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ECN 802 (9)

Week 11.docx

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ECN 802
Sabrina Malik

Week 11PhilippinesArchipelago state of 7000 islandsRich in natural resourcesCopper Nickel Gold100 foreign ownership allowed in 2004Industryelectronics US and Japanese companies hard disks floppies1 million workers abroad a source of foreign remittancesIn the 1960s industry did not go beyond food beverages textiles and garments macros change in strategy from import substitution to export led growth crony capitalism macros relatives 1970s age growth rate was 7 Assassination of Benigo Acquino in 1983 led to protest against Macros governmentPhilippine economy dominated 1520 families owned land commerce and industry IMF loans in the 1980sSell of loss making state enterprises reduce government debt recession followedAcquinos period tax reforms introduced to broaden the tax baseThe 1990s was the lost decade Fidel Ramos governmentmajor reforms financial sector reforms institutional framework for the securities marketAgriculture land reform is slow resistance by large land ownersRapid growth by 2007 it was 72In 2000 only 4 call centers 1000 call centers by 2005Arroyao administration presentReduction in foreign and domestic debtTax collection improvedCredit rating increased
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