Social Impact of the Regional Financial Crisis in the Philippines

Aniceto Orbeta, Rosario G. Manasan, Generoso de Guzman and Celia M. Reyes

No DP 1999-14, Discussion Papers from Philippine Institute for Development Studies

Abstract: The Philippines, having been integrated into the global economy, has not been spared from the financial crisis that hit Asia in July 1997. Pre-financial crisis has indicated marked improvement in the general health condition of the population, higher incomes and employment, stable prices and favorable balance of payments and fiscal position. This study comprehensively examines the effects of the crisis in the Philippine economy in terms of its fiscal/social impacts. To deal with the adverse effects of the crisis, several coping mechanisms are cited, such as the continuation of Comprehensive and Integrated Delivery of Social Service, the institution of Technical Education and Skill Development Authority, and cost cutting measures such as job rotation/forced vacation and freezing salary increases from the government’s initiative and self-employment mechanisms such as direct selling and setting up of sari-sari store from the individual’s initiative.

Keywords: vulnerable groups; Asian crisis; poverty (search for similar items in EconPapers)
Pages: 204
Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (16)

Downloads: (external link)
https://www.pids.gov.ph/publication/discussion-pap ... s-in-the-philippines (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:phd:dpaper:dp_1999-14

Access Statistics for this paper

More papers in Discussion Papers from Philippine Institute for Development Studies Contact information at EDIRC.
Bibliographic data for series maintained by Michael Ralph M. Abrigo ().