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Economic boom spreads wealth wider in Philippines

Just three years ago, a new car and overseas holidays is unthinkable luxury J. Andrew and her family six. Insurance company manager commission has soared since then, the Philippines, destroying a generation of corrupt and incompetent leaders, but accidentally freak, within the middle-class comfort to many attractive.
Of $ 250 billion in economic growth at 7.8% in the first quarter of this year, more than China, the middle class dysplasia is widespread poverty, political strife and corruption began to boom for decades to capture a clan's business and political elite to share.
Rising affluence and rapid population growth, has attracted many world-renowned brands. Students and office workers flock to open Gap, Forever 21, Starbucks and Japanese UNIQLO (Uniqlo) for Zara, sparkling outlets. Metropolitan Manila and other cities in almost every corner, often revolve around shopping malls and office buildings housing outsourcing services such as call centers, is expected to earn around $ 25 billion by 2016 as new apartment buildings have sprung up.
Luxury car manufacturer Rolls-Royce said it was flooded query, because it two weeks ago in Manila opened its first dealer. First Auto Sales $ 605,000 went to a popular television presenter, according to newspaper reports.
"Last year and this year has been my total income of a big leap," Andrew said. "Time has become better for our family."
She said that three years ago, it is difficult to come up with her four children's school fees. Travel abroad or a new car is impossible, but "they seem to be more realistic, because now my income is growing at a faster pace," she said. "In our family vacation this year in the United States and Canada vacation plans, they hope, the burden this family-friendly Toyota Innova.
Credit many new vitality, eliminate corruption and commitment to the fight against poverty, in 2010, was elected President Benigno Aquino III's policy. He introduced a new tax, reform of the judiciary, the state set path display enduring symbol - it has now enjoyed three consecutive quarters of economic growth of 7% or more. Standard & Poor's and Fitch Ratings (Fitch Ratings) Earlier this year, the Philippine's credit rating to investment grade first upgrade.
Century Properties Group to bring the son of Donald Trump and Paris Hilton launched a luxury apartment in Manila chairman Jose EB Antonio, "per capita disposable income increased, said:" We see a rising middle class.
Sheila Abbey in the past 10 years, a real estate agent said that in her sector, competition has become stiffer, but she still sell more apartments, these days to five years or 10 years ago.
Her clients are mostly Filipinos working overseas, retirement or investment property purchase people. However, in the past few years, she said, she has seen more and more young customers are mostly 25 to 35 years. Many of them have received good pay people to do behind the scenes operations of overseas companies in outsourcing company middle managers.
"Their greater purchasing power," she said.
It adds a dramatic shift, perennial backward countries, most of its Southeast Asian neighbors, despite a relatively free press, democratic elections and the widespread use of English - the global language of business perceived advantage.
The Philippines is 10 Southeast Asian country's per capita GDP is only sixth. The Philippines and Indonesia, has attracted nearly $ 2 billion in foreign investment last year, managed only $ 280 million U.S. dollars, not far from the $ 220 million U.S. dollars in Myanmar, an abandoned state until recently. Thailand draw more than 22 million passengers last year, the Philippines received $ 4.3 million.
Doubts still linger whether the country can stay in the new curriculum.
President Aquino, his late parents - democracy icon and former President Corazon Aquino and anti-authoritarian champion small Aquino dies - reformist platform won the presidential two-corruption tainted predecessors. His term ends in 2016.
However, in a country dominated by powerful political families and the "name recall" to ensure tickets and even corrupt or incompetent leaders, another error and can reverse recent gains.
There is a still a long way to go before the 28% of the population lives below the poverty line who think they have also benefited from Manila cranes and promote prosperity embellishment local stock market to new heights.
Elizabeth Yi, a 51-year-old single woman with short hair close-up, abrasions living pedaling her tricycle passenger ferry near Manila. She makes 400 to 500 pesos ($ 9 to $ 11) for a few days, when she is not running and closing movement contradict clear law enforcement crowded streets of the capital's traffic.
"When we were poor, how can we think that the progress in the Philippines," Yap said. "We can see a beautiful building, but we are poor, we can see that we are still poor."
Antonio, real estate developers, that this is just a matter of time before prosperity trickles. He called for more focus on infrastructure - roads, airports, hotels, restaurants - support tourism, he said that this is a key driver, farmers, chefs and other employment opportunities for low-income groups.
Despite strong economic growth, the unemployment rate surged to 7.5% in April, from 6.9% in the same period last year. Another 19.2 percent of the people "underemployed" or part-time worker.
Aquino accused the delay planting season, due to bad weather, temporarily lose their jobs during the investigation, leaving the farm workers increased unemployment.
By cash directly to the conditions of the poorest families children to stay in school, see a physician a program for government intervention. The program will continue in the remaining three years of the Aquino administration, with the mass housing construction and create lasting work in the manufacturing, tourism and agriculture, Aquino said.
"We can not have a thriving social few, while others have to make do with bread crumbs," he told a recent development conference. "We must have inclusive growth."
 



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