REFLECTION

Submitted By: Renz Oliver C. Guillena

Submitted To: Loreto Salazar Camus Jr.

Asian economics crisis in the Philippines in
1997

1997, there were about 748,000 Filipino contract workers deployed

overseas. As of January, to July 1998, there were 420,000, down by
0.7% as compared to 423,000 in the same period in 1997. The crisis
has affected deployment in Asia, which decreased by about 4.6%,
mostly from Hong Kong and Malaysia. The financial crisis started in
Thailand in July 1997 after the Thai baht plunged in value. It then
swept over East and Southeast Asia. As a result of the financial crisis,
currency values, stock markets, and other asset values in many
Southeast Asian countries collapsed The Asian financial crisis was a
period of financial crisis that gripped much of East Asia and
Southeast Asia beginning in July 1997 and raised fears of a
worldwide economic meltdown due to financial contagion. However,
the recovery in 1998–1999 was rapid and worries of a meltdown
subsided. The Asian financial crisis was a period of financial crisis
that gripped much of East Asia and Southeast Asia beginning in July
1997 and raised fears of a worldwide economic meltdown due to
financial contagion. However, the recovery in 1998–1999 was rapid
and worries of a meltdown subsided. The crisis started in Thailand
(known in Thailand as the Tom Yam Kung crisis; Thai: on 2 July,
with the financial collapse of the Thai baht after the Thai government
was forced to float the baht due to lack of foreign currency to support
its currency peg to the U.S. dollar. Capital flight ensued almost
immediately, beginning an international chain reaction. At the time,
Thailand had acquired a burden of foreign debt. As the crisis spread,
most of Southeast Asia and later South Korea and Japan saw
slumping currencies, devalued stock markets and other asset prices,
and a precipitous rise in private debt.

Impact of martial law on the Philippines

economy in the 1970s and 80s
Marcos defended his actions stressing the need for extra powers to
quell the rising wave of violence allegedly caused by the communists.
He further justified the decree citing the provisions from the
Philippine Constitution that martial law is in fact a strategic approach
to legally defend the Constitution and protect the welfare of the
Filipino people from the dangerous threats posed by vigilantes that
place national security at risk. The emergency rule, according to
Marcos's plan, was to lead the country into what he calls a "New
Society. And for my own understanding about the martial law the
president of Ferdinand Marcos the Philippines was the most
controversial regime in the Philippine history, and I thought at first.
Cian read the proclamation under the martial law. It is started of
violence, so I got confused on what I read about. As I read Slowly
understand about the proclamation R.A 1081 or the martial law on
which the former president Ferdinand Marcos signed. Like what I
read they are more flashbacks and most of the characters tells what
they've experienced way back1970's. And base on my reading as what
I have learned/understand, being activist was hard thing after the
proclamation of the martial law, the government treated the activist as
their enemy and they were being hunted and killed in the way of
torturing them and way back to their present time, we all know that it
is normal to us the situation like our friends/tractor us for their
common good or for their safety in this situation.

Philippines economy in under Cory Aquino

The Philippine economy experienced considerable difficulty in the

1980s. Real gross national product (GNP) grew at an annual average
of only 1.8 percent, less than the 2.5 percent rate of population
increase. The USS668 GNP per capita income in 1990 was below the
1978 level. And approximately 50 percent of the population lived
below the poverty line. The 1988 unemployment rate of 8.3 percent
(12.3 percent in urban areas) peaked at 11.4 percent in early 1989, and
the underemployment rate, particularly acute for poor, less educated,
and elderly people, was approximately twice that of unemployment.
In 1988, about 470,000 Filipinos left the country to work abroad in
contract jobs or as merchant seamen. In 1990 the Philippines had not
yet recovered from the economic and political crisis of the first
half of the 1980s. At P18,419, or US$668, per capita GNP in 1990
remained, in real terms, below the level of 1978. A major thrust of
Aquino's 1986 People Power Revolution was to address the needs of
impoverished Filipinos. One of the four principles of her "Policy
Agenda for People-Powered Development," was promotion of social
justice and poverty alleviation. Government programs launched in
1986 and 1987 to generate employment met with some success,
reversing the decline of the first half of the decade, but these efforts
did little to alleviate the more chronic aspects of Philippine poverty.
Impact of U.S military bases on the Philippines
economy

Since 1961, the United States Agency for International Development

(USAID) has invested more than $5 billion to support the Philippines,
working with the Philippine government and local organizations to
achieve shared development goals. Responding to the COVID-19
epidemic, reducing and adapting to climate change, boosting
renewable energy, and preventing and resolving conflict are among
the current development objectives. promoting human rights,
democratizing society, eliminating corruption, and supporting the
economic recovery. In Mindanao's conflict-torn regions, the
Departments of State, Defense, and USAID also carry out programs
aimed at laying a solid basis for peace and stability in regions
vulnerable to terrorism and violent extremism. Through a whole-of-
government strategy that promotes a free, open, and resilient Indo-
Pacific, U.S. assistance aims to deepen cooperation. In the
Philippines, there has been a Peace Corps program run by the US for
more than 50 years. Disaster relief and recovery has grown to be a
crucial area of support for the Philippines over the past ten years.
Philippines economy under macros

Although the Philippines was facing an economic crisis of the early

1970s, the Marcos administration continued its strategy of building
loan-funded infrastructure and industrial projects because the
international capital markets were then flooded with "petrodollars.
If we look at the increase in the number of the poor, the decrease in
workers' wages, and the increase in the price of goods, we can see the
lives of ordinary Filipinos during Martial Law. With the drop in
wages and rising commodity prices, the
lives of Filipinos can be seen to be difficult during the so-called
Golden Age of Martial Law. The story gets worse when we combine
the impact of the Marcos administration on the nature of the country
and our economic standing. We continue to feel the effects of massive
deforestation and the growth of our international debt. So, is it true
that Golden is the time of Mark, People's story may vary but there?
The political and economic unrest of the early 1970s continued
throughout the three and a half years of Marcos’ second term, just as
rumors proliferated that he would try to remain in power beyond the
two terms allowed him by the 1935 Constitution of the Philippines.
Factory workers and transport groups protested against low wages and
unfair labor practices. Students, disenchanted with Marcos, joined the
labor workers in the streets. Marcos’ move to create a new Philippine
Constitution by pushing for the creation of the 1971 Philippine
Constitutional Convention lent credence to the belief that Marcos
wanted to stay in power, especially when delegate Eduardo Quintero
implicated Imelda Marcos in a payoff scheme for delegates who voted
against the "Block Marcos" amendments which would disallow
Marcos from running again.

Economic policy under cory Aquino

Aquino entered the presidency with a mandate to undertake a new
direction in economic policy. Her initial cabinet contained individuals
from across the political spectrum. Over time, however, the cabinet
became increasingly homogeneous, particularly with respect to
economic perspective, reflecting the strong influence of the powerful
business community and international creditors. The businesspeople
and technocrats who directed the Central Bank and headed the
departments of finance and trade and industry became the decisive
voices in economic decision making. Foreign policy also reflected
this power relationship. focusing on attracting more foreign loans, aid,
trade, investment, and tourists. It soon became clear that the plight of
the people had been subordinated largely to the requirements of
private enterprise and the world economy. As the president noted in
her state-of-the-nation address in June 1989, the poor had not
benefited from the economic recovery that had taken place since
1986. The gap between the rich and poor had widened, and the
proportion of malnourished preschool children had grown.
Economy under Ramos

Under his administration, the Philippines enjoyed economic growth

and stability. His visions of 'Philippines 2000' led the country into a
newly industrialized country in the world and the "Tiger Cub
Economy in Asia. When Ramos was elected in May 1992, the
Philippines had been experiencing widespread rotating power
outages, known as "brownouts", for nearly a year; this happened
suddenly when growing customer demand exceeded the reliable
supply of electricity, which was mostly provided by the government-
owned Napocor. It had been caused by the age and condition of the
existing power plants, as well as the long-term lack of continuing
investment in the energy sector. During his State of the Nation
address on July 27, 1992, he requested that the Congress enact a law
that would create an Energy Department to plan and manage the
Philippines' energy sector. Congress not only created the Department
of Energy, but gave the president special emergency powers to
resolve the power crisis. Using those powers, Ramos issued licenses
to independent power producers (IPP) to provide additional power
plants within 24 months. Ramos issued supply contracts that
guaranteed the government would buy whatever power the IPPs
produced under the contract; the contracted prices were denominated
in U.S. dollars to entice foreign investment in local power plants.
Following the 1997 Asian Financial Crisis however, this structure
became a problem, as the Philippine peso lost half of its value, and the
local price for the contracted electricity essentially doubled. This
resulted in the Philippine price of electricity becoming the second-
highest in Asia, after Japan.