This article discusses previous financial crises such as those in Europe and Mexico. The Philippines can take lessons from these previous financial crises to resolve their own problems or prevent such catastrophe from occurring. It is recommended that the Philippines pay attention to certain aspects of its economy, one of which is its financial sector. To contain inflation a wage and price freeze is recommended. The combination of an increase in interest rate and a floating currency during a certain period of time to get a new equilibrium would be a solution to have prevented a crisis.
