Our country, Philippines, has shown a
great potential in the economic competition against other bigger countries. We
could say that the Philippines is like a “wheel” for it has its ups and downs
nevertheless we are continuing to improve our methods or ways of handling our
economic funds. Over the course of the years, our country has improved our
economy but not just our economy but also our reputation outside the
Philippines by decreasing the rate of unemployment, continuously paying our
national debt to the World Bank, maintaining the standards of our tourism and
other methods. Due to the fact that these factors have changed the reputation
of the Philippines turning it into a much better one than the previous years,
the Philippines is now one of the “New Tigers” in the Southeast Asia together
with Singapore, South Korea, Hong Kong and Taiwan which are all
world-recognized Asian Tigers.
What does the nickname “New Tiger” means? Does it
change the reputation of the Philippines? To find out more about this nickname,
let us define what the nickname “New Tiger” is. New Tigers are economies that
have been overlooked in the past and are now "poised to drive future
growth and grab more economic power. New Tiger simply means an improvement from
the past problems or crisis and having the potential to become a great country
in terms of economic growth. If the nickname New Tiger means an improvement
from the past problems then what is this big or major problem that we have
solved? Let us go back to 1997 where a great financial crisis happened which is
known as the Asian Financial Crisis. It started in May 1997 when Japan
threatened to raise their interest rates to protect yen so the different
investors began selling their Asian currencies through the threat of Japan although
it did not happen. We were given an extension of credit by the IMF or the
International Monetary Fund in the amount of 1.1 Billion Dollars. Different
Asian currencies have declined because of the crisis which has greatly affected
the Philippines.
Because
of our perseverance and unity, we were able to get back up from the ashes of
the crisis. Because of this, Philippines is named as one of the New Tigers in
the Southeast Asia together with Indonesia who was also greatly affected by the
crisis and has improved their economy.
Market Watch said it selected Indonesia and the Philippines
because of several shared characteristics:
1. Large, young
and dynamic populations
2. Relatively low
levels of national debt
3. Expanding
middle classes
4. Diversifying
economies
5. Stable, elected
governments with policies that inspire investor confidence
6. Top performing
stock markets
We have changed our reputation and we have
shaped it into a better one. The Philippines is now one of the contenders due
to the fact that we are as brave as a tiger and that is why our country is
considered as one of the New Tiger. Even with all the problems or risks that
our country would be facing in an unpredictable time, our country is still on
the right path on achieving a good economic growth.
--
Anton Miguel Jordan
nice one.. :)
ReplyDeletehahahaha. XD nice one. :P
ReplyDelete