The government and economic analysts have been boasting that the country’s economy has strengthened, particularly with the appreciation of the peso which hit a record high since 2008 and is considered the best-performing Asian currency this year. The Philippine is also said to be one of the better performing economies, defying global trends of economic decline, due to increased local spending and a boost in export.
Reports noted that people are asking, “What economic boom are you talking about?” People don’t feel the economic growth that the government is talking about. They continue to toil and not see the benefits in an improved state of their lives. There are still millions deep in poverty who cannot afford to buy even the most basic necessities because of the soaring prices on these.
So, how did the economy progress without the majority of Filipinos benefitting from it?
