The Philippines: Decades Lost

Roderick Macdonald ()
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Roderick Macdonald: UEH-ISB

Chapter Chapter 3 in Open and Closed Economies, 2022, pp 67-114 from Springer

Abstract: Abstract By 1960, the Philippines had closed its borders to foreign ownership and thus all but eliminated foreign direct investment. It also curtailed imports and the terms of a transitory period of ‘free trade’ with the United States had left domestic firms incapable of competitive exports. The situation changed marginally in the 1990s under Ramos. Up to that time, the economy of the Philippines was stagnant. The Marcos administration had partially turned around the economy but ultimately failed due to excessive debt. Much of today’s rapid growth is explained by business process outsourcing, that exports 30% of value added, and retailing. Foreign direct investment is permitted in both sectors, and retailing is aided on the demand side by personal remittances.

Keywords: Closed economy; Ownership; Retail; Business process outsourcing; Remittances (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-79534-4_3

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DOI: 10.1007/978-3-030-79534-4_3

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