What kind of economic system does the Philippines have? Of the four economic systems, which do you think is the most ideal for the Philippine context? Justify your answers by citing evidences.

I think the Philippine economy is confused. Because, despite being able to freely open the business that people want, it still needs to pay taxes. There are also illegal products (such as drugs). As individuals may do something freely, people may exploit it, so I think the current type, blend is best for the Philippines. If they exploit you will have some mistakes, such as selling things that might hurt others. But if we rely solely on the government, they will also exploit it. In North Korea, everything is under government control and people are dead. Mixing is irrelevant

There are four types of economic systems; tradition, command, market and compound economy. Traditional economic systems focus on products and services directly related to their beliefs and traditions. The characteristic of the command and economic system is the dominant concentration. The market economy system depends on free markets and does not allow any government to participate. Finally, the mixed economy is a hybrid of market and command economy.

A compound economic system is a form of mixed market economy and command economic system. It is sometimes called a dual economy. Although there is no clear definition of complex economy, in most cases, this term is used to describe a market economy with strong regulation and government control in certain areas (such as public goods and services). Today most Western European countries are seen as a hybrid economy. Most of these systems are private enterprises, and a small number of utilities and services are still governed by the government. Therefore, neither the private sector nor the government can maintain the economy, both of which are key to the success of the system.