The Philippines tops in export.
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The Philippines is a country that is bearing the brunt of all kinds of problems both internally and externally. It has a running dispute with China; it faces a bloody internal campaign with the communists.
It also has frequent kidnappings continuously both inland and in the seas near its southern tip. Most of these kidnappings are the handiwork of the dreaded Abu Sayyaf group (ASG) that is the bloodiest terrorist group. It targets small cargo ships and takes hostages for collecting ransom amounts.
The New People’s Army (NPA), the armed wing of the Communist Party of the Philippines (CPPP) is an extortionist agency. It forcibly collects funds from the industries and the general public.
In addition, the natural calamities that occur frequently are a scourge for the people and the government of the Philippines.
In spite of all
Therefore, people who do not know this nation well are amazed when it comes up trumps against global competition. It is very difficult to fathom as to why this occurs.
Moreover, it is difficult to fathom as to what would have been if these impediments to growth did not exist.
Thus, this reaction might have surfaced when the performance of the Filipino export sector won an award. Oxford Economics of UK announced the awards for the Asia Pacific region.
One of the winners was the Philippines for phenomenal growth of its export sector. In the face of stiff competition from the best equipped nations, the performance in exports was outstanding.
The Philippines rose up to the occasion in meeting global demands by far. Moreover, it emerged as one of the leaders over a period of the last seven years Oxford Economics stated.
On Monday, Oxford Economics published a report on the performance of Asian countries over the last seven years. It named South Korea, India, China and the Philippines as the nations that progressed rapidly.
These nations grabbed a major share of the market share due to their efficiency productivity. They ascended the value chain from 2010 to 2017, the period under consideration.
The Philippines were the clear winner leading the pack with a compounded annual growth pegged at 7.8% Oxford Economics stated. Thus, it performed much more credibly than the second-placed India with 5.4 %.
India came second in performance trailed by the following nations:
• South Korea with 5.3 %,
• China with 4.6 %,
• Indonesia with 4.1 %,
• Malaysia with 3.7 %,
• Australia with 3.2 %,
• Singapore and Thailand with 2.0 %, and
• Taiwan with 1.4 %.
Japanese exports fell down by 2 %; Hong Kong led the losers with a loss of 8.5 %. Thus, Malaysia, Australia and Indonesia could barely keep pace with the world demand.
However, the stragglers included Japan, Hong Kong, Thailand and Singapore far behind the global demand. Thus, the Oxford Economic lauded the winners as economies that excelled in all facets of growth.
India, the Philippines, South Korea and China maintained a robust growth in Manufacturing Exports to grab the market share.
Reforms and procedural changes went into making the Star Gold performers rise from humble beginnings to emerge winners, they said.
The Philippines and Malaysian economies have tightened their production backed by foreign investments and lower costs. Therefore, the Philippines have managed to up their GDP from 2010.
India and the Philippines are countries that managed to rise from their humble beginnings through reforms and procedural changes.
India had a fragmented manufacturing sector but has tightened its act to emerge ahead. Similarly, the Philippines employed foreign investments to generate more jobs and mature as an economy.
Oxford Economics predicted a fruitful future in their effort to match more established rivals.
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Written for: Lars-Magnus Carlsson
Wednesday, March 29, 2017