Though the Philippines has posted impressiveGDP growth over the 2010s, the benefits of this increased wealth have been felt mostly by the country’s elite. For most other Filipinos, life continues to go on the way it had for generations.
Thankfully, the country’s leaders now have access to a wealth of workable solutions for improving economic equity. Here are a few things that are now being done to help achieve inclusive growth in the Philippines:
Thankfully, there’s much reason to be optimistic when it comes to Philippine infrastructure development. Following years of economic prosperity, hundreds of projects have finally been prioritized, including many that had been put on hold for decades. The previous administration’s Build! Build! Build! initiative, a collection of about 100 priority megaprojects, has also been set to continue through the present administration.
When these projects are completed, they are likely to be instrumental in bringing down the cost of business wherever they are located. This is likely to lead to increased employment and prosperity for a wider cross-section of Philippine society, particularly among the working class and those in the historically neglected countryside.
2. Increase Economic Opportunities in the Countryside
Most economic development in the Philippines is concentrated within Metro Manila and the surrounding Calabarzon and Central Luzon areas. This is largely due to the high density of infrastructure developments in these locations. The levels of higher economic development are reflected in the overall higher quality of life attainable in these areas.
However, this concentrated development does come at a cost. Much of the countryside remains underdeveloped due to the more immediate benefits of concentrating development funding in Metro Manila. Save for a few key provincial cities like Cebu, Iloilo, and Davao, the standard of living remains comparatively low throughout the country
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