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The economy grew despite global oil shocks following the 1973 and 1979 energy crises. [11] However, its policy of establishing monopolies resulted in significant income inequality, [13] corruption, and capital flight. [3] [14] [15] [16] Average monthly wage income fell by 20% from 1972 to 1980.
Indeed, according to the U.S.-based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980. The economy grew amidst the two severe global oil shocks following the 1973 oil crisis and 1979 energy crisis – oil price was $3 / barrel in 1973 and $39.5 in 1979, or a growth of 1200% which drove ...
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...
Marcos was proclaimed winner of the election in November 1969, and was inaugurated to his second term just before the new year, on December 30, 1969. The social impact of the 1969–1970 balance of payments crisis very quickly led to social unrest – so much so that Marcos went from winning the elections by a landslide in November to dodging effigies by protesters just two months later, in ...
History of transportation in the Philippines (2 C, 1 P) Pages in category "Economic history of the Philippines" The following 23 pages are in this category, out of 23 total.
was an acquiescence to the global market system, which required tight control of sociopolitical systems so that the country's resources could be exploited efficiently; was a product of the infighting among the families that formed the upper socioeconomic class of Philippine society; and
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".