I
believe I have mentioned economy before, so forgive me if this is some
repetition.
Philippine
economy includes: food processing (I
think Del Monte fruits for one!)
textiles and garments—sure hope these aren’t foreign companies running “sweat shops”! come to think of it, I don’t ever think I really heard that Filipinos had a ‘minimum wage’—just worked for hourly pay and long hours
electronics assembly
mining (5th most mineral rich country in the world) and a recent find of natural gas
agriculture
fishing
international trade and tourism
The Philippines annual population growth is large—one of the highest in Asia, therefore the GDP growth must increase to alleviate poverty. The portion of the population living below the national poverty line was 26.5% in 2009.
textiles and garments—sure hope these aren’t foreign companies running “sweat shops”! come to think of it, I don’t ever think I really heard that Filipinos had a ‘minimum wage’—just worked for hourly pay and long hours
electronics assembly
mining (5th most mineral rich country in the world) and a recent find of natural gas
agriculture
fishing
international trade and tourism
The Philippines annual population growth is large—one of the highest in Asia, therefore the GDP growth must increase to alleviate poverty. The portion of the population living below the national poverty line was 26.5% in 2009.
I
know I mentioned the need for micro-financing and job starts for so many of the
poorer Filipinos—especially those who lost everything due to the earthquake
and/or typhoon. The people are sharp
and hard workers….so yes, help them to begin new jobs!!
www.economywatch.com/world_economy/philippines/
Philippine money is the peso. While we were in the Philippines, the exchange rate was roughly 44 pesos to $1. The peso is divided into 100 centavos. As an American colony for some years, the word was "peso" on the bills; now the word is "pisa" on the bills.
from Wiki-pedia:
With the establishment of Manila, the Spanish introduced the silver real de a ocho, already known across the Spanish Empire colloquially as the peso, which was divided into 8 reales and further subdivided into 4 cuartos or 8 octavos. The monetary situation in the Philippine Islands was chaotic due to the circulation of many types of coins, with differing purity and weights, coming from mints across the Spanish-speaking world.
An attempt to remedy the monetary confusion was made in 1848, with the introduction of the decimal system in 1857 under the second Isabelline monetary system.... Conversion to the decimal system with the peso fuerte (Spanish for strong peso) as the unit of account solved the accounting problem, but did little to remedy the confusion of differing circulating coinage. Renewed calls for the Philippine Islands to have a proper mint and monetary system finally came to fruition in September 1857, when Queen Isabel II authorized the creation of the Casa de Moneda de Manila and purchase of required machinery. The mint was inaugurated on March 19, 1861..... The currency in the Philippines was standardized by the Spanish government with the minting of a silver peso expressly for use in the colony and firmly reestablishing the silver standard as the Philippine monetary system. The coin, which was to be later known as the Spanish-Filipino peso, was minted in Madrid in 1897 and bore the bust of King Alfonso XIII......The Spanish-Filipino peso remained in circulation and were legal tender in the islands until 1904, when the American authorities demonetized them in favor of the new US-Philippine peso......
By 1964, the bullion value of the old silver pesos was worth almost twelve times their face value and were being hoarded by Filipinos rather than being surrendered to the government at face value. In desperation, then-President Diosdado Macapagal demonetized the old silver coins and floated the currency. The peso has been a floating currency ever since, which means that the currency is a physical representation of the domestic debt and whose value directly tied to people's perception of the stability of the current regime and its ability to repay the debt.
From the opening of the Bangko Sentral ng Pilipinas in 1949, successive governments have continued to devalue the currency to lower the accumulated domestic debt in real terms, which in December 2005 reached ₱4.02 trillion. Many Filipinos perceive the peso's value in relation to the US dollar — rather than consider the currency's purchasing power — and thus tend to blame whatever regime is in power for the worsening exchange rate.
In 1967, the language used on all coins and banknotes was changed to Tagalog. As a consequence, the wordings of the currency changed from centavo and peso to sentimo and piso. However, centavo is more commonly used by Filipinos in everyday speech.
www.economywatch.com/world_economy/philippines/
Philippine money is the peso. While we were in the Philippines, the exchange rate was roughly 44 pesos to $1. The peso is divided into 100 centavos. As an American colony for some years, the word was "peso" on the bills; now the word is "pisa" on the bills.from Wiki-pedia:
With the establishment of Manila, the Spanish introduced the silver real de a ocho, already known across the Spanish Empire colloquially as the peso, which was divided into 8 reales and further subdivided into 4 cuartos or 8 octavos. The monetary situation in the Philippine Islands was chaotic due to the circulation of many types of coins, with differing purity and weights, coming from mints across the Spanish-speaking world.
An attempt to remedy the monetary confusion was made in 1848, with the introduction of the decimal system in 1857 under the second Isabelline monetary system.... Conversion to the decimal system with the peso fuerte (Spanish for strong peso) as the unit of account solved the accounting problem, but did little to remedy the confusion of differing circulating coinage. Renewed calls for the Philippine Islands to have a proper mint and monetary system finally came to fruition in September 1857, when Queen Isabel II authorized the creation of the Casa de Moneda de Manila and purchase of required machinery. The mint was inaugurated on March 19, 1861..... The currency in the Philippines was standardized by the Spanish government with the minting of a silver peso expressly for use in the colony and firmly reestablishing the silver standard as the Philippine monetary system. The coin, which was to be later known as the Spanish-Filipino peso, was minted in Madrid in 1897 and bore the bust of King Alfonso XIII......The Spanish-Filipino peso remained in circulation and were legal tender in the islands until 1904, when the American authorities demonetized them in favor of the new US-Philippine peso......
By 1964, the bullion value of the old silver pesos was worth almost twelve times their face value and were being hoarded by Filipinos rather than being surrendered to the government at face value. In desperation, then-President Diosdado Macapagal demonetized the old silver coins and floated the currency. The peso has been a floating currency ever since, which means that the currency is a physical representation of the domestic debt and whose value directly tied to people's perception of the stability of the current regime and its ability to repay the debt.
From the opening of the Bangko Sentral ng Pilipinas in 1949, successive governments have continued to devalue the currency to lower the accumulated domestic debt in real terms, which in December 2005 reached ₱4.02 trillion. Many Filipinos perceive the peso's value in relation to the US dollar — rather than consider the currency's purchasing power — and thus tend to blame whatever regime is in power for the worsening exchange rate.
In 1967, the language used on all coins and banknotes was changed to Tagalog. As a consequence, the wordings of the currency changed from centavo and peso to sentimo and piso. However, centavo is more commonly used by Filipinos in everyday speech.
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