PH economy under Duterte administration

Summary

The video follows Ryan Saga, an engineer who tripled his income after 12 years but struggled to meet his family's needs, prompting him to explore opportunities abroad. As the Philippines' economy saw rapid growth, nearing upper-middle-income status, experts like Rokier Fund and Brink of the World Bank highlighted GDP growth and per capita income gains. However, many Filipinos, like Ryan, still felt economic pressure. The video discusses the country's need to focus on inclusive growth, government reforms, and foreign investments to truly benefit its citizens as it races to achieve economic goals despite setbacks from the pandemic.

Takeaways

• 💼 Engineer Ryan Saga spent 12 years building his career and eventually tripled his income, but his pay was still not enough to support his growing family.
• 🌍 Ryan decided to move to Poland to seek better opportunities, raising questions about whether he would continue working as an engineer there.
• 📈 The 12 years Ryan spent building his career coincided with a period of rapid economic growth in the Philippines, with GDP increasing by 6% or more.
• 🌟 The Philippines was seen as a rising economic star in Asia, with projections of reaching Upper Middle Income status by 2022.
• 💵 According to World Bank estimates, reaching Upper Middle Income status means a person earns at least $4,046 per year, similar to countries like China, Indonesia, Malaysia, or Thailand.
• 🔍 Despite GDP growth, the benefits have not been evenly felt by the average Filipino, leading to skepticism about economic improvement among the general population.
• 📊 To reach Upper Middle Income status, sustained growth of at least 7% is required, but achieving this goal by 2022 now seems delayed.
• ⏳ The government remains optimistic about reaching key economic goals, such as reducing poverty, even amidst pandemic-related challenges.
• 🏗️ Economic reforms, such as improving government services and attracting more foreign investment, are seen as crucial to ensuring growth benefits all citizens.
• 🕰️ With the end of President Rodrigo Duterte’s term approaching, the government needs to refocus its economic goals to ensure they resonate with the needs of the average Filipino worker.

Q & A

Who is Ryan Saga and what challenge did he face?

Ryan Saga is an engineer who took 12 long years to triple his income. Despite this, he struggled to make ends meet for his growing family, prompting him to search for better opportunities.

Why did Ryan Saga consider moving to Poland?

Ryan considered moving to Poland to find better opportunities after struggling to make ends meet with his current salary as an engineer in the Philippines.

What was the economic situation in the Philippines during Ryan’s career growth?

During Ryan's career growth, the Philippines experienced an economic boom with a growth rate of six percent or more, earning the title of the 'darling of Asia.'

What was the government's economic goal for the Philippines by 2022?

The Philippine government aimed to achieve Upper Middle Income status by 2022, with the World Bank estimating that a person should earn at least $4,046 per year to reach this status.

How did Rokier Fund and Brink describe the economic progress of the Philippines?

Rokier Fund and Brink, with over 30 years of experience as a World Bank economist, noted that the GDP per capita of the Philippines had almost doubled, but acknowledged that many Filipinos might not feel this improvement in their day-to-day lives.

What economic growth rate is required for the Philippines to achieve Upper Middle Income status?

The Philippines needs to sustain a growth rate of at least seven percent to achieve Upper Middle Income status.

Why might the Philippines be delayed in reaching Upper Middle Income status?

The country’s progress towards Upper Middle Income status may be delayed due to the economic impact of the pandemic, although there was optimism about recovering and achieving this status by the end of Duterte's term.

What challenges does the government need to address according to the script?

The government needs to focus on creating growth that benefits average Filipinos, improving government services, and attracting foreign direct investment for competition and new ideas.

What does Rokier Fund and Brink suggest as key to improving the economic well-being of Filipinos?

Rokier Fund and Brink suggest that beyond GDP growth, the government should focus on ensuring that average Filipinos benefit from economic growth, improve government services, and attract foreign investment for competition and innovation.

What is the urgency described towards the end of the script?

The urgency is a 'Race Against Time' for the Philippine government to complete its unfinished economic agenda before the end of President Rodrigo Duterte's term.