Focused on the political foundations and possible political impact of the Ramos administration's program of liberalization, this essay offers two conclusions, one upbeat and the other more cautionary. On the one hand, liberalization is a very positive first step in shaking things up, with the potential of stimulating the growth of a stronger political constituency for change. On the other hand, measures of economic liberalization in the Philippines rest on often very shaky institutional and political foundations. Unless addressed, these obstacles are likely to obstruct the success of the very ambitious economic program begun by the Ramos administration.