Front Matter

Front Matter

Markus Rodlauer
Published Date:
March 2000
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© 2000 International Monetary Fund

Production: IMF Graphics Section

Typesetting: Choon Lee

Figures: Sanaa Elaroussi

Cataloging-in-Publication Data

Philippines : toward sustainable and rapid growth : recent developments and the agenda ahead / M. Rodlauer … [et al.]. —

Washington D.C. : International Monetary Fund, 2000.

p. cm. — (Occasional paper, 0251–6365); no. 187

ISBN 1–55775–861–1

1. Philippines—Economic conditions—1986–. 2. Philippines—Economic policy. 3. Finance, Public—Philippines. 4. Monetary policy—Philippines. 5. Banks and banking—Philippines. I. Rodlauer, Markus. II. International Monetary Fund. III. Series: Occasional paper (International Monetary Fund) ; no. 187.

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The following symbols have been used throughout this paper:

  • … to indicate that data are not available:
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (e.g.,1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year,

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


This Occasional Paper takes stock of economic developments in the Philippines during the 1990s, a period of comprehensive reforms and transformation toward a dynamic emerging market economy. A notable aspect of this experience has been the country’s relatively strong performance during the recent Asian crisis, under conditions that, in the past, might have derailed the economy. By the same token, the pressure of recent shocks has highlighted the remaining barriers to sustained rapid growth and development. In reviewing this experience, the paper focuses on the policies behind the favorable performance in recent years as well as the remaining reform agenda.

The paper is the product of a team effort led by Markus Rodlauer and Prakash Loungani. The team of authors, which also included Vivek Arora, Charalambos Christofides, Enrique G. de la Piedra, Piyabha Kongsamut, Kristina Kostial, Victoria Summers, and Athanasios Vamvakidis, greatly benefited from the guidance and cooperation received from Margaret R. Kelly. They also would like to thank for their helpful comments and cooperation Hamid Faruqee, Peter Isard, Henri Lorie, Wilhelmina Mañalac, Greta Mitchell Casselle, Elizabeth Milne, Sean Nolan, and Charles Woodruff. Helpful suggestions were also received from the Philippine authorities to whom a previous draft was presented for comments, and from Executive Directors who saw an earlier version in conjunction with the 1999 Article IV review of the Philippine economy. The authors are also indebted to Pihuan Cormier, Ranee Sirihorachai, and Ahang Edalatpour for assisting with numerous drafts, to Ioana Hussiada and Fritz Pierre-Louis for research, and to Martha Bonilla of the External Relations Department for editing the paper and coordinating its production and publication.

The opinions expressed are solely those of the authors and do not necessarily reflect the views of the IMF, Executive Directors, or the authorities of the countries covered in this study.

Except where otherwise indicated, the paper reflects information available through May 1999.

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