IDEAS home Printed from
   My bibliography  Save this article

The Philippines: Economic Developments and Prospects


  • Romeo M. Bautista
  • Mario B. Lamberte


The recent acceleration of economic growth in the Philippines is remarkable, especially in the context of the dramatic slide in its economic position relative to neighbouring East Asian economies since the early 1960s. It has stimulated discussion–both locally and overseas–of the contributing influences and of the economy's ability to sustain the growth momentum. This paper reviews the relevant literature, focusing on the following factors: political stability, macroeconomic balance, microeconomic efficiency, and equity. Past experience with boom‐bust cycles warrants a cautious view of the longer‐term prospects of the Philippine economy. Among other major obstacles, the poor state of public finance and low domestic saving rate stand in the way of a stable and self‐sustained growth. In some respects, however, the recent performance holds promise as only the first step in the path being taken towards more rapid economic growth that is sustainable and equitable.

Suggested Citation

  • Romeo M. Bautista & Mario B. Lamberte, 1996. "The Philippines: Economic Developments and Prospects," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 10(2), pages 16-31, November.
  • Handle: RePEc:bla:apacel:v:10:y:1996:i:2:p:16-31
    DOI: 10.1111/j.1467-8411.1996.tb00014.x

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item

    References listed on IDEAS

    1. Fields, Gary S, 1989. "Changes in Poverty and Inequality in Developing Countries," The World Bank Research Observer, World Bank, vol. 4(2), pages 167-185, July.
    2. David, Cristina C., 1995. "Philippine Agriculture: Its Path to Modernization," Discussion Papers DP 1995-29, Philippine Institute for Development Studies.
    3. Corden, W.M., 1996. "The Current Account Issue Revisited," CEPR Discussion Papers 345, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    4. Tan, Elizabeth S., 1994. "Trade Policy Reforms in the 1990s: Effects of EO 470 and the Import Liberalization Program," Research Paper Series RPS 1994-11, Philippine Institute for Development Studies.
    5. Lamberte, Mario B. & Manasan, Rosario G. & Llanto, Gilberto M. & Laya, Jaime C. & Avila, Antonio, 1996. "Local Government Units` Access to the Private Capital Markets," Discussion Papers DP 1996-06, Philippine Institute for Development Studies.
    6. Reyes, Edna A. & Ranis, Gustav & Stewart, Frances, 1989. "Linkages in Development: A Philippine Case Study," Working Papers WP 1989-02, Philippine Institute for Development Studies.
    7. Bautista, Romeo M., 1987. "Production incentives in Philippine agriculture: effects of trade and exchange rate policies," Research reports 59, International Food Policy Research Institute (IFPRI).
    8. -, 1986. "Agenda = Agenda," Series Históricas 8749, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Lazaro, Dorothea C. & Wignaraja, Ganeshan & De Guzman, Genevieve, 2011. "Factors Affecting Use or Nonuse of Free Trade Agreements in the Philippines," Philippine Journal of Development PJD 2009 Vol. XXXVI No. 2, Philippine Institute for Development Studies.
    2. Ganeshan Wignaraja & Dorothea Lazaro & Genevieve DeGuzman, 2010. "FTAs and Philippine Business : Evidence from Transport, Food, and Electronics Firms," Trade Working Papers 22880, East Asian Bureau of Economic Research.
    3. Noland, Marcus, 2000. "The Philippines in the Asian Financial Crisis: How the Sick Man Avoided Pneumonia," MPRA Paper 55665, University Library of Munich, Germany.
    4. John Bowen & Thomas Leinbach & Daniel Mabazza, 2002. "Air Cargo Services, the State and Industrialization Strategies in the Philippines: The Redevelopment of Subic Bay," Regional Studies, Taylor & Francis Journals, vol. 36(5), pages 451-467.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ayranci, Evren, 2010. "Family involvement in and institutionalization of family businesses: A research," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 3(3), pages 1-22, October.
    2. Agarwalla, Astha, 2011. "Agglomeration Economies and Productivity Growth in India," IIMA Working Papers WP2011-01-08, Indian Institute of Management Ahmedabad, Research and Publication Department.
    3. Hausknost, Daniel & Grima, Nelson & Singh, Simron Jit, 2017. "The political dimensions of Payments for Ecosystem Services (PES): Cascade or stairway?," Ecological Economics, Elsevier, vol. 131(C), pages 109-118.
    4. Hentschel, Jesko & Lanjouw, Jean Olson & Lanjouw, Peter & Poggi, Javier, 1998. "Combining census and survey data to study spatial dimensions of poverty," Policy Research Working Paper Series 1928, The World Bank.
    5. Bruno, Michael & Ravallion, Martin & Squire, Lyn, 1996. "Equity and growth in developing countries : old and new perspectives on the policy issues," Policy Research Working Paper Series 1563, The World Bank.
    6. Nelson, Edward, 2017. "Reaffirming the Influence of Milton Friedman on U.K. Economic Policy," Working Papers 2017-01, University of Sydney, School of Economics, revised Feb 2017.
    7. Waqar Ahmad Saleem Qazi, 2017. "Impact of Workforce Development on Organizational Effectiveness: Evidence from Pakistani Public-Sector Organizations," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(3), pages 123-154, September.
    8. Walker, Douglas O., 2007. "Patterns of income distribution among world regions," Journal of Policy Modeling, Elsevier, vol. 29(4), pages 643-655.
    9. Manasan, Rosario G., 2007. "Local Public Finance in the Philippines: Lessons in Autonomy and Accountability," Philippine Journal of Development PJD 2005 Vol. XXXII No. 2, Philippine Institute for Development Studies.
    10. Raitio, Kaisa, 2013. "Discursive institutionalist approach to conflict management analysis — The case of old-growth forest conflicts on state-owned land in Finland," Forest Policy and Economics, Elsevier, vol. 33(C), pages 97-103.
    11. Schmidt, Susanne K., 2002. "Die Folgen der europäischen Integration für die Bundesrepublik Deutschland: Wandel durch Verflechtung," MPIfG Discussion Paper 02/4, Max Planck Institute for the Study of Societies.
    12. Romeo M. Bautista & Sherman Robinson & Finn Tarp & Peter Wobst, 2001. "Policy Bias and Agriculture: Partial and General Equilibrium Measures," Review of Development Economics, Wiley Blackwell, vol. 5(1), pages 89-104, February.
    13. David P Carter & Christopher M Weible & Saba N Siddiki & Xavier Basurto, 2016. "Integrating core concepts from the institutional analysis and development framework for the systematic analysis of policy designs: An illustration from the US National Organic Program regulation," Journal of Theoretical Politics, , vol. 28(1), pages 159-185, January.
    14. Gillespie, Stuart & van den Bold, Mara, 2015. "Stories of change in nutrition: A tool pool:," IFPRI discussion papers 1494, International Food Policy Research Institute (IFPRI).
    15. Gustav RANIS & Frances STEWART, 2001. "Growth And Human Development: Comparative Latin American Experience," The Developing Economies, Institute of Developing Economies, vol. 39(4), pages 333-365, December.
    16. Miriam Hartlapp & Julia Metz & Christian Rauh, 2010. "The agenda set by the EU Commission: the result of balanced or biased aggregation of positions?," LEQS – LSE 'Europe in Question' Discussion Paper Series 21, European Institute, LSE.
    17. Mr. Gary G. Moser & Mr. Toshihiro Ichida, 2001. "Economic Growth and Poverty Reduction in Sub-Saharan Africa," IMF Working Papers 2001/112, International Monetary Fund.
    18. Buitrago R., Ricardo E. & Barbosa Camargo, María Inés, 2021. "Institutions, institutional quality, and international competitiveness: Review and examination of future research directions," Journal of Business Research, Elsevier, vol. 128(C), pages 423-435.
    19. Gerritsen, Rolf & Abbott, Jacky, 1989. "Again The Lucky Country?: Australian Rural Policy in 1988 and 1989," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 58(01), pages 1-17, April.
    20. Flinchbaugh, Barry L., 0. "The 1985 Farm Bill And Future Commodity Policy Education," Increasing Understanding of Public Problems and Policies, Farm Foundation.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:apacel:v:10:y:1996:i:2:p:16-31. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.