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Transcript of Economy
The present Philippine economic studies
PHILIPPINES GDP GROWTH RATE
Philippine Economy Profile
- Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration (January 2001 - June 2010). Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP in 2013.
- The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade.
Other Problems in the Work Force
Inadequate facilities and occupational safety measures
Unjust compensation (wages)
Minumum wage = P466
Family Cost of Living = P1034
P568 wage gap
Absence of job security
Hiring employees for less than 6 months to avoid hiring a full employee
No security in tenure
Deprives rights for safe and meaningful employment
Labor Force Participation Rate increased to 49% (compared to 78.8% of males)
Of the 37.7 million employed, only 39% are women
70% of those not in the work force are women
According to David Held, the features of globalization are:
Political, economic and social activities are rapidly becoming global in scope.
The links between states and societies have greatly intensified, facilitated by high-speed communication.
People, ideas and cultural products are moving around, merging and influencing each other more than ever before.
Military and intelligence organizations are able to operate on a truly global scale with the help of high technology.
Economic activities now involve globally integrated production and marketing, extending global economic activities far beyond trade.
Transnational political organizations such as the UN, the IMF, the EU and NATO have transcended the nation-state and its sovereignty.
The world is no longer divided into opposing superpower blocs. New alliances will be required.
nomadic way of living
there is no surplus therefor foods/items are distributed equally
A. "primitive communal", the hunting and gathering societies
B.Pastoral and horticultural society
People began settling in one area
The populations grew
different activities aside from gathering of food resulting in division of labor
variety of items became available for trade
Inequality is present because of surplus and trade. Some people were able to acquire more goods than others.
•Plow was invented
•Specialized division of labor was created.
•Trade centers and cities were developed because of the increase number of goods and expansion of trade.
• greater inequality in social, political and economic aspects resulting from the progression of power from the heads of the families and clans to ruling elite.
C. Agricultural Society
A.Machines were created bringing more surplus of goods.
B.Exploitation of the labor of the people and manipulations of political machinery was exhibited by other people for their own selfish gain.
C.People were now concentrated in consumption.
Thorstein Veblen- "conspicuous consumption"
" Our concern for salvation and the importance of hard work has been replaced by our eagerness to boast our wealth through the consumption of goods."
1The service sector is so large that it employs the majority of the workers
2.A huge surplus of goods
3.More intensive trade among nations
4.A wider variety of good available to an average person
5.Information explosion- This required a greater number of people to manage information and design servicing products.
6. Global village- the globe is connected by instantaneous connections.
6 characteristics of post-industrial society according to Daniel Bell
Information explosion and global village
are the key elements of the post-industrial society.
result of the information explosion is
because not everyone will have a place or position in the global village.
The village can be divided into neighborhoods and its
characteristics are based on its political and economic arrangement
. Some will live in poor villages, some may even starve to death, while other villages will have more than enough goods where inequalities could be observed.
The Gross Domestic Product (GDP) in Philippines expanded 1.40 percent in the second quarter of 2013 over the previous quarter. GDP Growth Rate in Philippines is reported by the The National Statistical Coordination Board.
Work and Work-related issues in the Philippines
occurs when people are without work and actively seeking work.
The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force.
Majority of the unemployed were high school graduates (31.7 percent), college graduates (21.3 percent) and college undergraduates (14.6 percent), the state agency noted.
About half (48.2 percent) of the unemployed were aged 15-24 years old, 27.5 percent of which are male while 20.7 percent are female.
In July of 2013, the employment rate is estimated at 92.7 percent, slightly down from 93.0 percent recorded a year ago.
The number of employed people was approximately 38.175 million.
Globalization and Economy
It is a historical process, the result of human innovation and technological progress.
It is an extension beyond national borders of the same market forces.
It is the movement of people and knowledge across international borders.
What is economic globalization?
Group 3- Economy
Presentation- Nicole Feliciano
Historical Development of economy- Aj Gavino
The Present Philippine economic system- Kaisha Durana, Chelsea Galutan, & Kathleen Ferido
Work and Work-related issues in the Philippines- Kristine Evangelista, Raya Fuentes, & CJ Ferrer
Globalization- Gillian Galeng & Jasmine Jesmundo
The Philippines' economy grew at a faster rate than expected in the third quarter, indicating that the country's economic condition continues to strengthen.
Unemployment is still a challenge despite the growing economy (Xinhua, April 2013)
*7% of 40 million labor force = unemployed
*20% = underemployed
However, the Chinese, Japanese, and South Korean investors are interested in investing in the country.
(Santos, June 2013) The National Statistical Coordination Board (NSCB) announced that the Philippines has the fastest growing economy among Asian countries for the first quarter of 2013.
According to Kendall, there is so-called reproduction of professionals.
Brint, for example, raised the issue that children of professionals have a disproportionate advantage
early in life because of the emphasis placed in education.
RACE and GENDER – affect access to professions
*PROFESSIONS – are high status, knowledge-based occupations
5 MAJOR CHARACTERISTICS OF PROFESSION:
*OCCUPATIONS – are categories of jobs that involve similar activities and different work sites
CLASSIFICATION OF OCCUPATIONS:
SOCIOLOGISTS INSTITUTED OCCUPATION CATEGORIES
BY DISTINGUISHING BETWEEN EMPLOYMENT IN:
1. Primary labor market
- Upper tier jobs = ex. managerial and supervisory positions
2. Secondary labor market
- Lower tier jobs = ex. janitors,waitresses, sales clerks
The Philippines has been known to be one of the top sources of migrant labor in the world.
The country’s labor migration has increased tremendously since 1975, when some 36,035 migrant
workers left for contract work abroad.
REASONS WHY FILIPINOS SEEK EMPLOYMENT ABROAD:
1.Severe underemployment problem
Migration and Overseas jobs
The deployment of highly skilled workers is on the rise.
The migration of professionals, particularly nurses and teachers, has drained the health human resources of the country.
Once abroad, however, many professionals are “de-skilled” by being made to work at jobs not fitting their training and educational qualifications.
Brain Drain – human capital flight
- is the large-scale emigration of a large group of individuals with technical skills or
Brawn Drain - is the large-scale emigration of a large group of individuals with manual skills