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The Philippines: Economic Developments and Prospects

Author

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  • Romeo M. Bautista
  • Mario B. Lamberte

Abstract

The recent acceleration of economic growth in the Philippines is remarkable, especially in the context of the dramatic slide in its economic position relative to neighbouring East Asian economies since the early 1960s. It has stimulated discussion–both locally and overseas–of the contributing influences and of the economy's ability to sustain the growth momentum. This paper reviews the relevant literature, focusing on the following factors: political stability, macroeconomic balance, microeconomic efficiency, and equity. Past experience with boom‐bust cycles warrants a cautious view of the longer‐term prospects of the Philippine economy. Among other major obstacles, the poor state of public finance and low domestic saving rate stand in the way of a stable and self‐sustained growth. In some respects, however, the recent performance holds promise as only the first step in the path being taken towards more rapid economic growth that is sustainable and equitable.

Suggested Citation

  • Romeo M. Bautista & Mario B. Lamberte, 1996. "The Philippines: Economic Developments and Prospects," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 10(2), pages 16-31, November.
    • Handle: RePEc:bla:apacel:v:10:y:1996:i:2:p:16-31
    DOI: 10.1111/j.1467-8411.1996.tb00014.x
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    References listed on IDEAS

    as
    1. David, Cristina C., 1995. "Philippine Agriculture: Its Path to Modernization," Discussion Papers DP 1995-29, Philippine Institute for Development Studies.
    2. Lamberte, Mario B. & Manasan, Rosario G. & Llanto, Gilberto M. & Laya, Jaime C. & Avila, Antonio, 1996. "Local Government Units` Access to the Private Capital Markets," Discussion Papers DP 1996-06, Philippine Institute for Development Studies.
    3. Bautista, Romeo M., 1987. "Production incentives in Philippine agriculture: effects of trade and exchange rate policies," Research reports 59, International Food Policy Research Institute (IFPRI).
    4. Fields, Gary S, 1989. "Changes in Poverty and Inequality in Developing Countries," The World Bank Research Observer, World Bank, vol. 4(2), pages 167-185, July.
    5. Corden, W.M., 1996. "The Current Account Issue Revisited," CEPR Discussion Papers 345, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    6. Tan, Elizabeth S., 1994. "Trade Policy Reforms in the 1990s: Effects of EO 470 and the Import Liberalization Program," Research Paper Series RPS 1994-11, Philippine Institute for Development Studies.
    7. Reyes, Edna A. & Ranis, Gustav & Stewart, Frances, 1989. "Linkages in Development: A Philippine Case Study," Working Papers WP 1989-02, Philippine Institute for Development Studies.
    8. -, 1986. "Agenda = Agenda," Series Históricas 8749, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    2. Ganeshan Wignaraja & Dorothea Lazaro & Genevieve DeGuzman, 2010. "FTAs and Philippine Business : Evidence from Transport, Food, and Electronics Firms," Trade Working Papers 22880, East Asian Bureau of Economic Research.
    3. Noland, Marcus, 2000. "The Philippines in the Asian Financial Crisis: How the Sick Man Avoided Pneumonia," MPRA Paper 55665, University Library of Munich, Germany.
    4. John Bowen & Thomas Leinbach & Daniel Mabazza, 2002. "Air Cargo Services, the State and Industrialization Strategies in the Philippines: The Redevelopment of Subic Bay," Regional Studies, Taylor & Francis Journals, vol. 36(5), pages 451-467.

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