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Today's Economic System in the Philippines

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Written by   169
1 month ago

What exactly is an economic system, and what are the many varieties of them? What is the Philippines' current economic system? Do you believe it is still utilizing the traditional ecology system? The economic system is concerned with how the government manages accessible products and services as well as the resources that traverse a geographic region. The four basic types of economic systems in the world are pure market, pure command, traditional, and mixed economies. Every economic system type is distinct from the others depending on their assumptions and conditions of the economy in a certain civilization.

Traditional economics is primarily concerned with the allocation and production of products and resources, and has been shaped by societal demands as well as regional customs. Traditional economies may barter their items rather than selling them for money. When we say barter, we mean the act of exchanging commodities and services. For example, if you cultivate rice, you may trade it to poultry owners. You replace your rice for meat. It is dependent on your products and whether the other owner will let you.

In previous decades, the Philippines utilized a traditional economic structure; however, in today's world, we use a mixed economy. Looking back to the Philippines' earlier decades, they used a barter system, which is similar to traditional economies when we were slaves to the Spaniards. They seldom sold their products for cash, preferring to trade them with other merchants. The Philippines is now implementing a mixed economic system. When we talk about a mixed economy, we mean a combination of private and public organizations that share control of owning, producing, selling, and trading products and services in a certain country or geographic region. It's as though the three primary forms of economies, such as pure command, pure market, and traditional economy, are being blended in this type of economy.

When the pandemic began in March 2020, some individuals were unable to go outdoors or work to provide food for their families, and some people or companies bartered their items to others since they would lose revenue if they simply laid aside their products and waited for the virus to end. Some of our kababayans trade their equipment for rice or foodstuff with others. Some farmers do this as well in order to make a livelihood and maintain their efforts in producing commodities.

The Philippines has privately held firms that are administered by government policy, which indicates that the government has control or power over those businesses that are privately owned. "Notwithstanding the ongoing pandemic, and Omicron sparking the third wave of infections, we still optimistic that Philippine growth will further accelerate and get back to its trajectory of 6-7 percent in 2022," FMIC president Jose Patricio Dumlao said in a virtual brief, according to the article written by Leslie Gatpolintan under the permission of www.pna.gov.ph. When the crisis hit our country, our economy was sent into a tailspin, but it is now reviving with the support of new developing businesses in the middle of a pandemic. Even if the country is still in the grip of the Covid 19 catastrophe, we are making progress. When we are still in the traditional economy, I believe that the benefit that we will face is that we will hunger if our source of living is depleted, especially if we have a large number of families that we should restrict our family expanding and giving birth to. 

To recapitulate this topic, the Philippines is presently developing and thriving economically despite the outbreak attributable to private-owned firms over which the government has control and authority. Traditional economic systems are now far distant from the Philippines, which has a mixed economy in current times. The Philippines employs command, market, and traditional economies. However, some countries, such as Canada and Denmark, continue to use traditional methods since they produce their own foods, clothing, and other goods rather than importing and exporting.

Closing Thoughts

It's stuck in my drafts, so I'm posting it here so I can clean up my drafts for future topics. This is what I wrote for a friend who asked me to write something about the Philippine economic system. If I have the time, I will occasionally help her for as long as I can. I also told her to go over my work first because I'm not studying like them and I'm afraid I'm doing something wrong.

Thank you for reading!

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Publishing Date: May 21, 2022

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Written by   169
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Comments

Unfortunately, the economic crisis is everywhere.

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1 month ago

You have done great by writing about that. Well I have also got afew numbers of titles or unfinished articles in my draft, lol!

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1 month ago

Thank you for that. Haha You must finish them so we can read those drafts. Haha

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1 month ago