IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The Philippine Economy in the Face of External Shocks

Listed author(s):
  • Maria Socorro Gochoco-Bautista

    (University of the Philippines, School of Economics Diliman, Quezon City, 1101 Philippines.)

The Philippines has a unique economic history relative to its neighbors. It is less open to trade and has been unable to attain and sustain high rates of growth. Today, globalization and participation in the global economy primarily means the export of labor rather than goods. The Philippines' reliance on remittances from its cadre of overseas Filipino workers has become the main pillar of its growth and development strategy. Going into the period of the global crisis, the Philippines had robust growth relative to its historical average and a strengthened banking system. The effects on the real sector intensified in the last quarter of 2008. While there are continuing attempts to use expansionary monetary and fiscal policy to spur the economy, the ability of the Philippines to pursue such expansionary policies may be limited by the still relatively high inflation and the government's historically weak fiscal position. Although it appears that the Philippines will muddle through and survive the current global crisis, it will continue to face the daunting task of effectively leveraging for long-term growth and development. (c) 2009 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: link to full text
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 8 (2009)
Issue (Month): 3 (October)
Pages: 87-107

in new window

Handle: RePEc:tpr:asiaec:v:8:y:2009:i:3:p:87-107
Contact details of provider: Web page:

Order Information: Web:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:tpr:asiaec:v:8:y:2009:i:3:p:87-107. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kristin Waites)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.