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Corporate Governance in the Philippines: Legal and Institutional Aspects and Impact on the 1997 Financial Crisis and its Aftermath

In: The Governance of East Asian Corporations

Author

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  • Stephen G. Lynn

Abstract

The Philippines is a group of islands roughly 300,000 square km in area. It was a Spanish colony until 1898 at which time it was ceded to the United States of America following the Spanish-American War. Independence from the U.S. was achieved in 1946. Ferdinand Marcos ruled the Philippines as a dictator for almost the two decades from 1972 to 1986. In 1986, the current democratic system of government was installed by a popular rebellion following an economic crisis. Under Marcos, “crony capitalism” dominated the Philippine economy, leading to serious undermining of the effectiveness of the courts and other governance structures (Root 1997, chapter 8). This may have exacerbated the impact on the Philippines of the Asian Financial Crisis (AFC) in 1997.

Suggested Citation

  • Stephen G. Lynn, 2004. "Corporate Governance in the Philippines: Legal and Institutional Aspects and Impact on the 1997 Financial Crisis and its Aftermath," Palgrave Macmillan Books, in: The Governance of East Asian Corporations, chapter 7, pages 138-154, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52327-2_7
    DOI: 10.1057/9780230523272_7
    as

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