Asia Crisis and the Philippines: Counting the Social Costs

Ma. Rebecca Valenzuela

Chapter 3 in The Social Impact of the Asia Crisis, 2000, pp 17-33 from Palgrave Macmillan

Abstract: Abstract The Philippines is one among a number of Asian economies that have fallen victim to the Asian crisis, but unlike Thailand, Korea, Malaysia or Indonesia, the impact of the financial crisis to the country has not been as dramatic and alarming. That this is so is, to a large extent, a product of ten years of economic and political reform that the country has gone through since the 'people power' revolution of 1986. The demise of the 20-year-old Marcos dictatorship in the mid-1980s brought with it an era of reform for all aspects of the Philippine economy, inclusive of the government, the financial and the corporate sector. The reform process was led by democratically elected presidents and, though it was slow and often painful, it checked the abuse of power and rampant corruption in government.

Keywords: Social Cost; Migrant Worker; Asian Crisis; National Capital Region; Philippine Government (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-97801-6_3

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DOI: 10.1057/9780333978016_3

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