EASTERN MINDORO COLLEGE, INC.

Bagong Bayan II, Bongabong, Oriental Mindoro

Email Address: emc_1945@yahoo.com; Tel. No.: (043) 283-5479

Philippines and the Global Economic Crisis in 2008 and 2009

The Philippines was affected by global economic crisis in 2008 and 2009 as was nearly everywhere.
Clarissa Batino of Bloomberg wrote in December 2008: “The Philippine peso headed for its worst year since
2000 and stocks had their biggest annual loss in at least two decades on signs the global slowdown is hurting
sales of the nation”s exports.” A “drop in trade flows is a bad signs that the economy will be slowing pretty
rapidly,”
“The World Bank expects global trade to shrink in 2009 for the first time in more than 25 years,
threatening export-reliant economies in Asia. The Philippines last week cut interest rates to support growth as
the global slump weakened demand for Intel Corp. ‘s computer chips and other electronics goods, which
account for two-thirds of the of the nation’s overseas sales.”
The global economic crisis in 2008 and 2009 had a widespread impact on many countries around the
world, and the Philippines was not spared. During this time, the Philippine economy was affected but not as
severely as other countries. According to a journal article titled "The Philippines and the Global Financial
Crisis: Impact, Responses, and Challenges Ahead" by Emmanuel S. de Dios and Michael L. Tan, the sectors of
the Philippine economy that gave strength to the country were the OFW remittances, the rise of the BPO
industry, and the rapid growth of the construction sector.
The article also shows the steps taken by the government to ensure the safety of the Philippine
economy during the crisis. Some of these steps include strengthening the debt payment system, expanding the
social safety nets program, and expanding export markets.

References:

https://peac.org.ph/wp-content/uploads/2019/10/APGR9Q4-LM-Lesson-4.pdf
https://serp-p.pids.gov.ph/publication/public/view?slug=impact-of-the-global-financial-and-economic-
crisis-on-the-philippines#:~:text=The%20Philippines%20was%20not%20spared,financial%20sector
%20remained%20fairly%20stable.