ECONOMY
Since the end of World War II, the Philippine economy has had a mixed history of growth and development.
Over the years, the Philippines has gone from being one of the richest countries in Asia (following Japan) to being one of the poorest.
Growth immediately after the war was rapid, but slowed over time.
A severe recession in 1984-85 saw the economy shrink by more than 10%, and perceptions of political instability during the Aquino administration further dampened economic activity.
During his administration, President Ramos introduced a broad range of economic reforms and initiatives designed to spur business growth and foreign investment.
As a result, the Philippines saw a period of higher growth, but the Asian financial crisis triggered in 1997 slowed economic development in the Philippines once again.
President Estrada managed to continue some of the reforms begun by the Ramos administration.
Important laws to strengthen regulation and supervision of the banking system (General Banking Act) and securities markets (Securities Regulation Code), to liberalize foreign participation in the retail trade sector, and to promote and regulate electronic commerce were enacted during his abbreviated term.
Despite occasional challenges to her presidency and resistance to pro-liberalization reforms by vested interests, President Arroyo has made considerable progress in restoring macroeconomic stability with the help of a well-regarded economic team.
Nonetheless, long-term economic growth remains threatened by widespread poverty, crumbling infrastructure and education systems, and trade and investment barriers.
Important sectors of the Philippine economy include agriculture and industry, particularly food processing, textiles and garments, and electronics and automobile parts.
Most industries are concentrated in the urban areas around metropolitan Manila.
Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper.
Significant natural-gas finds off the islands of Palawan have added to the country's substantial geothermal, hydro, and coal energy reserves.
Over the years, the Philippines has gone from being one of the richest countries in Asia (following Japan) to being one of the poorest.
Growth immediately after the war was rapid, but slowed over time.
A severe recession in 1984-85 saw the economy shrink by more than 10%, and perceptions of political instability during the Aquino administration further dampened economic activity.
During his administration, President Ramos introduced a broad range of economic reforms and initiatives designed to spur business growth and foreign investment.
As a result, the Philippines saw a period of higher growth, but the Asian financial crisis triggered in 1997 slowed economic development in the Philippines once again.
President Estrada managed to continue some of the reforms begun by the Ramos administration.
Important laws to strengthen regulation and supervision of the banking system (General Banking Act) and securities markets (Securities Regulation Code), to liberalize foreign participation in the retail trade sector, and to promote and regulate electronic commerce were enacted during his abbreviated term.
Despite occasional challenges to her presidency and resistance to pro-liberalization reforms by vested interests, President Arroyo has made considerable progress in restoring macroeconomic stability with the help of a well-regarded economic team.
Nonetheless, long-term economic growth remains threatened by widespread poverty, crumbling infrastructure and education systems, and trade and investment barriers.
Important sectors of the Philippine economy include agriculture and industry, particularly food processing, textiles and garments, and electronics and automobile parts.
Most industries are concentrated in the urban areas around metropolitan Manila.
Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper.
Significant natural-gas finds off the islands of Palawan have added to the country's substantial geothermal, hydro, and coal energy reserves.
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