It is uniquely mixed economy in the Philippines. We have free enterprise where private investors are free to open production and market them anywhere in the country or resort to exportation. However, there are sectors within the economy that operates with government control. There are rules and regulations to follow especially those sectors that are equated with concerns of national health, national security and national interest.
Take the case of agriculture. Cereals and other agri-aqua production must be in the hands of the Filipino farmers/fishermen. Selectively, palay and corn farmers are given incentives by the goveernment in the form of subsidized buying price.
Corporations engaged in agriculture, mining, and fishing are required to be of Filipino owned or majority must be Filipino citizens. Before they embark on industrial production, they have to consider certain government regulations attached to them. Because of these limitations, dummies are deemed illegal and are brought to court for prosecution.
In short, the economic activities in the Philippines are both free of intervention and with government regulations. It may be regared as mixed economy.
It is uniquely mixed economy in the Philippines. We have free enterprise where private investors are free to open production and market them anywhere in the country or resort to exportation. However, there are sectors within the economy that operates with government control. There are rules and regulations to follow especially those sectors that are equated with concerns of national health, national security and national interest.
Take the case of agriculture. Cereals and other agri-aqua production must be in the hands of the Filipino farmers/fishermen. Selectively, palay and corn farmers are given incentives by the goveernment in the form of subsidized buying price.
Corporations engaged in agriculture, mining, and fishing are required to be of Filipino owned or majority must be Filipino citizens. Before they embark on industrial production, they have to consider certain government regulations attached to them. Because of these limitations, dummies are deemed illegal and are brought to court for prosecution.
In short, the economic activities in the Philippines are both free of intervention and with government regulations. It may be regared as mixed economy.
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