Corporate Governance in the Philippines: Legal and Institutional Aspects and Impact on the 1997 Financial Crisis and its Aftermath

Stephen G. Lynn

Chapter 7 in The Governance of East Asian Corporations, 2004, pp 138-154 from Palgrave Macmillan

Abstract: Abstract The Philippines is a group of islands roughly 300,000 square km in area. It was a Spanish colony until 1898 at which time it was ceded to the United States of America following the Spanish-American War. Independence from the U.S. was achieved in 1946. Ferdinand Marcos ruled the Philippines as a dictator for almost the two decades from 1972 to 1986. In 1986, the current democratic system of government was installed by a popular rebellion following an economic crisis. Under Marcos, “crony capitalism” dominated the Philippine economy, leading to serious undermining of the effectiveness of the courts and other governance structures (Root 1997, chapter 8). This may have exacerbated the impact on the Philippines of the Asian Financial Crisis (AFC) in 1997.

Keywords: Corporate Governance; Minority Shareholder; Inside Trading; Corporation Code; Asian Development Bank (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52327-2_7

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DOI: 10.1057/9780230523272_7

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