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President Estrada, who assumed office at the height of the Asian financial crisis, faced a large fiscal deficit, which was mainly attributed to the sharp deterioration in the tax effort (as a result of the 1997 CTRP: increased tax incentives, narrowing of VAT base and lowering of tariff walls) and higher interest payments given the sharp ...
The 1919–1922 Philippine financial crisis resulted as a consequence of an economic crisis which began in 1919 along with the mismanagement of the Philippine National Bank. Due to the Wood-Forbes Mission in 1921, there were questions among Filipino politicians on who should take responsibility.
The Philippine economy under Ferdinand Marcos faced its first major economic crisis over Marcos' use of foreign money to fund his fiscal deficit. [33] [34] [35] Marcos launched US$50 million of infrastructure projects in 1969 to show progress to the electorate. [36]
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 ...
Financial institutions, insurance companies, and investment houses either declared bankruptcy or had to be rescued financially. Economies worldwide slowed during this period and entered recession. [87] The crisis, initially financial in nature, took on a full-blown economic and global scale affecting every country, both industrialized and ...
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 inflation. Despite the 1984–1985 recession, GDP on a per capita basis more than tripled from $175.9 in 1965 to $565.8 in 1985 at the end of ...
The Philippines, for years among the world's fastest-growing economies, is forecast to see a 6.9% economic contraction this year, the World Bank has said, the biggest since the 1980s and worse ...
By the late 1990s, the Philippines' economic growth gained favorable comparisons with other Asian countries such as Taiwan, Thailand, South Korea, and Malaysia. The Philippine economy took a sharp downturn during the Asian financial crisis of 1997. Its fiscal deficit in 1998 reached P49.981 billion from a surplus of P1.564 billion in 1997.