Philippine Standard time

Social Impact of the Regional Financial Crisis in the Philippines


The Philippines, having been integrated into the global economy, has not been spared from the financial crisis that hit Asia in July 1997. Pre-financial crisis has indicated marked improvement in the general health condition of the population, higher incomes and employment, stable prices and favorable balance of payments and fiscal position. This study comprehensively examines the effects of the crisis in the Philippine economy in terms of its fiscal/social impacts. To deal with the adverse effects of the crisis, several coping mechanisms are cited, such as the continuation of Comprehensive and Integrated Delivery of Social Service, the institution of Technical Education and Skill Development Authority, and cost cutting measures such as job rotation/forced vacation and freezing salary increases from the government’s initiative and self-employment mechanisms such as direct selling and setting up of sari-sari store from the individual’s initiative.

Citations

This publication has been cited time(s).

  1. World Bank, 2011 "Philippines" , The World Bank Group

  2. Beja, Edsel Jr., 2009 "The Philippines on debt row" , University Library of Munich, Germany

  3. Mapa, Dennis S., Monica Flerida B. Sandoval, and David Joseph Emmanuel B. Yap, . ", 2009 "Investigating the presence of regional economic growth convergence in the Philippines using Kalman filter" , University Library of Munich, Germany

  4. Mapa, Dennis S., Monica Flerida B. Sandoval, and David Joseph Emmanuel B. Yap, . ", 2013 "Investigating the presence of regional economic growth convergence in the Philippines using Kalman filter" , Philippine Institute for Development Studies

  5. Green, David Jay and J. Edgardo Campos, 2001 "Fiscal lessons from the East Asian financial crisis" , Elsevier

  6. World Bank, 2012 "Addressing vulnerability in East Asia: A regional study" , The World Bank Group

  7. Pineda, Virginia S., 1999 "Impact of the financial crisis on social services financing and delivery" , Philippine Institute for Development Studies

  8. Milo, Melanie S., 1999 "Contagion effects of the Asian crisis, policy responses and their implications" , Philippine Institute for Development Studies.

  9. Mukhopadhaya, Pundarik, 2002 "Crisis, social sector and income distribution in some southeast Asian countries" , Stockholm School of Economics, The European Institute of Japanese Studies

  10. Majumdar, Sumon, Anandi Mani, and Sharun W. Mukand, 2004 "Politics, information and the urban bias" , Department of Economics, Tufts University

  11. Majumdar, Sumon, Anandi Mani, and Sharun W. Mukand, 2004 "Politics, information and the urban bias" , Elsevier

  12. World Bank, 2002 "A preliminary desk review of urban poverty in the East Asia region: With particular focus on Indonesia, the Philippines, and Vietnam" , The World Bank Group

  13. Datt, Gaurav and Hans Hoogeveen, 2000 "El Nino or El Peso? Crisis, poverty, and income distribution in the Philippines" , The World Bank

  14. Datt, Gaurav and Hans Hoogeveen, 2003 "El Nino or El Peso? Crisis, poverty and income distribution in the Philippines" , Elsevier



Related Publications