Philippine Standard time

Financial Reform and Development in the Philippines, 1980-1997: Imperatives, Performance and Challenges


The recent currency and financial turmoil in East Asia have led to the evaluation of current financial and macroeconomic policies. The Philippines, which has been the worst hit in the 1980 economic crisis has indicated greater resilience in the 1990 financial crisis. Experts have attributed this to the institutional reforms the country undertook during the past 15 years. This paper discusses the reform and development the Philippine government undertook during that period with a focus in the financial system. This also identifies the challenges facing the sector in the light of greater international financial integration. Analysis indicates that the achievement of financial sector stability requires prudential regulation and stable macroeconomic environment. Recommendations regarding regulation, supervision and monitoring in the sector are hoped to aid policymakers in their future endeavors.

Citations

This publication has been cited time(s).

  1. Mercado, Rogelio Jr., 2016 "Are capital inflows expansionary or contractionary in the Philippines?" , Trinity College Dublin, Department of Economics

  2. Mercado, Rogelio Jr., 2020 "Are capital inflows expansionary or contractionary in the Philippines?" , Elsevier

  3. Can, Luc and Mohamed Ariff, 2009 "Performance of East Asian banking sectors under IMF-supported programs" , Taylor & Francis Journals

  4. Gochoco-Bautista, Maria Socorro, 2006 "An assessment of the usefulness of money for policy in the Philippines" , MIT Press

  5. Gochoco-Bautista, Maria Socorro, 2005 "An assessment of the usefulness of money for policy in the Philippines" , University of the Philippines School of Economics

  6. Montinola, Gabriella and Ramon Moreno, 2001 "The political economy of foreign bank entry and its impact: Theory and a case study" , Federal Reserve Bank of San Francisco

  7. Xu, TengTeng, 2012 "The role of credit in international business cycles" , Bank of Canada

  8. Xu, T.T., 2012 "The role of credit in international business cycles" , Faculty of Economics, University of Cambridge

  9. Alfredo C. Robles Jr., 2014 "EU trade in financial services with ASEAN, policy coherence for development and financial crisis" , Wiley Blackwell

  10. Balboa, Jenny D., Erlinda M. Medalla, and Josef T. Yap, 2007 "Closer trade and financial cooperation in ASEAN: issues at the regional and national level with focus on the Philippines" , East Asian Bureau of Economic Research