Those figures, known as Gross Domestic Product , are measured either as the total value of consumer, capital, and government goods and services produced by the country adjusted for imports and exports; or alternatively as the amount earned by workers and managers, government, and returns or profits by investors and business owners. Both approaches theoretically yield the same result. Adjustments are made for inflation when comparing figures for different years.
GDP statistics would be even more misleading if the country’s virgin forests were to be logged; mountains bulldozed with the soil sold to China for West Philippine Sea reclamation; copper minerals dug up and exported. Sold for little more than the extraction and processing cost, go into GDP without allowing for the loss of the irreplaceable resources or the coral reefs and fish breeding grounds that become Chinese air fields.
Entitled “Philippine Ecosystem and Natural Capital Accounting System Law of 2021,” the bill improves upon standard economic indicators that track not only the value of goods and services produced but also quantifies the consequences of the accompanying pollution, waste disposal, loss of natural resources.
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