CONCLUSION

"What is the current Economic System of the Philippines?"

The Philippines currently has a mixed economic system. This can be proven by it's current state, wherein the qualities of all the other economic system are combined.[1]

"What do we believe SHOULD be the Economic System of the Philippines so that it may grow and develop faster and more efficiently?"

We believe that the Economic System should stay as it is: Mixed Economy. It allows the citizens enough freedom that they are able to make their own choices, though they are still very much under the control of the government through paying taxes and requirement to follow the laws set by the government. This type of system, to us, is just right since we aren't at liberty too much that rules and regulations no longer exist, yet the government isn't too tight nor strict that every action requires their approval to perform.

Now, if graft and corruption would be kept in control and prevented as much as possible, it's undeniable that we would be much farther in terms of development than we are now. Since we currently have a democratic system, the decision as to who'd handle the finances resides in the people, and as long as the population votes wisely and in accordance to what's best for the country:

Philippines would definitely prosper.