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Asia Crisis and the Philippines: Counting the Social Costs

In: The Social Impact of the Asia Crisis

Author

Listed:
  • Ma. Rebecca Valenzuela

Abstract

The Philippines is one among a number of Asian economies that have fallen victim to the Asian crisis, but unlike Thailand, Korea, Malaysia or Indonesia, the impact of the financial crisis to the country has not been as dramatic and alarming. That this is so is, to a large extent, a product of ten years of economic and political reform that the country has gone through since the 'people power' revolution of 1986. The demise of the 20-year-old Marcos dictatorship in the mid-1980s brought with it an era of reform for all aspects of the Philippine economy, inclusive of the government, the financial and the corporate sector. The reform process was led by democratically elected presidents and, though it was slow and often painful, it checked the abuse of power and rampant corruption in government.

Suggested Citation

  • Ma. Rebecca Valenzuela, 2000. "Asia Crisis and the Philippines: Counting the Social Costs," Palgrave Macmillan Books, in: Tran Hoa (ed.), The Social Impact of the Asia Crisis, chapter 3, pages 17-33, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-97801-6_3
    DOI: 10.1057/9780333978016_3
    as

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