Philippine economy faces challenges affecting family stability

The Philippine economy is facing significant challenges, which make it difficult for families to predict their future. While overall economic indicators like GDP growth and unemployment rates are important, they do not fully reflect the realities of everyday life, especially for those who are struggling. In the past, particularly from 2012 to 2018, the country saw a notable decrease in poverty levels, which dropped from 25.2% to 16.6%. During this time, manufacturing grew faster than the economy as a whole. However, this positive trend seems to be reversing now, with the economy becoming increasingly narrow and unequal again. The services sector has been the dominant force in the economy since the 1990s, providing many jobs. However, these jobs vary widely in terms of income and productivity. While jobs in industry, particularly manufacturing, are more productive and pay better, there have been persistent issues in attracting investment and improving agriculture. The need to expand the manufacturing sector is clear to generate better jobs. However, this requires addressing long-standing challenges, such as corruption and poor governance, which hinder investment. The agriculture sector also suffers from mismanagement, limiting the supply of raw materials to industry. Looking ahead to 2025 and beyond, several factors will impact the economy: uncertain U.S. economic conditions, ongoing geopolitical tensions, upcoming midterm elections, and pressing issues in health, nutrition, and education. The future success of the Philippines will depend on the collective efforts of its citizens to bring about positive changes through informed voting and community involvement.