Post-EDSA macroeconomic history of the Philippines

The Post-EDSA macroeconomic history of the Philippines covers the period from 1986 to the present time, and takes off from the acclaimed People Power Revolution in the EDSA Revolution of 1986 (named after Epifanio de los Santos Avenue in Manila) that brought democracy and development potentials back to the country that was once in the perils of the Martial Law Era. From days, months, and even years of economic and financial collapse towards the end of that Martial Law Era came revolution, reform, and sustenance spearheaded by the Aquino, Ramos, Estrada, and Arroyo administrations that saw the Philippines get back on track and even through some of the wildest financial and political crises, such as the succeeding EDSA Revolutions, the Asian Financial Crisis, and the most recent “bubble bursts,” among others. Revolutions, liberal ideas, and reforms aided the country towards robust growth, and crucial policies were conceptualized, developed, and enacted by the presidents and the advisers who supported them. The period also featured the emergence of civil society as important proponents of development, trade reforms and protections, improvements in exports and export-oriented manufacturing, and decentralization as an important take-off point for regional development.

Selected macroeconomic indicators

GDP growth rates

Year	Growth %	Year	Growth %	Year	Growth %	Year	Growth %	Year	Growth %
1986	3.42	1991	-0.58	1996	5.85	2001	1.76	2006	5.34
1987	4.31	1992	0.34	1997	5.19	2002	4.45	2007	7.08
1988	6.75	1993	2.12	1998	-0.58	2003	4.93	2008	3.84
1989	6.21	1994	4.39	1999	3.40	2004	6.38	2009	0.92
1990	3.04	1995	4.68	2000	5.97	2005	4.95	2010	7.30

Table 1: GDP Growth Rates from 1986 to 2010

• data derived from GDP figures in the Philippine Statistical Yearbook
• growth for 2010 courtesy of Manila Bulletin (Lopez and Leyco)

Inflation rates

Year	Growth %	Year	Growth %
2001	6.80	2006	6.24
2002	3.00	2007	2.83
2003	3.45	2008	9.31
2004	5.98	2009	3.23
2005	7.63	2010	3.81

Table 2: Headline Inflation Rates from 1986 to 2010

• estimates derived from CPI figures in the Philippine Statistical Yearbook

Economic breakthroughs by administration

Aquino administration

The Aquino administration takes over an economy that has gone through socio-political disasters during the People Power revolution, where there was financial and commodity collapse caused by an overall consumer cynicism, a result of the propaganda against cronies, social economic unrest resulting from numerous global shortages, massive protests, lack of government transparency, the opposition's speculations and alleged corruption in the government. At that point in time, the country had debt that began crippling the country which slowly made the Philippines the “Latin-American in East Asia” as it started to experience the worst recession since the post-war era.

Most of the immediate efforts of the Aquino administration was directed in reforming the image of the country and paying off all debts, including those that some governments were ready to write-off, as possible. This resulted in budget cuts and further aggravated the plight of the lower class because the jobs offered to them by the government was now gone. Infrastructure projects, including repairs, were halted in secluded provinces turning concrete roads into asphalt. Privatization of many government corporations, most catering utilities, was the priority of the Aquino administration which led to massive lay-offs and inflation. The Aquino administration however, was persistent in its belief that the problems were caused by the previous administration.

Growth gradually began in the next few years of the administration. Somehow, there was still a short-lived, patchy, and erratic recovery from 1987 to 1991 as the political situation stabilized a bit. With this, the peso became more competitive, confidence of investors was gradually regained, positive movements in terms of trade were realized, and regional growth gradually strengthened.

There were other key events in the administration that affected the economy. Perhaps the first most important, aside from the ratification of the 1987 Constitution, would be the administration’s pushing for a more open political framework where the administration somehow gave in to the interests of new economic actors. This approach, which also proved important in regaining the confidence of investors, whether domestic or foreign, was definitely unthinkable during the Marcos era. The administration was also characterized by the rescheduling and management of international debts, an exhibition perhaps of the fact that other external entities also sympathized with what happened to the Philippines and also allowed the Philippines to get back on track before anything else.

Development in this administration, however, was slightly bothered by some unforeseen circumstances such as organized coups by the Reformed Armed Forces Movement in 1991. Negotiations with Mindanao also stalled development along with the coup attempts. The Philippines was also hit by the oil price hike effects of the Gulf War. Pressure on government spending and safety nets was intensified as natural calamities like earthquakes and the eruption of Mt. Pinatubo plagued the country, just as if the daily brownouts were not bad enough.

One of the most important policies of the administration is the launching of the Comprehensive Agrarian Reform Program in June 1988, which involved the acquisition and redistribution of all agricultural lands within a time frame of 10 years. So far, the law has already had numerous accomplishments since it was actually passed. There were setbacks, however, in the overall implementation of this reform program such as the Garchitorena scandal (1989) tainting the Department of Agrarian Reform (DAR) and supposedly exposing inefficiencies in the government bureaucracy. Another important breakthrough involved in the program was the fact that the program was also seen as a way to address poverty and equity issues.

Also important in the administration were the trade reforms. The trade reforms pushed by the administration were those that improved export growth and foreign trade through the abolishing of export taxes, the gradual liberalization of imports, and the imposition of an anti-export bias ideal. The reforms also involved the reduction in trade barriers, more specifically by removing restrictions on imports and reforming the import-licensing system. Tariff rates were also eventually reduced to encourage more foreign trade. The administration was also a big part in the realization of the ASEAN Free Trade Area which also served as encouragement for foreign trade.

Some other policies in the administration included fiscal contraction in order to control and manage inflation (Balisacan and Hill, “The Philippine Economy” 110). The administration was also able to reorganize the National Economic and Development Authority, or NEDA, to its present form last July 22, 1987 and the Philippine Exporters’ Confederation (PHILEXPORT) in October 1991. The administration was also instrumental in introducing a new framework for infrastructure development which said that “the government should provide the enabling policy environment for greater private sector participation in infrastructure provision” (Balisacan and Hill, “The Dynamics” 330). As for industry dispersal and regional growth, the administration conceptualized and enforced the Local Government Code of 1991 which increased the autonomy and development of Local Government Units through decentralization.

Ramos administration

The Ramos administration basically served its role as the carrier of the momentum of reform and as an important vehicle in “hastening the pace of liberalization and openness in the country”. The administration was a proponent of capital account liberalization, which made the country more open to foreign trade, investments, and relations. It was during this administration when the Bangko Sentral ng Pilipinas was established, and this administration was also when the Philippines joined the World Trade Organization and other free trade associations such as the APEC. During the administration, debt reduction was also put into consideration and as such, the issuance of certain government bonds called Brady Bonds also came to fruition in 1992. Key negotiations with conflicting forces in Mindanao actually became more successful during the administration, which also highlighted the great role and contributions of Jose Almonte as the key adviser of this liberal administration.

By the time Ramos succeeded Corazon Aquino in 1992, the Philippine economy was already burdened with a heavy budget deficit. This was largely the result of austerity measures imposed by a standard credit arrangement with the International Monetary Fund and the destruction caused by natural disasters such as the eruption of Mt. Pinatubo. Hence, according to Canlas, pump priming through government spending was immediately ruled out due to the deficit. Ramos therefore resorted to institutional changes through structural policy reforms, of which included privatization and deregulation. He sanctioned the formation of the Legislative-Executive Development Advisory Council (LEDAC), which served as a forum for consensus building, on the part of the Executive and the Legislative branches, on important bills on economic policy reform measures (4).

The daily brownouts that plagued the economy were also addressed through the enactment of policies that placed guaranteed rates. The economy during the first year of Ramos administration suffered from severe power shortage, with frequent brownouts, each lasting from 8 to 12 hours. To resolve this problem, the Electric Power Crisis Act was made into law together with the Build-Operate-Transfer Law. Twenty power plants were built because of these, and in effect, the administration was able to eliminate the power shortage problems in December 1993 and sustained economic growth for some time.

The economy seemed to be all set for long-run growth, as shown by sustainable and promising growth rates from 1994 to 1997. However, the Asian Crisis contagion which started from Thailand and Korea started affecting the Philippines. This prompted the Philippine economy to plunge into continuous devaluation and very risky ventures, resulting in property busts and a negative growth rate. The remarkable feat of the administration, however, was that it was able to withstand the contagion effect of the Asian Crisis better than anybody else in the neighboring countries. Most important in the administration was that it made clear the important tenets of reform, which included economic liberalization, stronger institutional foundations for development, redistribution, and political reform.

Perhaps some of the most important policies and breakthroughs of the administration are the Capital Account Liberalization and the subsequent commitments to free trade associations such as APEC, AFTA, GATT, and WTO. The liberalization and opening of the capital opening culminated in full-peso convertibility in 1992. And then another breakthrough is again, the establishment of the Bangko Sentral ng Pilipinas, which also involved the reduction of debts in that the debts of the old central bank were taken off its books.

In line with the administration’s “Philippines 2000” platform, the administration gave more favor to privatization and targeted the proliferation of cartels and monopolies, especially in some key industries such as telecommunications. To further raise revenues, President Ramos also administered the privatization of Petron, Philippine National Bank (PNB), Metropolitan Waterworks and Sewage System (MWSS) and military-based lands such as Fort Bonifacio and Clark Air Base. As part of the administration’s competition policy, the administration also advocated for deregulation of service industries to promote foreign investment and increase private sector participation. For monetary policy, the administration focused on “inflating targeting and the imposition of a floating exchange rate with a managed band”. With this, inflation stayed under control in the 1990s and indeed, the 1990s became an era of reform and at the same time, a period of optimism.

For fiscal policy, on the other hand, the administration worked on bills to expand the scope of VAT. Due to the need to reduce budget deficit, tax-enhancement measures were imposed. Among these were the “upward adjustment in the excise tax on cigarettes, withholding VAT or value-added tax on government contractors and suppliers, and establishment of a large taxpayers’ unit in the Bureau of Internal Revenue” which increased tax revenue of government. There was even a budget surplus in the years 1994 to 1996 due to the effective tax-enhancement program by the administration.

The Ramos administration basically continued the actions of the Aquino administration for infrastructures and industry dispersal. This administration, however, would also have some contributions to welfare. The administration’s population policy promoted population management and family planning, while the administration’s Social Reform Agenda (SRA) addressed poverty through flagship programs. Completion of the CARP, or Comprehensive Agrarian Reform Program, was one such breakthrough incorporated in the SRA. By June 1998, it was reported by the government that it had only managed to accomplish 57%, a figure still far from the planned total ten year target from the original timetable for land distribution (Ochoa 167).

Furthermore, Ramos was wholly focused on institutional reform in an attempt to capture the international community’s perception of an improving a Philippine economy, with the agenda of increasing global competitiveness. The rural sector’s interest was not much represented. Farmers had insufficient funding for rural infrastructure and support services while real estate developers agreed on better deals. To quote Ochoa, “the liberalization of agriculture ensured their dependence on so-called safety nets that could not significantly resuscitate the sector. Six years of ‘dipping productivity, declining incomes, dwindling farmlands and pervasive poverty’ will be hard to forget” (165).

In the end, the Philippine economy under the Ramos administration gained recognition in breaking out of its deficit-laden stature in Asia. “The confidence generated by the administration among local and international players and analysts resulted from wide‐ranging reforms rooted primarily in a sound macroeconomic and investor‐friendly regime as well as global competitiveness”. From 1993, one year’s time after Ramos assumed presidency, the economy already started to recover from stagnation with real GDP growth peaking at 5.8% in 1996. Aside from this, it was also during his administration that allowed for the escape of the Philippine economy from recession, during the Asian Financial Crisis, unlike its Asian neighbors like Thailand, South Korea and Indonesia. His reforms have brought gains, broad spillover effects on the rest of the economy and possible positive long-term effects on economic growth. Surely, it is of no doubt that Ramos is commendable to have established strong political leadership that was mandatory in handling the reforms, prior to the weak state of the economy he inherited.

Estrada administration

Although Estrada’s administration had to endure the continued shocks of the Asian Crisis contagion, the administration was also characterized by the administration’s economic mismanagement and “midnight cabinets.” As if the pro-poor rhetoric, promises and drama were not really appalling enough, the administration also had “midnight cabinets composed of ‘drinking buddies’ influencing the decisions of the ‘daytime cabinet’”). Cronyism and other big issues caused the country’s image of economic stability to change towards the worse. And instead of adjustments happening, people saw further deterioration and hopelessness that better things can happen. Targeted revenues were not reached, implementation of policies became very slow, and fiscal adjustments were not efficiently conceptualized and implemented. All those disasters caused by numerous mistakes were made worse by the sudden entrance of the Jueteng controversy, which gave rise to the succeeding EDSA Revolutions.

Despite all these controversies, the administration still had some meaningful and profound policies to applaud. The administration presents a reprise of the population policy, which involved the assisting of married couples to achieve their fertility goals, reduce unwanted fertility and match their unmet need for contraception. The administration also pushed for budget appropriations for family planning and contraceptives, an effort that was eventually stopped due to the fact that the church condemned it. The administration was also able to implement a piece of its overall Poverty Alleviation Plan, which involved the delivery of social services, basic needs, and assistance to the poor families. The Estrada administration also had limited contributions to Agrarian Reform, perhaps spurred by the acknowledgement that indeed, Agrarian Reform can also address poverty and inequitable control over resources. In that regard, the administration establishes the program “Sustainable Agrarian Reform Communities-Technical Support to Agrarian and Rural Development”. As for regional development, however, the administration had no notable contributions or breakthroughs.

Macapagal-Arroyo administration

The Arroyo administration, economically speaking, was a period of good growth rates simultaneous with the USA, due perhaps to the emergence of the Overseas Filipino workers (OFW) and the Business Process Outsourcing (BPO). The emergence of the OFW and the BPO improved the contributions of OFW remittances and investments to growth. In 2004, however, fiscal deficits grew and grew as tax collections fell, perhaps due to rampant and wide scale tax avoidance and tax evasion incidences. Fearing that a doomsday prophecy featuring the [Argentina default] in 2002 might come to fruition, perhaps due to the same sort of fiscal crisis, the administration pushed for the enactment of the 12% VAT and the E-VAT to increase tax revenue and address the large fiscal deficits. This boosted fiscal policy confidence and brought the economy back on track once again.

Soon afterwards, political instability afflicted the country and the economy anew with Abu Sayyaf terrors intensifying. The administration's Legitimacy Crisis also became a hot issue and threat to the authority of the Arroyo administration. Moreover, the Arroyo administration went through many raps and charges because of some controversial deals such as the NBN-ZTE Broadband Deal. Due however to the support of local leaders and the majority of the House of Representatives, political stability was restored and threats to the administration were quelled and subdued. Towards the end of the administration, high inflation rates for rice and oil in 2008 started to plague the country anew, and this led to another fiscal crisis, which actually came along with the major recession that the United States and the rest of the world were actually experiencing.

The important policies of the Arroyo administration highlighted the importance of regional development, tourism, and foreign investments into the country. Therefore, apart from the enactment and establishment of the E-VAT policy to address the worsening fiscal deficits, the administration also pushed for regional development studies in order to address certain regional issues such as disparities in regional per capita income and the effects of commercial communities on rural growth. The administration also advocated for investments to improve tourism, especially in other unexplored regions that actually need development touches as well. To further improve tourism, the administration launched the policy touching on Holiday Economics, which involves the changing of days in which we would celebrate certain holidays. Indeed, through the Holiday Economics approach, investments and tourism really improved. As for investment, the Arroyo administration would normally go through lots of trips to other countries in order to encourage foreign investments for the betterment of the Philippine economy and its development.

Benigno Aquino III administration

The Philippines consistently coined as one of the Newly Industrialized Countries has had a fair gain during the latter years under the Arroyo Presidency to the current administration. The government managed foreign debts falling from 58% in 2008 to 47% of total government borrowings. According to the 2012 World Wealth Report, the Philippines was the fastest growing economy in the world in 2010 with a GDP growth of 7.3% driven by the growing business process outsourcing and overseas remittances.

The country marked slipped to 3.6% in 2011 less emphasis on exports and the government spent less on infrastructure. Also the disruption of the flow of imports for raw material from floods in Thailand and the tsunami in Japan have affected the manufacturing sector in the same year. "The Philippines contributed more than $125 million as of end-2011 to the pool of money disbursed by the International Monetary Fund to help address the financial crisis confronting economies in Europe.This was according to the Bangko Sentral ng Pilipinas, which reported Tuesday that the Philippines, which enjoys growing foreign exchange reserves, has made available about $251.5 million to the IMF to finance the assistance program—the Financial Transactions Plan (FTP)—for crisis-stricken countries."

Remarkably the economy grew by 6.59% in 2012 the same year the Supreme Court Chief Justice Renato Corona was impeached for a failed disclosure of statements of assets, liabilities and network or SALN coherent to the anti-corruption campaign of the administration. The Philippine Stock Exchange index ended in the year with 5,812.73 points a 32.95% growth from the 4,371.96-finish in 2011.

BBB- investment grade by Fitch Ratings on the first quarter of 2013 for the country was made because of a resilient economy by remittances, growth despite the global economic crisis in the last five years reforms by the VAT reform law of 2005, BSP inflation management, good governance reforms under the Aquino administration.

Special issues and prospects

The harmony of the deep determinants

One of the biggest issues of development is the management of the so-called “deep determinants” of economic growth and development. Thus, an issue for the economy today is to keep these determinants and factors in check. The determinants that countries have to keep in check would include physical infrastructure, demographics, population, geography, political and social stability, and investment atmosphere, among others. Now a question to raise here is how is the Philippines actually doing when it comes to these determinants?

The Philippines is falling behind neighbors when it comes to physical infrastructure. This period of global development is such a crucial period, and countries definitely cannot afford to “underinvest” in infrastructure development. Population, on the other hand, definitely has to be checked out. As of this moment in time, it seems as if the population is starting to become a slight puzzle to development and thus, issues directed towards population, such as the RH Bill issue, need to be resolved quickly. Moreover, aside from labor, the economy and institutions really have to start looking for more productive uses of population, or maybe ways in which population growth can be made to synch with economic growth. Population growth is also higher in the Philippines than in any of the neighboring countries so maximization of such a development can be of great help.

Meanwhile, when it comes to the environment and natural resources, the Philippines continues to be plagued by the degradation and the loss the some precious natural resources. Typhoons like the ferocious tandem of Ondoy and Pepeng in 2009, as well as earthquakes, also continue to plague the country’s resources. So aside from some explicit policies for environmental development and preservation such as the Clean Air Act and policies that regulate the waste materials of factories, the economy and the institutions should continue to address the problems faced by natural resources.

Political and social stability are also important in maintaining sustainable development. Elections and competent leadership have to be kept organized and consistent with the kind of political organization that serves as a good premise for development. Legal and judicial processes have to undergo reform and the systems must become quicker this time. Consistency of policies is also an important thing to observe in the future because it seems that in the past administrations, many inconsistencies, most especially when it comes to economic policies, actually come into the picture as regimes change. Conflicts with Mindanao also have to be resolved once and for all.

One more major concern plaguing the country is the investment atmosphere prevalent in the country. Aside from the already mentioned underinvestment in infrastructure, some more investment issues that need to be addressed include the attention that must be given to corporate governance and the stock market and the protections that have to be developed for investments and property rights. The investment environment is still shaky, perhaps also because of the quality of government in the Philippines. Perhaps it is clear that the country and the institutions need to push for improved quality of governance for the betterment of the investment atmosphere in the country.

Poverty alleviation and economics with heart

Generally, during the period in question, roughly a third of the population of the Philippines was below what is called the Threshold Family Income(TFI). Even until now, this continues to be true. Villegas presented that in 1991, poverty incidence hit 39.9%, and 4,780,865 families actually fell below the TFI value. Things became a bit better in 1994, with poverty incidence dropping to 35.5%. Gradually, poverty incidence dropped to around 26% in 2001 (586-588). This, however, still isn’t something to applaud about. Until now, the distribution of wealth in the country is still inequitable, and the lowering of poverty incidence does not mean that it is really low enough to serve as a premise for development. And even though poverty incidence keeps on getting lower and lower, other crucial welfare factors, such as education, are still left unanswered. Malnutrition, low life expectancy, substandard housing, and child labor are still rampant even today, and there is this clear need for food and nutrition, health, education, housing, utility improvements, just so the poor families can have better grasps of subsistence.

Villegas enumerated some measures or ways to address poverty. Perhaps the first and most important of which is to “efficiently use the poor’s most abundant asset, which is labor” (597). Aside from these of course can come the provision of basic needs and the enactment of macroeconomic adjustments directed towards the development of the poor. Safety nets and other adjustment programs can also help.

Each administration during the period in question also responded to calls to eradicate poverty in their own ways. The Aquino administration touched on the generation of employment opportunities and the promotion of social justice. Moreover, the administration also pointed to the CARP as another institutionalized means to address poverty and social development through profit sharing, wealth redistribution, and labor administration. Meanwhile, the Ramos administration pushed forward the Social Reform Agenda which instituted flagship programs for the poor provinces in the country and prioritized the basic needs of people before attending to other economic demands.

Although Estrada’s poverty alleviation platform dubbed “Erap Para sa Mahirap” seemed to be full of rhetoric and drama elements, there still seems to be this intent to actually address poverty and this acknowledgement that every administration has to at least heed the call. Estrada’s poverty alleviation plan included the delivery of social development services, the removal of policy impediments to effective resource allocation, and the enactment of Lingap Para sa Mahirap where the 100 poorest families were identified and given packages of assistance. Arroyo would then follow this up with KALAHI (Kapit-Bisig Laban sa Kahirapan) and programs for asset reform, provision of human development services, creation of employment, and social protection, among others.

Though development and poverty alleviation cannot be acquired by an economy instantly, it would be honorable even just to try to show everyone that honest efforts are actually being exerted. The conceptualization, development, and enactment of policies are definitely not enough. Belief in the spirit of creative entrepreneurship and the devotion of policymakers to the people and stakeholders that they govern are at least equally, if not more important, for poverty alleviation to actually come to fruition.

The informal economy

The informal economy or the informal sector, also referred to by the names “black market” and “underground market,” consists of entrepreneurs who engage in economic activities that fail to fulfill certain legal requirements even though their objectives are actually lawful. Perhaps the talipapa and sidewalk vendors can be good examples of this sector of the economy. Other examples could include the street children who sell sampaguita, or even people who engage in criminal acts affecting the economy, such as human trafficking, drug trafficking, and theft. The other more popular forms of informality can perhaps be the informal financial sector (loan sharks) and the proliferation of informal settlements, or squatters’ areas. People normally dive into the informal sector due to poverty where they are somehow forced to produce or create income, or even due to the feeling that they are not being treated fairly by economic institutions. People who engage in informal activities somehow believe that informal economic activity is an expression of freedom from all the binding policies of the economy, and it is only then when they finally feel the true essence of being in a free market economy.

Informal economic activity accounts for between 25 and 40 percent of Gross National Income. Meaning, some informal income is not really accounted for in the aggregate production figures. Informal economic activity really has to be addressed, and perhaps one of the best ways to do so is to study the roots of such activity and phenomenon, namely the loopholes of the legal system and mercantilist thought. In the legal system, there always seems to be injustice and in such a system, there would always be favored entities and forgotten entities. The current legal system also appears to be full of loopholes which give rise to many illegitimate opportunity structures, giving people some chance to actually get around the legal system. Thus, it would definitely be important to constitute reforms in the legal system to ensure fair play in the economy. If the atmosphere of fair play can be fostered and taken care of, then it is likely that informal players would go back to the formal economy.

References

• Balisacan, Arsenio, and Hall Hill, eds. The Dynamics of Regional Development: The Philippines in East Asia. Quezon City: Ateneo de Manila UP, 2007. ISBN 978-971-550-532-1
• Balisacan, Arsenio, and Hall Hill, eds. The Philippine Economy: Development, Policies and Challenges. Quezon City: Ateneo de Manila UP, 2003. ISBN 971-550-430-2
• Bernardo, Romeo, and Marie-Christine Tang. “The Political Economy of Reform during the Ramos Administration (1992-98).” Commission on Growth and Development. 16 May 2011 <http://www.growthcommission.org/storage/cgdev/documents/gcwp039web.pdf>.
• Canlas, Dante. “Political Governance, Economic Policy Reforms, and Aid Effectiveness: The Case of the Philippines with Lessons from the Ramos Administration.” 16 May 2011 <http://www.grips.ac.jp/forum/pdf07/07june07/canlas1.pdf>.
• Lopez, Edu, and Chino Leyco. “GDP up by 7.3% in 2010.” Manila Bulletin. 31 Jan. 2011. 18 May 2011. <http://www.mb.com.ph/node/301722/gdp-73-2010>.
• National Statistical Coordination Board. The Philippine Statistical Yearbook. 1994 ed. Makati: NSCB, 1994. ISSN 0118-1564
• National Statistical Coordination Board. The Philippine Statistical Yearbook. 2003 ed. Makati: NSCB, 2003. ISSN 0118-1564
• National Statistical Coordination Board. The Philippine Statistical Yearbook. 2010 ed. Makati: NSCB, 2010. ISSN 0118-1564
• Ochoa, Cecilia. “The Rural Sector and the Ramos Administration.” 16 May 2011 <http://journals.upd.edu.ph/index.php/kasarinlan/article/download/1419/1376>.
• Villegas, Bernardo. Guide to Economics for Filipinos. Manila: Sinag-Tala, 2001. ISBN 971-554-138-0

External links

• Article on Philippine Monetary Policy
• Article on Philippine Fiscal Policy
• BSP Website
• GDP and Macroeconomic Data
• NEDA Website
• NSCB Website
• Philippine Statistical Yearbook