Since the end of World War II, the Philippines had experienced an unfortunate economic course in which they went from one of the richest countries in Asia to one of the impoverished. The United States receded its sovereignty over the Philippines as planned, but the country’s economy still remained dependent on the U.S. markets. Growth after the war was rapid, but quickly slowed during the Marcos regime because of the political leader’s (Ferdinand Marcos) economic mismanagement. The financial instability continued. A terrible recession plagued the Philippines from 1984 through 1985, shrinking the economy by more than ten percent. The Aquino administration was also known to have taken land from especially poor farmers, managing to dampen economic activity even more. Then later in the 1990s, the Philippine Government established a broad range of reforms created to motivate business growth and foreign investment. As a result, the country saw a period of more growth, despite the Asian financial crisis in 1997, which slowed economic development once again. The president at this time, Gloria Macapagal-Arroyo, faced periodic challenges, but did accomplish to restore some security for the economy. Nonetheless, long-term commercial growth was threatened by education systems, trade barriers, and it was not long before the Philippines had lost compared its international competitiveness.
At the present time, the Philippine economy has proven well equipped to the recent global financial crisis. Although the impact of poverty, employment, credit availability, and investments continues to be a concern, the nation is still standing. Industrial production works hard to produce food, beverages, tobacco, rubber and plastic products, textiles and textile products, clothing and footwear, leather products, pharmaceuticals, paints, wood and wood products, paper and paper products, printing and publishing, furniture and fixtures, small appliances, and electronics. The Philippines is one of the world’s most mineralized countries, with unfound mineral wealth estimating at more than 840 billion dollars. The hope is that, gradually, the Philippines will recover and prosper.
