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Philippines Country. Office. Asian Development Bank. “ The Status of the Philippine Economy” by Günter Hecker. January, 2001. What you hear about the Philippines in the news lately…. Corruption and cronyism are at a high point Governance low Administration not functioning

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asian development bank

Philippines Country


Asian Development Bank

“The Status of the Philippine Economy”


Günter Hecker

January, 2001

what you hear about the philippines in the news lately
What you hear about the Philippines in the news lately…
  • Corruption and cronyism are at a high point
  • Governance low
  • Administration not functioning
  • Budget in disarray, therefore…
  • IMF has walked out on the Philippines, therefore…..
  • Investors’ confidence going towards the “zero-point”
  • Peso at all time low
  • Stock market at rock-bottom
  • Economy in shambles
  • Project implementation takes twice as long as it should

Exchange Rate Index(weekly average, last week of June 1997 = 100, $/local currency)…..rates moved together with the other comparator currencies



pesos vis vis euro
Pesos vis-à-vis Euro





composite stock price index weekly average last week of june 1997 100
Composite Stock Price Index(weekly average, last week of June 1997=100)





Central Government Fiscal Balance as % of GDP… manageable deficit (however not meeting target figures), but…
Revenues Waived due to Tax Incentives in billion Pesos…high portion of special exemptions since 1997
major constraints for philippine economy
Major Constraints for Philippine Economy
  • Lackluster Growth
  • High Population Growth
  • High Unemployment
  • Asset Ownership Distribution
  • Savings Ratio
  • Governance
  • Low Performance of Agriculture Sector
long term gnp growth
Long-term GNP Growth

Marcos Era

Post-Marcos Era

performance of philippine agricultural sector in of best practice in terms of yields per hectar
Performance of Philippine Agricultural Sectorin % of “best practice” in terms of yields per hectar
sources of oda loans
Sources of ODA Loans

As of Dec 2000

Total: $ 12.9 B

scenario for the philippines
Scenario for the Philippines
  • Fiscal deficit will be difficult to close
  • Politically difficult to increase taxes
  • Export may suffer to due slowdown of US economy
  • Agriculture…….next El Niño in sight
  • Direct foreign investment……competition by other countries increasing
10 areas of special attention
10 Areas of special Attention…..
  • Improve investors confidence
  • Accelerate sector reforms
  • Achieve fiscal consolidation
  • Broaden liberalization of economy
  • Conserve remarkable export performance
  • Exploit competitive advantages
  • Enhance competitiveness
  • Increase investment in rural areas
  • Increase savings rate
  • Improve implementation of ongoing investment

Philippines Country Office

ADB-HQ, 1st Floor East Zone

Tel: 638-1002