Philippine E-Journals

Philippine Economic Development and its Imperatives during Critically trying Decades

Perfecto B. Abayan

Discipline: Business Economics

 

Abstract:

 

Economic development, defined as a substantial improvement in the living standards of the population, is the major achievement that economists, legislators, government administrators and public officials would like to reach and/ or maintain. It is a common measure that determines whether nations of the world are developed or underdeveloped. Developed or rich countries are categorized as First World Countries, while those that are richly endowed but lagging behind in human resource development are categorized as Second World Countries. Third World Countries are those that are poor both in resources and in the development of their resources. The Philippines falls under the category of Third World Nations primarily because it does not have substantial natural wealth, and because the means it uses to develop its mineral resources is more costly than what other countries--endowed with the same wealth but having greater capital and more advanced technology--use to exploit their resources in a competitive manner.