PERFORMANCE ASSESSMENT 4-5

SY 2023- 2024
4th Quarter

Name: Grade: Nine Score:

Project Name: Collaborating Subjects: Date of Submission:

● Social Studies
Empowering Tomorrow's
Economists Integrated Lessons:
● Philippine Economy as
a Whole

I. INTRODUCTION

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As future leaders and stakeholders of the Philippines, it is crucial for you, dear students, to
understand and critically analyze the totality of the Philippine economy. This assessment aims to
engage students in exploring their views on the Philippine economy and developing strategies to
promote its growth and sustainability. By actively participating in this assessment, students will
not only enhance their understanding of economic concepts but also cultivate a sense of
responsibility towards contributing positively to the country's economic development.

II. OBJECTIVES

A. Social Studies
● to evaluate students' comprehension of the key aspects and challenges of the Philippine
economy
● to encourage students to think critically and creatively about ways to promote economic
growth in the Philippines
● to foster students' ability to articulate their ideas effectively through written and oral
communication
● to instill a sense of civic responsibility and awareness of the role individuals can play in
economic development

III. ESSENTIAL SKILLS

A. Strand Skills: Conceptual Understanding, Procedural Fluency, Strategic Competence,

Adaptive Reasoning

B. Transdisciplinary Skills: Communication, Collaboration, Critical Thinking, Creative

Thinking

C. Technological Skills: Presentation Skills, Word Processing, Designing, Data Processing and
Analysis

IV. OVERVIEW OF THE AUTHENTIC ASSESSMENT

By engaging in this authentic assessment, you will not only deepen your understanding of the
Philippine economy but also develop essential skills in critical thinking, communication, and civic
engagement.

I. Research: Conduct research on the current state of the Philippine economy, including its
strengths, weaknesses, opportunities, and threats. (Individual)
II. Proposal Development: Develop a proposal outlining specific strategies or initiatives to
promote economic growth in the Philippines. (Individual)
III. Presentation: Prepare a 3 - 5 minute video presentation communicating your findings and
proposals effectively to other people. (Group)

V. CRITERIA
 Social Studies: Empowering Tomorrow's Economists

Content and Ideas

● The content covers relevant information, facts and references 25

about the topic.

Organization

● The presentation exhibits a logical flow and orderly transition of 15

concepts, facts, and information.

Creativity and Overall Presentation

● The presentation was done neatly ,and was excellently and

aesthetically formatted and arranged. 20
● The visual design, structure ,and delivery style convey the
message, concept, and function of the project.

VI. REFLECTION QUESTIONS

Accomplish the given reflection questions below.

1. What are your thoughts about this performance assessment?

2. What were some considerations that you made to come up with good research?

3. What did you appreciate about yourself, the government, and about Economics upon
completing this performance assessment?
 4. If you were to rate your level of involvement or participation in this activity, with 1 being the
lowest and 5 being the highest, what score will you give yourself? Why?

VII. SPECIFICATION OF TASKS

By engaging in this authentic assessment, you will not only deepen your understanding of the
Philippine economy but also develop essential skills in critical thinking, communication, and civic
engagement.

I. Research: Conduct a research on the current state of the Philippine economy, including its
strengths, weaknesses, opportunities, and threats.
Guide Questions:
1. What is the current state of the Philippine economy? What are its major industries or
sectors?
2. How are the key economic indicators used to assess the health of the Philippine
economy (e.g., GDP growth rate, inflation rate, unemployment rate)?
3. What are some recent trends or developments in the Philippine economy? How do
they impact the overall economic landscape?
4. What are the primary strengths of the Philippine economy? What factors contribute
to these strengths?
5. What are the major challenges or weaknesses facing the Philippine economy? and
What are their underlying causes?
6. How do the Philippine government's economic policies and initiatives influence the
country's economic performance?
7. What are some potential opportunities for economic growth and development in the
Philippines? How can they be capitalized on?
8. What external factors, such as global economic trends or geopolitical issues, affect
the Philippine economy?
9. Are there any notable success stories or case studies of businesses or industries
thriving in the Philippine economy?
 10. How would you compare the Philippine economy to those of neighboring countries or
other countries with similar characteristics?

Answer
Based on my research the Philippines ended on a good note at the end of 2023 and has shown
the fastest growing economy across Southeast Asia growing at a rate of 5.6%. It is expected
that by 2024 the Philippines will show significant growth, showcasing its resilience regardless of
the various global economic pressures. Despite a slight drop in 2023, the trade deficit of the
Philippines is still high at $52 billion because of declining global demand and global instability.
The Philippines' GDP is expected to rise by 5–6% percent in 2024, according to the most recent
economic prediction.

The Philippines' main economic sectors include manufacturing, which is a wide range of
industries, including clothing, electronics, and automobiles, supporting industrialization,
exports, and the development of jobs. Technology adoption increases competitiveness.
Services are dominated by industries like financial services, travel, and business process
outsourcing (BPO), which are responsible for GDP growth and job creation because of their
highly qualified workforce. Retail is a strong retail industry satisfying customer needs and
profiting from domestic demand driven by rising earnings, urbanization, and the middle class.
adjusting to e-commerce trends more and more. Agriculture, which is important for subsistence
living in rural areas, includes raising animals, growing crops, fishing, and forestry. Despite
obstacles, including low productivity and climate sensitivity, it is essential for rural development
and food security.

Key indicators like GDP, inflation rate, and employment rate are used to assess the Philippines'
health economy first GDP growth rate, assesses the health of the economy because GDP refers
to the entire value of all products and services produced in a nation during a specific time period.
It is an essential indicator that economists and decision-makers use to evaluate the scope and
condition of a nation's economy and to compare the financial performance of various nations.
Ideally, a rise in real GDP is seen as an indication that the Philippine economy is performing well.
Inflation rate on the other hand refers to the rate at which commodity prices increase over a
given period of time. The value of the Philippine peso decreases when this rate rises because
Filipinos can no longer buy as many goods for the same amount of money. Usually, inflation is
measured generally, as in the case of a country's cost of living increase or general price increase.
Lastly, the employment rate is important to our society. It advances our nation's development
and economic growth. It is described as an indicator of the way labor resources are being used.
They are computed as the proportion of people of working age who are employed. The three
primary economic sectors in the Philippines which are agriculture, industry, and services
generate different numbers of jobs, which reflects the differences in their level of production.

The World Bank revised its 2024 prediction to 5.8%. The ASEAN+3 region was predicted to
increase by 4.5 percent in the January Quarterly Update of the AMRO's ASEAN+3 Regional
Economic Outlook, but the Philippines is expected to develop by 6.3 percent this year, exceeding
the estimated growth of 5.6 percent last year. According to AMRO, the Philippines' economy is
expected to develop at the quickest rate in Southeast Asia this year. The agricultural foundation
of the Philippine economy is giving way to a greater focus on industry and services. Its economy
has grown and changed significantly in the last few years. Since 2010, the nation's economy has
expanded at one of the quickest rates in the world, averaging about 6% annually.
Semiconductors and electrical goods, clothing, chemicals, abaca, coconut oil, fruits,
transportation equipment, and clothing are among the main exports from the nation. Japan,
China, the US, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and
Thailand are some of its main commercial partners. For 2024, the government has set an
economic growth target of 6 to 7 percent. Additionally, the International Monetary Fund (IMF)
projects that the acceleration of public investment and stronger foreign demand for Philippine
exports will sustain the country's economy's 6.0 percent growth in 2024. The Philippines has
been named as one of the Tiger Cub Economies, alongside Indonesia, Malaysia, Vietnam, and
Thailand.

The Philippines' strengths in its economy are its large, young population (51% is under 25),
qualifications, and fluency in English. This means that a large labor force can lead to better
economic productivity and innovation. Also, the younger generation tends to be more adaptable
to new technologies that are being brought to the Philippines. Another one is the robust tourism
sector. One of the most prominent and rapidly expanding areas of the world economy is tourism.
This industry contributes significantly to the growth of a country's economy. A rise in the
number of tourists visiting a country can have a favorable impact on its economy, particularly on
employment and GDP. Last is strong domestic demand and infrastructure spending. The
continuous improvement in employment and the consistent flow of contributions are pushing
higher consumer expenditure. Growth will also come from fixed capital investment, which will be
supported by stronger company confidence and positive domestic activity. Infrastructure
spending supports economic inclusion, enables trade and connection, and increases
productivity and growth.
Despite all these developments, the Philippines has been facing challenges that can affect our
economy drastically. The Philippines' primary economic problems are a divided economy with a
sizable informal sector and a smaller industrial sector, high levels of corruption, low industrial
investment, high debt, and excessive bureaucracy, Increasing policy rates, import and export
barriers, and the weakening value of the peso relative to the US dollar.

The Philippines has put a lot of effort into creating future opportunities for economic expansion.
Financial investments in education and skill development are crucial for creating a workforce
that is competitive and boosting the economy. Any society that wants to have a lasting
economic influence must prioritize investing in education. A nation's human capital is
strengthened, earning potential is increased, and labor productivity is increased through
education. Expansion in the manufacturing sector in the Philippines, especially in sectors like
electronic manufacturing. Automation and robotics are two examples of Fourth Industrial
Revolution (4IR) technology that can boost economic growth and make the manufacturing
sector more competitive. The Philippines might draw manufacturing investment because to its
convenient location and reasonably young and competent labor force, especially in industries
like electronics, automotive parts, and clothing. Growth in this sector can be accelerated by
offering incentives to export-oriented firms, enhancing the infrastructure of supply chains and
logistics, and making investments in talent development.

External factors that affect the Philippines economy are first Climate change. Climate change
presents a range of risks and impacts that are expected to negatively impact our economy.
These include property loss and damage, infrastructure and service costs, and risks to financial
stability. If nothing is done, the World Bank projects that the Philippines' yearly economic losses
as a result of climate change might amount to 13.6% of GDP. The nation is also in the midst of an
energy crisis since its natural gas reserves are running out quickly. Higher unemployment rates
and a slower rate of economic growth are two factors contributing to a health crisis. The
literature claims that long-term unemployment, in particular, harms health status due to
decreased social engagement, income reduction, and loss of professional status.

Monetary policy and fiscal policy are the two main tools available to policymakers when they try
to affect the economy. By modifying interest rates, bank reserve requirements, the sale and
purchase of government resources, and the exchange of foreign currencies, central banks
indirectly target activity. The amount and types of taxes assessed, the amount and makeup of
spending, and the amount and type of borrowing are all ways that governments affect the
economy. The way resources are used in the economy is influenced by governments both
directly and indirectly.

One of the Filipino-owned businesses that have been successful is SM( Shoe Mart) founded by
Henry Sy. Henry Sy began his career in the Philippines, putting in long hours at the tiny sari-sari
store owned by his father. He devised a plan to boost revenue by offering items in more
manageable serving sizes. Sy sold items on the streets when the store burned down during
World War II and went on to establish a prosperous shoe retail company. In 1948, at 24 years of
age, Henry Sy established a small shoe mart in Manila. That was just the beginning. He went on
to establish 49 supermalls in the Philippines and China, 62 department stores, 56 supermarkets,
and over 200 grocery stores.

Potato Corner is owned by Joe Magsaysay. In the US, Potato Corner is a well-known food cart
enterprise. Joe Magsaysay, who left school to work at a fast-food restaurant, launched it in 1990.
His skills in store management came in help when he and a friend decided to launch Potato
Corner. He was then given the chance to become a manager. He went on to become one of the
wealthiest businessmen in the Philippines. 1992 saw a sharp increase in Potato Corner's food
cart business, which is now a worldwide franchise.

My insights about the Philippines compared to its neighboring countries are first: based on data
from dof.gov.ph, the Philippines ended 2023 with a full-year gross domestic product growth rate
of 5.6% compared to other Asian economies like China (5.2%), Vietnam (5.0%), and Malaysia
(3.8%). We can see here that the Philippines has the highest, which is something to be proud of
as a Filipino. Although there are still a lot of things that the Philippines lacks, for example,
infrastructure development, Vietnam, Thailand, and Malaysia have significant investments in
transportation, telecommunications infrastructure, and more. Another is economic structure. A
wide range of industries, including manufacturing, services, agriculture, and remittances from
overseas Filipino workers (OFWs), comprise the Philippine economy. Neighboring nations with
varied economic structures, such as Thailand and Indonesia, exhibit similarities. Nonetheless,
industrialization has accelerated in nations like Vietnam, where manufacturing now plays a
bigger role.

II. Proposal Development: Develop a proposal outlining specific strategies or initiatives to

promote economic growth in the Philippines.

Guide Questions:
1. Based on your research, what specific strategies or initiatives would you propose to
enhance the strengths of the Philippine economy?
 2. How can the identified weaknesses of the Philippine economy be addressed through
targeted interventions or policy reforms?
3. What role can the government, private sector, and civil society play in implementing your
proposed strategies for economic development?
4. Are there any innovative approaches or best practices from other countries that could be
adapted to address the challenges facing the Philippine economy?
5. How would you prioritize your proposed initiatives based on their potential impact and
feasibility of implementation within the Philippine context?

For a large young population, fluency in English is important to help them with sustainable
education. I would suggest that to sustain education in the Philippines, first ensure that the
students have access to quality learning materials, including textbooks, technology, and other
resources. The second is to raise the teacher's salary. Based on my research, according to the
Alliance of Concerned Teachers, teachers in public and private schools in the Philippines are
underpaid. If more teachers are underpaid who will teach the younger generation in school,
there will be fewer and fewer teachers because of how low their salaries are. Involving the local
community in supporting and prioritizing education, including parent involvement and support
for students. Helping the younger generation be more open to education can help them have a
better future.

The purpose of robust tourism is to keep them alive for future generations; the longer these
tourism sites live, the more valuable they will be in the future. Another one is that for the trade to
be sustainable, the sites, arts and crafts, architecture and infrastructure, and intangible culture
should be meaningful to our social being and history. If they are considered only as commodities,
then the Philippine “experience” will be “plastic.

The topic of corruption in the Philippines can be addressed in many ways. The first is
punishments and penalties, although there is already an existing law advocating for the strict
implementation of the existing provisions in the Local Government Code, particularly in the
areas of community consultation and people participation in local government affairs. They
should make it punishable for anyone in the government.

Another is Inflation. Inflation could be controlled by an adjustment in monetary policy.

Implementing monetary policy will increase interest rates, which will reduce the purchasing
power and thus lower aggregate demand. Lower demand will reduce prices and thus reduce
inflation.

Import and export barriers can be addressed by removing all or most taxes, quotas, subsidies,
and bans, a free trade agreement lowers trade obstacles between nations. Trade between
businesses located in different nations, or simply trade between nations, is referred to as
international commerce.
For my proposals, the government, private sector, and civil societies role are:

Government
The government, which is responsible for making and carrying out policies, should improve the
quality of access to education, raise the salaries of underpaid teachers, help stop corruption,
and promote sustainable tourism and trade practices. They should also give help to the people
who need support, especially the youth, who need materials for their education. Future
development is also something they should provide funding for.

Private Sector
Businesses should create more jobs for jobless people, for example, in the fields of education,
tourism, or trade. By doing this, it helps with our employment rate, contributing to a decrease in
poverty and social inclusion.

Civil society
Civil society organizations should advocate for policy reforms, raise awareness about education,
corruption, and sustainability issues that are happening here in the Philippines, and ask the
people in the society to take action for a positive change in our country. They should also
monitor government actions, corporate practices, and the implementation of development
initiatives, holding stakeholders accountable for their commitments and actions.

A Lot of countries have amazing strategies for combating economic problems that the
Philippines can adapt to, for example in Singapore which is the 2023 Transparency International
Corruption Perceptions Index (TI-CPI) has ranked Singapore the 5th least corrupt country in the
world out of 180 countries with a score of 83. The Singapore Public Service is guided by a Code of
Conduct, which sets out the high standards of behavior expected of public officers based on
principles of integrity, incorruptibility, and transparency. The practice of meritocracy in the Public
Service, together with regular reviews of administrative rules and processes to improve
efficiency also reduces the opportunities for corruption. In addition, the CPIB is mandated to
conduct procedural reviews for government agencies that may have work procedures that can
be exploited for corrupt practices.

I would prioritize it by first determining how much it will impact our GDP growth, employment
rate, inflation rate, et cetera. Also, if the proposal is for long-term benefits or if it is just for
short-term benefits, Another is that while looking at what is best for the Philippines, I would also
take into account if it is even realistic or possible with the existing institutional and regulatory
constraints. Lastly, have feedback from people who are familiar with it so that they can learn
from their past problems.
III. Presentation: Create a 3 - 5 minute video presentation communicating your findings and
proposals effectively to other people.

Link of the video presentation: