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Taxation

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Aljone Bandola de la Cruz Basic Economics with Taxation
III-BSFi 2nd Sem. A.Y. 2015-2016

Philippine Profile: Its Current Economic Status, Governance/Performance, Environmental Situation, and the Social Unset and Crimes
The Philippines never had it so well, but with a slowing global economy and an election coming up this year 2016, what can it expect from the future? Does the country can still be able to be at greater heights?
Our country has accustomed a private enterprise economy both in policy and in practice. Primarily, its governance intervened through fiscal and monetary policy and in the exercise of its regulatory authority. Remarkably, Philippine economy has been performing creditably since it weathers integration through global and regional economies. Current administration has been working to increase the budgets for different economic sectors such as education, health, cash transfers to the poor through 4Ps, other social spending programs and relies on the private sector through its Public-Private Partnership Program to help fund major infrastructure projects such as the nationwide road widening which still continues until this present time.
Philippines has also financial downturns better than its regional peers due to minimal exposure to troubled international securities except from the fact of the rivalry with the neighboring countries about the Spratleys Islands, lower dependence on exports, relatively resilient domestic consumption, a rapidly expanding business process outsourcing industry and most especially the large remittances from millions of overseas Filipino workers (OFW). Moreover, our country has received several credit rating upgrades on its sovereign debt, and has had little difficulty on tapping domestic and international markets to finance its deficits. Administration has exerted more efforts as well on improving the tax which is exemplified by the Sin-Tax Law and by the strict monitoring of the Bureau of Internal Revenue, and expenditure management have help ease the country’s tight fiscal situation and reduce high debt levels. Though the Aquino brass keep on saying that the percentage of poverty has lessened for about few percent but still it does not deny the fact that most of the Filipinos have not feel that change because the rate of unemployment and underemployment have not depreciate that far. All in all, economy perks up in the third quarter of the year 2015 which is shown by the figures in lined with the estimate that it has grown by 5.7%.
Amid by that noticeable accomplishments of the administration, Philippines still get rough on climbing on higher peaks and fast economic growth due to some factors that greatly affects its system. One of those factors that primarily diminishes economic system is the natural phenomenon. Natural disasters largely affect the sector of agriculture which tends to have weak performance because of the damages caused by it and of course on infrastructures that are being destroyed by the very strong calamities which then call for rehabilitations and the most important that seeks for refuge are the citizens who have been devastated making their lives seem to be at zero level. Concerning country’s environmental situation, it’s not actually that bad compared to other industrialized countries because government still focuses on how we can manage our nature through the different environmental laws and regulations that mandate each and everyone of us. However, still many of us infringe and neglect our duty towards nature which cause its status to worsen. It also weakens due to the effect of natural disasters that blow the mountains of trees.
Environmental status become more severe because of the different human activities which on the other hand sustain for our needs and survival. Some of these are the private quarrying of the mountains which primarily proceeds for the source of coal which is used in different energy plants. It also done for mining purposes on which the government really believes that our country has still bountiful precious gems like for an instance the gold. Status of the nature does not only pertains to its land territory, it also covers the water biodiversity which is really harm very much. All of the wastes and by products of many human activities and different industries are being thrown on the rivers or even directly thrown on the seas. In such case, water resources next to agriculture that support the lives of most Filipinos has really reduce much on which there is inadequate stock and supply for human consumption.
Aside from the fact that the Philippines is really having hard effort to increase or make grow of its economic system because of the severe environmental status and strong natural calamities, national social issues also affect its competency in terms of its localities and global competitiveness, as well. Lots of social issues had ruined the good governance of the current administration. In terms of security, the number one that really blown the entire humanity is the “Clash of Mamasapano” where 44 soldiers are murdered by the MILF at Mamasapano, Mindanao, which until this present time the families of those fallen 44 are still crying for justice though the investigation conducted is already done. One more thing that does not only depicts the low security system in our country but also affected the Tourism is the “Tanim-Bala” circumstances which happened in our national airport, NAIA. Lots of cases have been found out and it shows governmental action is as slow as the internet connection in our country. Due to these happenings lots of Filipinos are affected even the ordinary ones and most especially the overseas workers. It also threatened the foreigners to come and visit to our country.
Not knowing all the social crimes that had befallen in our country, there are still social issues that also affects our system. The most controversial among these social issues is the severe traffic in Metro Manila specifically in EDSA and the mode of transportation problems in MRT and LRT stations, which until now the government is still having difficulties in solving this problem. According to experts and economists, our country can lost for about three (3) million as its income just only because most of the professionals cannot attend early to their respective duties. Another one is the shortage of energy most importantly in terms of supply in electricity which is believe that can still get worse for the upcoming years.
Though the Philippines is having hard times in fulfilling its goals, Filipinos can still brace themselves up despite of the many tough circumstances that challenges us. We can still see hope amidst those dark times that transpired in our lives. And yes we continue to live, to pursue and survive.

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