IDEAS home Printed from https://ideas.repec.org/p/pas/papers/2021-24.html
   My bibliography  Save this paper

Philippine economic development, looking backwards and forward: An interpretative essay

Author

Listed:
  • Hal Hill

Abstract

Over the past decade, the Philippine development story has attracted international attention as it transformed from being the “Sick Man of Asia” to “Asia’s Rising Tiger”. However, the country’s strong growth momentum was abruptly interrupted by the COVID-19 pandemic, which continues to cast a huge shadow over its development outlook. With the country now at the crossroads, this paper reflects on and draws lessons for economic development and policy by examining the country’s three main economic episodes over the post-independence era: (a) the period of moderately strong growth from 1946 to the late 1970s, (b) the tumultuous crisis years from the late 1970s to the early 1990s, and (c) the period from the early 1990s to the 2019 when it rejoined the dynamic East Asian mainstream. Through comparative analysis, the paper also seeks to understand the country’s development dynamics and political economy. We conclude by highlighting elements of a recovery and reform agenda in the post-pandemic era.

Suggested Citation

  • Hal Hill, 2021. "Philippine economic development, looking backwards and forward: An interpretative essay," Departmental Working Papers 2021-24, The Australian National University, Arndt-Corden Department of Economics.
    • Handle: RePEc:pas:papers:2021-24
    as

    Download full text from publisher

    File URL: https://acde.crawford.anu.edu.au/sites/default/files/publication/acde_crawford_anu_edu_au/2021-10/acde_td_hill_et_al_2021_24.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert E. Baldwin, 1975. "Appendices to "Foreign Trade Regimes and Economic Development: Philippines"," NBER Chapters, in: Foreign Trade Regimes and Economic Development: The Philippines, pages 157-160, National Bureau of Economic Research, Inc.
    2. Marcus Noland, 2000. "How the Sick Man Avoided Pneumonia: The Philippines in the Asian Financial Crisis," Working Paper Series WP00-5, Peterson Institute for International Economics.
    3. Justin Yifu Lin, 2017. "Industrial policies for avoiding the middle-income trap: a new structural economics perspective," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(1), pages 5-18, January.
    4. Joseph J. Capuno, 2020. "Dutertenomics: Populism, Progress, and Prospects," Asian Economic Policy Review, Japan Center for Economic Research, vol. 15(2), pages 262-279, July.
    5. Ravallion, Martin, 2016. "The Economics of Poverty: History, Measurement, and Policy," OUP Catalogue, Oxford University Press, number 9780190212773.
    6. Remolona, Eli M. & Mangahas, Mahar & Pante, Filologo Jr., 1986. "Foreign debt, balance of payments, and the economic crisis of the Philippines in 1983-1984," World Development, Elsevier, vol. 14(8), pages 993-1018, August.
    7. Gerardo P. Sicat, 1999. "The Philippine Economy in the Asian Crisis," UP School of Economics Discussion Papers 199902, University of the Philippines School of Economics.
    8. Prema-chandra Athukorala, 2021. "The Philippines in global manufacturing value chains: A tale of arrested growth," Departmental Working Papers 2021-22, The Australian National University, Arndt-Corden Department of Economics.
    9. Orbeta, Aniceto Jr. C. & Paqueo, Vicente B., 2016. "Pantawid Pamilya Pilipino Program: Boon or Bane?," Discussion Papers DP 2016-56, Philippine Institute for Development Studies.
    10. Noland, Marcus, 2000. "The Philippines in the Asian Financial Crisis: How the Sick Man Avoided Pneumonia," MPRA Paper 55665, University Library of Munich, Germany.
    11. Balisacan, Arsenio M. & Hill, Hal (ed.), 2003. "The Philippine Economy: Development, Policies, and Challenges," OUP Catalogue, Oxford University Press, number 9780195158984.
    12. Robert E. Baldwin, 1975. "Foreign Trade Regimes and Economic Development: The Philippines," NBER Books, National Bureau of Economic Research, Inc, number bald75-1, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Balisacan, Arsenio M. & dela Cruz, Russel Matthew M., 2021. "When a Pandemic Strikes: Balancing Health and Economy toward Sustainable and Inclusive Recovery," MPRA Paper 111259, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Suiwah Leung & Ben Bingham & Matt Davies (ed.), 2010. "Globalization and Development in the Mekong Economies," Books, Edward Elgar Publishing, number 13529.
    2. Hal Hill, 2013. "The Political Economy of Policy Reform: Insights from Southeast Asia," Asian Development Review, MIT Press, vol. 30(1), pages 108-130, March.
    3. Hal Hill & Suiwah Leung & Trevor Wilson, 2010. "The Political Economy of Policy Reform: The Future of Reforms for the Mekong 4?," Chapters, in: Suiwah Leung & Ben Bingham & Matt Davies (ed.), Globalization and Development in the Mekong Economies, chapter 12, Edward Elgar Publishing.
    4. Hal Hill, 2018. "Southeast Asia in the global economy: a selective analytical survey," Departmental Working Papers 2018-12, The Australian National University, Arndt-Corden Department of Economics.
    5. repec:phd:pjdevt:jpd_1984_vol__xi_no__2-a is not listed on IDEAS
    6. IAN COXHEAD & Sisira Jayasuriya, "undated". "Economic Growth, Development Policy and the Environment in the Philippines," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 430, Wisconsin-Madison Agricultural and Applied Economics Department.
    7. repec:ilo:ilowps:234932 is not listed on IDEAS
    8. Olivier Cadot & Julien Gourdon, 2012. "Assessing the price-raising effect of non-tariff measures in Africa," Working Papers 2012-16, CEPII research center.
    9. Sheevun Di O. Guliman, 2015. "Oil Prices and Stock Market: A Philippine Perspective," Business and Economic Research, Macrothink Institute, vol. 5(2), pages 122-135, December.
    10. Jeffrey G. Williamson & Emmanuel S. de Dios, 2014. "Has the Philippines forever lost its chance at industrialization?," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 51(2), pages 47-66, December.
    11. Percival Pineda, 2017. "Financial liberalization and private sector borrowing in ASEAN 4 economies 1990–2012," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 7(2), pages 277-295, August.
    12. Shively, Gerald E., 1999. "Prices and Tree Planting on Hillside Farms in Palawan," World Development, Elsevier, vol. 27(6), pages 937-949, June.
    13. Ghani E., 1984. "Effects of devaluation on employment and poverty in developing countries," ILO Working Papers 992349323402676, International Labour Organization.
    14. repec:ilo:ilowps:226538 is not listed on IDEAS
    15. Williamson, Jeffrey G., 2017. "Philippine Inequality across the Twentieth Century: Slim Evidence but Fat Questions," CEPR Discussion Papers 12481, C.E.P.R. Discussion Papers.
    16. Olivier Cadot & Julien Gourdon, 2014. "Editor's choice Assessing the Price-Raising Effect of Non-Tariff Measures in Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 23(4), pages 425-463.
    17. Jurado GM. & Ferrer RD. & Esguerra, E. F., 1983. "Trade policy, growth and employment: a study of the Philippines," ILO Working Papers 992265383402676, International Labour Organization.
    18. Florian A. Alburo, 2015. "Development Dynamics in the Philippines Historical Perspectives: 1950-2010," UP School of Economics Discussion Papers 201514, University of the Philippines School of Economics.
    19. M. Chatib Basri & Hal Hill, 2020. "The Southeast Asian Economies in the Age of Discontent," Asian Economic Policy Review, Japan Center for Economic Research, vol. 15(2), pages 185-209, July.
    20. Dean Judith M & Signoret José E & Feinberg Robert M. & Ludema Rodney D. & Ferrantino Michael J, 2009. "Estimating the Price Effects of Non-Tariff Barriers," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(1), pages 1-41, March.
    21. repec:phd:pjdevt:pjd_2003_vol__xxx_no__2-a is not listed on IDEAS
    22. Robert E. Baldwin & Robert S. Ingersoll & Woo-choong Kim, 1988. "US and Foreign Competition in the Developing Countries of the Asian Pacific Rim," NBER Chapters, in: The United States in the World Economy, pages 79-160, National Bureau of Economic Research, Inc.
    23. Florian Alburo, 1987. "Manufactured Exports and Industrialization: Trade Patterns and Trends of the Philippines," NBER Chapters, in: Trade and Structural Change in Pacific Asia, pages 485-514, National Bureau of Economic Research, Inc.
    24. Coxhead, Ian & Jayasuriya, Sisira, 2002. "Development Strategy, Poverty and Deforestation in the Philippines," Staff Paper Series 456, University of Wisconsin, Agricultural and Applied Economics.

    More about this item

    Keywords

    Philippines; economic development; economic history; political economy; institutions; COVID-19; ASEAN; comparative analysis.;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • I0 - Health, Education, and Welfare - - General
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pas:papers:2021-24. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prema-chandra Athukorala (email available below). General contact details of provider: https://edirc.repec.org/data/asanuau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.