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The country had weathered the first global oil crisis, in 1973, but by 1979 the commodities boom which had propped up its economy in the early 1970s had died down, leaving the Philippines much more vulnerable [1] - so much so that in the third quarter of 1981, the Philippine economy followed the course of the US economy when it went into recession.
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.
Philippine President Ferdinand Marcos, American President Ronald Reagan, and Imelda Marcos during a Philippine state visit to the United States. Even after Philippine independence, the United States remained entwined within Philippine politics and the Philippine economy. [78]: 23 [103] Influence also remains in social and civil institutions.
[14]: 85–87 Societal changes in Spain and the Philippines led to an expansion of the Philippine bureaucracy and its civil service positions, predominantly for the educated living in urban areas, although the highest levels continued to remain in the hand of those born in Spain. This, combined with a shifting economy, saw more complex social ...
Marcos has also pursued a diplomatic offensive, gaining statements of support for the Philippines' position from countries such as Canada, Germany, India and Japan. The South China Sea is rich in ...
The IMF mandated stabilization plan which accompanied the agreement included numerous macroeconomic interventions, including a shift away from the Philippines’ historical economic strategy of import substitution industrialization and towards export-oriented industrialization; and the allowing the Philippine Peso to float and devalue.
The Philippines has remained generally unsusceptible to global economic shocks. [10] This is because of less exposure to problematic international securities, lower export dependence, stable domestic consumption, large remittances from overseas Filipinos, and a quickly growing service industry. [ 11 ]
OPEC+ faces a major oil oversupply in 2025, challenging production increases. The coalition has tried to boost oil prices by holding back output. Instead, members are ceding control to non-OPEC ...