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Social Impact of the Regional Financial Crisis in the Philippines

Author

Listed:
  • 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.

Suggested Citation

  • Orbeta, Aniceto Jr. C. & Manasan, Rosario G. & de Guzman, Generoso & Reyes, Celia M., 1999. "Social Impact of the Regional Financial Crisis in the Philippines," Discussion Papers DP 1999-14, Philippine Institute for Development Studies.
  • Handle: RePEc:phd:dpaper:dp_1999-14
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    Citations

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    Cited by:

    1. M. Manacorda & F.C. Rosati, 2008. "Industrial structure and child labour. Evidence from Brazil," UCW Working Paper 44, Understanding Children's Work (UCW Programme).
    2. World Bank, 2011. "Philippines," World Bank Other Operational Studies 27384, The World Bank.
    3. Majumdar, Sumon & Mani, Anandi & Mukand, Sharun W., 2004. "Politics, information and the urban bias," Journal of Development Economics, Elsevier, vol. 75(1), pages 137-165, October.
    4. Mukhopadhaya, Pundarik, 2002. "Crisis, Social Sector And Income Distribution In Some Southeast Asian Countries," EIJS Working Paper Series 161, Stockholm School of Economics, The European Institute of Japanese Studies.
    5. Datt, Gaurav & Hoogeveen, Hans, 2003. "El Nino or El Peso? Crisis, Poverty and Income Distribution in the Philippines," World Development, Elsevier, vol. 31(7), pages 1103-1124, July.
    6. Pineda, Virginia S., 1999. "Impact of the Financial Crisis on Social Services Financing and Delivery," Discussion Papers DP 1999-30, Philippine Institute for Development Studies.
    7. 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.
    8. 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.
    9. Beja, Jr., Edsel, 2009. "The Philippines on debt row," MPRA Paper 16553, University Library of Munich, Germany.
    10. Milo, Melanie S., 1999. "Contagion Effects of the Asian Crisis, Policy Responses and their Social Implications," Philippine Journal of Development JPD 1999 Vol. XXVI No.2-c, Philippine Institute for Development Studies.
    11. World Bank, 2012. "Addressing Vulnerability in East Asia : A Regional Study," World Bank Other Operational Studies 11900, The World Bank.
    12. Green, David Jay & Campos, J. Edgardo, 2001. "Fiscal lessons from the East Asian financial crisis," Journal of Asian Economics, Elsevier, vol. 12(3), pages 309-329.

    More about this item

    Keywords

    vulnerable groups; Asian crisis; poverty;

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