Economics and Education

Education in every sense is one of the fundamental factors of development.  Without significant investments in human capital, no nation can have sustainable economic growth. People’s understanding of the world and themselves are improved via education. Their quality of life is enhanced, and both the individual and society gain from this in significant ways. Education…


Education in every sense is one of the fundamental factors of development.  Without significant investments in human capital, no nation can have sustainable economic growth. People’s understanding of the world and themselves are improved via education. Their quality of life is enhanced, and both the individual and society gain from this in significant ways. Education increases productivity and creativity, encourages entrepreneurship, and advances technology. In addition it plays a very crucial role in securing economic and social progress and improving income distribution.  Nonetheless there are also problems about the economic situation affecting Philippine education.

First problem – Even before the pandemic the Education in our country faces many crisis, one is the financial status of every Filipino where in, families from rich household or living in cities and urban have much access to more effective or private schools. Our country’s financial status is one of the top factors that add to the growing education issues in the Philippines.

Second problem is, because of the families financial problems more children or students are much left behind due to unfair access to learning. That’s why in the article it says “As the population continues to grow, and government spending on education continually falls short, the rich will get richer and the poor will get poorer. Inevitably, literacy rates and other measures of education standards will fall as more people are sucked into poverty.”

Third, there are many efforts to improve our education here in the Philippine system yet we are falling short. Our education system has progressed over hundreds of years of colonial occupation, by the Spaniards, Japanese, then by the US government, through martial law and the people’s power revolution that brought democracy up to present. Today the focus is on expanding access and ensuring more Filipinos receive a decent basic education, as a means of reducing poverty and improving national competitiveness. From the The Kindergarten Act of 2012 and the Enhanced Basic Education Act of 2013 extended formal education from 10 to 13 years to the K-12 reform which was introduced in 2016.  Despite these successes and our government commitment to socio-economic, the education system continues to struggle with deep inequalities. Quality also remains a concern. Addressing these problems will require a continued commitment to increased funding for education, and an efficient mechanism to ensure the money is spent in the most effective manner.

“Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for a lifetime.”- Laozi

By: Kobe D. Las Piñas | Calaylayan, Abucay, Bataan