Philippine’s Economic Development Submitted by: DACAYANAN, Dexter John Submitted to: Ma’am Violeta F. APILES
Economic Development of the Philippines Today The Philippine economy grew at its fastest pace in 2010 expanding 7.3% — this well surpassed the government’s target of 5.0% to 6.0% and jumped up from growth of just 0.9% in 2009, reported newspapers in the Philippines. The Philippines seeks to attract more foreign investment and enable the long under performing economy to catch up with its fast-developing Asian neighbors, said analysts. The Philippine Star on January 10, 2011, reported that investment is expected to hit P610.4 billion by 2014 (2010 posted a P505 billion investment) according to the Board of Investments (BOI)'s managing head Cristino L. Panlilio and the Philippine Economic Zone Authority (PEZA). The BOI said that they were hoping that investments from the public private partnership (PPP) will boost the figure.
President Carlos Garcia(1957-1961) <ul><li>He was the fourth President of the Third Republic of the Philippines.
on March 18,a day after pres. Magsaysay’s death, took his oath as the president of the Philippines in Malacanang.
He achieved the highest position in politics in a stair like manner; first he was a congressman, then a governor, from governor he became senator, to vice-president until he became the president. </li></ul>
<ul><li>Carlos P. Garcia was born in Talibon, Bohol, on November 4, 1896.
His parents are Policronio Garcia and Ambrosia Polestico.
His political career started in 1925 when he won as representative in the third district of his province.
1947 to 1953 Garcia was the vice president </li></ul>
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Garcia’s Administration <ul><li>Garcia's administration was characterized by its austerity program and its insistence on a comprehensive nationalist policy.
President Garcia’s administration was anchored on three basic policies. These were Austerity, Filipino First Policy and Cultural Revival. </li></ul>
PRIMARY PROBLEMS that Garcia’s Administration Faced <ul><li>The main problem that was facing the Garcia administration was the current economic situation during that time. Corruption was also prevalent in the country since he had just inherited the Magsaysay administration. Several cases of corruption were found within the government offices during his administration.
The imports that were coming in the country greatly outnumbered the exports that we were shipping out of the country, making the Philippines highly dependent on foreign products that required dollars to purchase. </li></ul>
Garcia’s Administration Economic Programs FILIPINO FIRST POLICY “ If the Filipinos cannot be first in the Philippines, where else can they be first? Only when Filipinos are first in their country will the Philippines be finally truly free. Until then, their independence can only be a sham. While aliens control the economy, how can Filipinos be said to be masters in their homes or their government is sovereign in their lands? They are mere hirelings, dummies, servants – subservient to the will of others, serving their interests first. How can Filipinos advance their own?” The important objective was to make the Filipinos first and supreme in the national economic household of the Philippines. It is a policy where Filipinos should be first before anyone else. It applies mostly to economics where they'll give priority to a Filipino entrepreneur to supply for us than importing goods from other countries.
Beneficiaries of the Filipino First Policy The people that benefited from this policy are the businessmen of the Philippines, they had an increase support and protection from the government. This enabled them to help improve our economy at that time. Foreign investors were not totally ignored they could still participate in investing in businesses in the country but there should be a 60-40 ratio of ownership within the business.
Other Things that the Filipino-First Policy achieve 1. The MERALCO, a 100 percent Filipino enterprise acquired from the American original owners used to be the biggest foreign public utility and public service company in our country. 2. A Filipino concern acquired the Hacienda Luisita, Tarlac, one of the biggest sugar haciendas in our country. It was owned by Tabacalera, a Spanish Corporation. 3. Other smaller Spanish and British holdings were acquired by Filipinos. 4. The first Filipino controlled oil corporations – FILOIL was established under the Filipino-First-Policy with the help of our dollar reserves. 5. We increased by 150,000 tons the Philippine bottoms engaged in foreign shipping by means of acquiring from Japan 12 vessels of 12,500 tons each. These increased our participation as carriers of our imports and exports from 2.2. percent before to 11 percent now. This also led to the merger of small Filipino shipping companies engaged in foreign shipping into a bigger corporation now known as the United Philippines Lines (UPL) which recently has acquired a new 80,000-ton tanker, the biggest in Southeast Asia. We also doubled the tonnage for inter-island shipping.
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Other Programs Austerity Program President Garcia initiated what has been called "The Austerity Program". García's administration was characterized by its austerity program and its insistence on a comprehensive nationalist policy. On March 3, 1960, he affirmed the need for complete economic freedom and added that the government no longer would tolerate the dominance of foreign interests (especially American) in the national economy. He promised to shake off "the yoke of alien domination in business, trade, commerce and industry." García was also credited with his role in reviving Filipino cultural arts.The main points of the Austerity Program were: 1.The government would tighten up its controls to prevent abuses in the over shipment of exports under license and in under-pricing as well. 2.There would be a more rigid enforcement of the existing regulations on barter shipments. 3.Government imports themselves were to be restricted to essential items. 4.The government also would reduce rice imports to a minimum. 5.An overhauling of the local transportation system would be attempted so as to reduce the importation of gasoline and spare parts. 6.The tax system would be revised so as to attain more equitable distribution of the paymeny-burden and achieve more effective collection from those with ability to pay. 7.There would be an intensification of food production.
<ul><li>The Austerity Program was implemented by Garcia in order to curt the rampant graft and corruption within the country. The program centered on wise spending, industry, thrift, trustworthiness, integrity and honesty. He also urged people to avoid luxury items and to live a simple life and reminded government officials and employees’ corruption destroys the peoples trust in the government.
Government officials and employees were reminded That a public office is a public trust and that graft and corruption destroys the people’s trust in the government </li></ul>
Beneficiaries of the Austerity Program The austerity program benefited the common Filipino and the Garcia administration, because of the implementation of this program the government was able to regain some of the trust that they lost due to the rampant corruption in the country. While the Filipinos were able to once again trust the government.
Cultural Revival Program <ul><li>The Garcia administration also put emphasis on cultural revival, due to the colonization of many countries he felt that the revival of the Filipino culture was needed. The award was given to Filipino artists, scientist, historians and writers. </li></ul>
Beneficiaries of Cultural Revival Program Filipino artist could now get the recognition for their works that were left ignored. The main focus of the society at the time was improving the economy.
Bohlen–Serrano Agreement <ul><li>The Bohlen-Serrano Agreement was the law that shortened the original 99 year lease of US bases here in the Philippines to 25 years, the agreement was renewable for periods only up to 5 years. </li></ul>