three years. While there was a modest increase in manufacturing output, construction output has declined by P145 billion.6% in fourth-quarter 2020), services (7. Eight, the services sector that comprises the remaining 60% of GDP has increased by only P281 billion; banking, insurance and e-money services have increased by P351 billion. The continued economic stagnation and business uncertainties were created by the government’s indefinite lockdown policy, exacerbated by its vaccine discrimination and segregation policy, a soft or implicit kind of mandatory vaccination.
Indefinite lockdown and vax discrimination do not work in reducing COVID-19 cases and deaths as shown by the record-high level of cases in late December to January 2022.5%). Lockdowns and vax discrimination only work at reducing economic activities and people’s livelihood. The IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) should lift all lockdowns, or at least reduce the mobility Alert Levels 2 and 3 to Level 1. Starting Feb.3% decline in the final three months of 2020. 1, next week.