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Social Impact of the Regional Financial Crisis in the Philippines

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Author Info

  • Orbeta, Aniceto Jr. C.
  • Manasan, Rosario G.
  • de Guzman, Generoso
  • Reyes, Celia M.

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.

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Bibliographic Info

Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 1999-14.

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Length: 204
Date of creation: 1999
Date of revision:
Handle: RePEc:phd:dpaper:dp_1999-14

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Web page: http://www.pids.gov.ph/
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Related research

Keywords: vulnerable groups; Asian crisis; poverty;

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Citations

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Cited by:
  1. Datt, Gaurav & Hoogeveen, Hans, 2000. "El Nino or El Peso? Crisis, poverty, and income distribution in the Philippines," Policy Research Working Paper Series 2466, The World Bank.
  2. M. Manacorda & F.C. Rosati, 2008. "Industrial structure and child labour. Evidence from Brazil," UCW Working Paper, Understanding Children's Work (UCW Programme) 44, Understanding Children's Work (UCW Programme).
  3. World Bank, 2012. "Addressing Vulnerability in East Asia : A Regional Study," World Bank Other Operational Studies 11900, The World Bank.
  4. Mapa, Dennis S & Sandoval, Monica Flerida B & Yap, David Joseph Emmanuel B, 2009. "Investigating the Presence of Regional Economic Growth Convergence in the Philippines using Kalman Filter," MPRA Paper 20681, University Library of Munich, Germany.
  5. Mukhopadhaya, Pundarik, 2002. "Crisis, Social Sector And Income Distribution In Some Southeast Asian Countries," EIJS Working Paper Series, The European Institute of Japanese Studies 161, The European Institute of Japanese Studies.
  6. World Bank, 2002. "A Preliminary Desk Review of Urban Poverty in the East Asia Region : With Particular Focus on Indonesia, the Philippines, and Vietnam, Volume 1. Main Report," World Bank Other Operational Studies 15110, The World Bank.
  7. Beja, Jr., Edsel, 2009. "The Philippines on debt row," MPRA Paper 16553, University Library of Munich, Germany.
  8. Sumon Majumdar & Anandi Mani & Sharun W. Mukand, 2004. "Politics, Information and the Urban Bias," Discussion Papers Series, Department of Economics, Tufts University, Department of Economics, Tufts University 0409, Department of Economics, Tufts University.
  9. Green, David Jay & Campos, J. Edgardo, 2001. "Fiscal lessons from the East Asian financial crisis," Journal of Asian Economics, Elsevier, Elsevier, vol. 12(3), pages 309-329.
  10. Pineda, Virginia S., 1999. "Impact of the Financial Crisis on Social Services Financing and Delivery," Discussion Papers, Philippine Institute for Development Studies DP 1999-30, Philippine Institute for Development Studies.

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