General Economics, Taxation and Agrarian Reform
Term III – SY – 2010 – 2011
A research on Feb 19, 2010 -March 30, 2010
Janus Jose A. Palacio
Prof. Julius Miranda
I. Research on Philippine Economic indicator
“Philippine state onward”
Year of data: 2010
Trade (2009): Exports$38.3 billion. Imports$42.8 billion.
Population: 97,976,603 (July 2009)
Since the end of World War II, the Philippines has been on an unfortunate economic trajectory, going from one of the richest countries in Asia (following Japan) to one of the poorest. Growth after the war was rapid, but slowed as years of economic mismanagement and political volatility during the Marcos regime contributed to economic stagnation and resulted in macroeconomic instability. A severe recession from 1984 through 1985 saw the economy shrink by more than 10%, and political instability during the Corazon Aquino administration further dampened economic activity.
During the 1990s, the Philippine Government introduced a broad range of economic reforms designed to spur business growth and foreign investment. As a result, the Philippines saw a period of higher growth, although the Asian financial crisis in 1997 slowed Philippine economic development once again.
Despite occasional challenges to her presidency and resistance to pro-liberalization reforms by vested interests, President Arroyo made considerable progress in restoring macroeconomic stability with the help of a well-regarded economic team. Nonetheless, long-term economic growth remains threatened by inadequate infrastructure and education systems, and trade and investment barriers. International competitiveness rankings have slipped.
III. Body of the research
The Philippine economy proved comparatively well-equipped to weather the recent global financial crisis in the short term, partly as a result of the efforts over the past few years to control the fiscal deficit,.