PHILIPPINES COUNTRY RESEARCH

Philippines Country Research

Philippines Country Research

General history of country

A Spanish colony for 300 years, the Philippines was taken over by the US in 1898 after the Spanish-American war. It was granted self-rule in 1935, occupied by the Japanese in 1942 during the Second World War and finally achieved independence in 1946. The country was ruled for 21 years by Ferdinand Marcos, whose reign was marked by political repression and human rights violations, despite a US-style constitution. Marcos, who fled the country after a show of "people power" in 1986, was succeeded by Corazon Aquino, whose husband, Benigno, had been shot dead at Manila international airport on his return from exile in the US in 1983. It was his assassination, the outrage that followed the emergence of Aquino as a leader in her own right, and the loss of US support that led to Marcos's downfall. Aquino survived more than half a dozen coup attempts during her six-year term. Her successor, Fidel Ramos, was credited with renewing international confidence in the Philippine economy. Protests forced out President Joseph Estrada in 2001, amid corruption allegations.

A major industry in your country; do they produce public or private goods? Are there externalities in this industry? Is the good/service a major export?

Before the Second World War, exports usually exceed imports. After the war, a permanent trade deficit has led to the need to establish control over foreign trade transactions. In early 1960, most of the restrictions lifted. In 2003, the import was spent 35.97 billion dollars. United States, while exports brought 34.56 billion U.S. dollars. From the country, of export electronic equipment, industrial and transport equipment, textiles, coconut products, copper and fish. Philippines imports raw materials, fuel and petroleum products, industrial products and equipment, consumer goods. Major trading partners: U.S., Japan, Hong Kong, Singapore and other ASEAN countries, Taiwan. Exchange rate in 2003 stood at 54.2 pesos per U.S. $ 1. The state budget is reduced in excess of costs (15.25 billion U.S. dollars) over income (11.56 billion U.S. dollars). Philippine external debt has increased significantly in 1970, in 1983 approached 25 billion dollars in 1996 rose to 37.8 billion dollars, and in 2003 reached $ 58 billion reserve stocks of gold and foreign currency account for 16.87 billion dollars (2003). Low cost of servicing the external debt exceeds spending on education and military spending combined. The main forms of land transport in the Philippines are automobiles.

What is the predominant type of employment in the country?

Before the Second World War, the Philippine economy was based mainly on agriculture and forestry. In the postwar period began to develop the processing industry, and in the late 20 century. - Also the service industry. Nevertheless, in the economy of the country lagged behind many other countries of East Asia, not least because of the sharp social inequality, widespread corruption, bureaucracy and the dependent nature of its economy. In the late 20 century. The Philippines experienced a moderate economic growth associated with the transfer of funds ...