Here are a couple interesting graphs I
came across, showing that the Philippines ranks far behind most of its
neighbors in unemployment and foreign direct investment (FDI); the two being related, of course – the lack of investment leading to a scarcity of jobs.
As an aside, I think the unemployment figures are patently phony; a walk down just about any street will make it clear that far more than 7% are not working.
Until the Philippines opens up its economy, there will not be enough investment to create jobs for the fast-growing population, and Filipinos will have to continue to leave to find opportunity. About 10% of the population (and a far larger percentage of the workforce) is outside the country, and one of the biggest elements of Philippine GDP is the money sent home by these people to their families.
Unfortunately, the economy will not be opened anytime soon, since that would require the elite families (the Aquinos, Cojuangcos, Ayalas, Lopezes, Osmenas, and their cronies) to give up the stranglehold they have on the economy and the government.
(Sorry for the markings on the graphs -- go to the original site and they will be explained).
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