Economy of the Philippines

The Philippines is a newly industrialized country in South-East Asia. In 2004, it was ranked as the 24th largest economy by the World Bank according to purchasing power parity.

The Philippines is one of the emerging markets in the world.

Important sectors of the Philippine economy include agriculture and industry, particularly food processing, textiles and garments, and electronics and automobile parts.

Most industries are concentrated in the urban areas around metropolitan Manila.

Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper.

Recent natural gas finds off the islands of Palawan add to the country's substantial geothermal, hydro, and coal energy reserves.

ECONOMY

Since the end of World War II, the Philippine economy has had a mixed history of growth and development.

Over the years, the Philippines has gone from being one of the richest countries in Asia (following Japan) to being one of the poorest.

Growth immediately after the war was rapid, but slowed over time.

A severe recession in 1984-85 saw the economy shrink by more than 10%, and perceptions of political instability during the Aquino administration further dampened economic activity.

During his administration, President Ramos introduced a broad range of economic reforms and initiatives designed to spur business growth and foreign investment.

As a result, the Philippines saw a period of higher growth, but the Asian financial crisis triggered in 1997 slowed economic development in the Philippines once again.

President Estrada managed to continue some of the reforms begun by the Ramos administration.

Important laws to strengthen regulation and supervision of the banking system (General Banking Act) and securities markets (Securities Regulation Code), to liberalize foreign participation in the retail trade sector, and to promote and regulate electronic commerce were enacted during his abbreviated term.

Despite occasional challenges to her presidency and resistance to pro-liberalization reforms by vested interests, President Arroyo has made considerable progress in restoring macroeconomic stability with the help of a well-regarded economic team.

Nonetheless, long-term economic growth remains threatened by widespread poverty, crumbling infrastructure and education systems, and trade and investment barriers.

Important sectors of the Philippine economy include agriculture and industry, particularly food processing, textiles and garments, and electronics and automobile parts.

Most industries are concentrated in the urban areas around metropolitan Manila.

Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper.

Significant natural-gas finds off the islands of Palawan have added to the country's substantial geothermal, hydro, and coal energy reserves.

Merchandise trade

- Imports contracted by 1.8% in April to $4.3 billion from $4.4 billion last year.

Despite the drop, merchandise imports remained bigger than exports, which reached $4.1 billion for the same month.

This resulted to a trade deficit of $219 million, narrower by 56.1 percent from last year’s deficit of $499 million.

Electronics, which accounted for 42.6 percent of imports, declined by 17.3 percent to $1.8 billion from $2.2 billion a year ago.

Other imported products that recorded significant drop were cereal products, iron and steel and plastics, which contracted by 35.7 percent, 16.8 percent, and 14.2 percent, respectively.

- For the eighth consecutive time, the U.S. Federal Reserve decided to leave its key interest rate unchanged at 5.25 percent in its policy meeting held on June 28, 2007.

The decision to hold rates steady was primarily attributed to the modest improvement in inflation in the recent months. U.S. core inflation rose by just 2.0 percent year-on-year in April, its smallest in over a year.

- The government announced its plans to generate additional revenues of P105 billion through the sale of its remaining stake in PNOC-Energy Development Corporation (EDC), San Miguel Corporation (SMC), and Manila Electric Company (MER).

The proceeds would be used to help the government attain its programmed deficit for the year.

- The peso weakened against the dollar during the week, closing at P46.24 per dollar, down by 0.39 percent or 18 centavos from last week’s close of P46.06 per dollar.

The peso’s performance was limited by the strength of the dollar following the US Fed’s decision to keep its key rate steady.

- The PSEi closed the week lower at 3,665.23 points, down by 0.97% or 35.93 points from the previous week’s close of 3,701.16 points.

Among the PSEi members which posted losses in their share prices during the week were Lepanto Consolidated Mining Company “B” & “A” (LCB & LC) and Manila Mining Corporation “A” (MA) which share prices dropped by 13.89 percent, 9.68 percent, and 8.33 percent, respectively.

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Philippines calls in troops to stop poll violence

Philippine President Gloria Arroyo ordered the military Monday to help police maintain order amid escalating violence in the run-up to May 14 mid-term elections.

She made the announcement hours after the mayor of the northern city of San Carlos, Julian Resuello, died in a Manila hospital early Monday after he was shot at a beauty festival.

One of his aides died instantly and seven others were wounded in the attack late Saturday.

In a separate incident, the mayor of Morong in Bataan, north of the capital Manila, survived an attack on his home when gunmen sprayed it with automatic fire.

Arroyo ordered the military to help police dismantle "private armies" as political violence increases.

"I am calling on the armed forces to reinforce the police, under Comelec (Commission on Elections) authority to stop election violence and move forcefully against those using threats and intimidation for partisan politics," Arroyo said in a statement.

"All identified private armies must be pre-empted and dismantled."

The Philippines goes to the polls in the next two weeks to elect 12 senators, the entire 230-seat House of Representatives and thousands of local officials from members of town councils to mayors and provincial governors.

But elections here are often marred by violence, with rival politicians, especially in the provinces, maintaining armed groups -- effectively private armes -- to intimidate or harass opponents.

On Thursday, a town council candidate and a policeman were killed in an ambush by suspected political rivals in the town of Jaen in northern Nueva Ecija province.

Seventeen others were wounded, including three policemen, forcing Comelec to place the province under its security watch to prevent further bloodshed.

In the 2004 presidential elections, 148 deaths were recorded and 111 deaths were linked to the 2001 mid-term polls.

So far in this election 25 people have been killed.

National police chief Oscar Calderon said at the weekend that only 52 of 90 known private armies controlled by politicians nationwide have been dismantled and some 2,000 individuals illegally carrying guns were arrested.

Hilot: The Art and Science of Touch

Make no mistake, hilot or ablon is not about going to a spa and getting a massage because you want to relax and come away with a feel-good attitude.

The benefits reaped from this type of physical manipulation have a more lasting effect.

“It is the practice of Filipino manual medicine,” according to Virgil J. Mayor Apostol, 42, a certified holistic health practitioner, who co-authored “The Healing Hands of Hilot.” Apostol practices his medicine in Hawaii and California.

Born and raised in Los Angeles, California, Apostol descends from a paternal and maternal bloodline of healers.

Through extensive research, time spent learning the teachings of respected elders in the rural areas of the Philippines and clinical practice in the U.S., Apostol continues to refine ablon/hilot as a science and spiritual practice.

His background in the Filipino martial arts has also enhanced his intuitive knowledge as a healer.Ablon/Hilot is the oldest and most secret of the Filipino healing arts in the Philippines.

It is very rare for masters of this practice to divulge their secret of healing.

This ancient art of healing is either learned from relatives, through hands-on practice or inherited from forefathers, passing it on from one generation to the next.

This type of healing supposedly dates back to the first civilization of the Philippines (approximately 5th century).

There is, however, no written documentation of the history of this art.

The masters failed to document the origins, dates, facts, where the art originated and who developed these effective and healing arts.Ablon/Hilot is practiced to varying degrees or levels in the Philippines, but has now found its way to many parts of the world.

Apostol gave a presentation of his practice at the International Conference on the Hawaii Filipino Centennial in Honolulu recently.

He said: “Due to historical accounts that have influenced the psychology of the people, Filipinos have become victims of colonial mentality that has placed neglect on our own cultural heritage in favor of just about everything ‘American.’

Our very own traditional Filipino medical system, although very strong in the Philippines, is taken for granted here in the West.

Although the younger generation may have heard of these healing practices, they are practically unknown by non-Filipinos.

“It is interesting to note that in the Philippines, practitioners of traditional medicine outnumber practitioners of biomedicine, with at least 40,000 traditional birth attendants and 100,000 herbalists -- high figures that do not even account for the thousands of manghihilots, acupuncturists and other practitioners.

In the United States, however, the reverse ratio applies in that the availability of Filipino healers is smaller than practitioners of allopathic medicine.”What are the traditional Filipino ways of healing?

It’s varied specializations - midwifery, pulse diagnosis, bone setting, manual medicine, herbology, suction cupping, skin scraping, herbal steam and smoke, “energy medicine” - just to name a few, date back to indigenous science of Asian origin.

This tradition includes numerous forms of metaphysical healing that not only deal with the spiritual realms, but also the mental and emotional aspects.

Ablon (term used by Ilocanos, Yapayaos and Itnegs of Ilocos Norte) or Hilot (Tagalog term) is an ancient Filipino hands-on healing, therapeutic and rehabilitative procedure.

It is considered an effective means to relieve pain in the Philippines.

But to get to that pain-relief stage, one must endure the pressure and manipulation applied to the area of discomfort.

“The mangablon or manghihilot is very acute in assessing injuries,” said Apostol. “The practitioner has an uncanny ability to sense fractures and reset them before wrapping the injury with medicinal herbs and barks.

“The ablon/hilot approach is the opposite to that of massage. A sprain would get a thorough treatment even if it sometimes means that the person would have to bite down on a stick!”It sounds excruciating and it can be, but Filipinos who are familiar with this type of manipulation, will be the first to extol its healing properties

"If proper manipulation is not done right away, the viscous coating around the injury will harden and adhesions will develop restricting proper blood flow and nerve impulse, affecting or prolonging the healing process,” said Apostol.

“There are also injuries indicative of belles or pilay, a sprain or displacement of the bones, nerves and veins. Following such injuries, inflammation is understood to occur and must be treated in order to adjust proper setting and flow.”How does Ablon/Hilot work?

According to Apostol’s Marhalikan Healing Arts Center brochure, it is the practice of accomplished hands-on yet differs from massage.

After an initial consultation is conducted and background information obtained, the process of ablon/hilot follows: this involves the manipulation of the nerves and veins, joints, tendons, sinews and ligaments.

Through deep concentration and attention to specific details, the unique mobilization, manipulation and stimulation methods are what make ablon/hilot excel in the proper functioning of: the nervous system which regulates and coordinates bodily activities and responses; veins and arteries which support the flow of blood; tendons and ligaments that support the physical movement of muscles and bones.Sensitivity to ablon/hilot may surface during the session. According to the brochure, this is due to the nerve-pathway stimulation. But the results outweigh any initial discomfort - an indicator of bodily imbalances.

This can lessen or even diminish after consecutive ablon/hilot sessions - an indication of the body’s return to improved health.Based on his research, Apostol’s holistic approach addresses the mind and body through cultural and sociological perspectives.

“Many traditional Filipino healers heal from both a scientific, spiritual background and holistic attitude.

This is especially true since the cultural roots stem from an animistic base where spirituality is high and esoteric devotees have an uncanny ability to tap into altered state of consciousness in order to obtain information.

“Perhaps the earliest concept of illness causation is that they were the result of offended elemental or ancestral spirits, or through sorcery - beliefs that still exists to this day.

Those that suspect illness attributed to one of these two sources prefer treatment from a traditional healer that specializes in such cases.“Not only would it be beneficial but crucial for us to adopt a “holistic” lifestyle.

Deriving from the Greek root word, holos, for “whole,” Taber’s medical dictionary clearly defines holistic medicine as “comprehensive and total care of a patient.”For Filipinos who have been used to trading and bartering with the local mangablons/manghihilots in the rural areas of the Philippines, watch out.

It won’t be long now before the world, via word of mouth and web access, catches on to the healing arts of our nanays and tatays. The secret is out.

Philippines’ growth, real or imagined?

THE Philippine economy is growing and will continue to grow for as long as President Gloria Macapagal Arroyo, a Georgetown-educated economist, is in charge.

So goes the line that the Arroyo administration has been pushing and which it hopes will result in a resounding victory for her party in the coming May elections.

Mrs. Arroyo herself is not a candidate, but the general consensus is that the senatorial elections will be a gauge of her popularity, or lack thereof.

A win by the majority of her candidates means that the people are silently supporting her policies which are aimed at continued growth of the economy.

For the most part, there are indications that our homeland’s economy is no longer in bad shape.

The Filipino American community, which has kept its ties with the motherland, shares some of the responsibility through the huge volume of remittances sent back home month after month, year after year.

Now comes an Asian Development Bank report that says the claims of Mrs.

Arroyo may be lacking a solid foundation.

The report released late last month says that the Philippines is not even keeping up with the growth in the region.

Worst of all, the expansion of the country’s gross national product will not translate into increased employment.

The Philippine population continues to grow at a steady clip creating a work force that still will not be 100 percent employed anytime in the near future.

The ADB report paints a less-than-bright scenario for the Philippines.

Last year, the region grew by 8.3 percent, the healthiest in more than a decade.

The Philippines’ growth was far, far less. Close to three percentage points less, in fact.

Simply put, the country is still falling behind its neighbors.

The country is still an economic laggard.

The country may as well retain its old title of Sick Man of Asia.

An exaggeration? Not really.This year, the Asian economies are projected to grow by 7.6 percent on the average.

Next year, the growth will be 7.7 percent.Closer to home, the Southeast Asian economies might not grow as much as the rest of Asia, but such countries as Singapore, Malaysia, Indonesia, Thailand and Vietnam are still expected to outpace the Philippines.

The ADB projects Southeast Asia’s economies to grow by 5.6 percent and 5.9 percent, this year and next, respectively.

The Philippines, on the other hand, will only expand by 5.4 percent and 5.8 percent this year and next.

The Arroyo administration’s biggest mistake is taking the country’s growth out of context.

Since all the economies of the world are inter-connected and inter-related – with the only exceptions being North Korea and to a lesser extent Cuba – there are always winners and losers where growth is concerned.

Countries which fall behind will see their citizens’ quality of life depreciate, while those which do well will naturally appreciate.

So where does the Philippines under GMA stand?Pardon this awful joke, but only as high as her own short physical stature. Growth will be stunted vis-à-vis Asia and Southeast Asia.

If the president of the Philippines wants to claim that she is handling the economy well, she must begin by doing her homework.

Surely the lessons she learned in Georgetown University remain valid.

She must lead the country to a period of sustained high economic growth, reducing unemployment to as close to nil as possible, and eradicating poverty at all cost.

A tall order perhaps, but one that Mrs. Arroyo must be committed to achieving if her presidency is to mean anything in the country’s history.

The Filipino people can forgive her many flaws, but they cannot and should not forgive the lie she is peddling that the Philippine economy is in great shape.