Philippine Economy: Moving Forward

Over the years, the economy of the Philippines has been through a roller coaster turnaround and rapid transformation. According to Sec. Arsenio M. Balisacan (2014), the Philippines was once known as “the sick man of Asia”, but it is now one of the fastest growing economies in the region. Amidst the devastation of the Super Typhoon Haiyan in November 2013, the economy is steered to becoming Asia’s next rising star posting economic growth of 7.2% in 2013.

Overall, the development of the country boosts not only its rising GDP, but more so, improving human welfare catering to multidimensional aspects such as health, education, and standards of living. As cited by Mahbub-ul-Haq (1934–1998), the founder of the Human Development Report, the objective of development is to create an enabling environment for people to enjoy long, healthy and creative lives. Indeed, human development is concerned with “…advancing the richness of human life, rather than the richness of economy in which human beings live…” (Amartya Sen, Nobel Laureate in Economics, Harvard University, 1998).