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The Philippine Economy in the Asian Crisis

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  • Gerardo P. Sicat

    (School of Economics, University of the Philippines Diliman)

Abstract

The Philippine has avoided the worst consequences of a full-scale crisis because it had strong economic fundamentals, including a reformed financial sector at the onset of the regional crisis. This paper gives an account of the response of the Philippines to the baht collapse. The peso was floated shortly after the baht currency crisis. One year later, the Philippine economy was still in relatively good shape, but growth was slowing down and there was concern about the consequences for the Philippines if the contagion spreads beyond Asia. The new Estrada Government stressed the need for further stringent budget cuts. The stock market continued to decline. The liberalization programme was kept in place, inflation remained moderate, and exports continued to show strong growth. However, the economy remains vulnerable if the crisis continues much longer.

Suggested Citation

  • 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.
    • Handle: RePEc:phs:dpaper:199902
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    Cited by:

    1. 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.

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