Agriculture, Fishery and Forestry, Industry and Services, Investments, Micro, Small and Medium Enterprises and Tourism as Drivers of the Philippine Economy: An Assessment

Abstract

Posting the fastest GDP growth in Southeast Asia, the Philippines’ prospects for its economy are bright. Hence, this study intends to assess the GDP growth of the country for the period 2011 to 2014, specifically in the sectors of agriculture; investment; micro, small and medium enterprises; industry and services; and tourism. The study was conducted by gathering data from the concerned government agencies through interviews and referring to their published reports and websites. Performance of each sector was described and that of the country as a whole compared with the neighboring Asean countries. Researchers concluded that indeed, the government has firmed-up partnerships with the private sector in order to achieve the ultimate goals in each sector. As disclosed from the reports and interviews, financing was the major problem in the agriculture and MSME sector, which seriously needed government intervention. Thus, the researchers recommend a stricter implementation of the Magna Carta for MSMEs and agriculture sector so that banks would grant credit facilities to them. As for the investments; industry and services; and tourism sectors, the government has laid down a coordinated master plan for them which would require close monitoring and control for economic growth to be augmented and sustained. The government must be vigilant on how to realize the benefits from trade relations with APEC member countries.