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Toggle open close 14 May 31, 1984 THE ROOTS OF THE PHILIPPINES ECONOMIC TROUBLES, INTRODUCTION Economic and political indicators, like appearances, are often deceiving. In mid-1983, the Republic of the Philippines appeared to be on the road to eccnomic recovery and political stability. After more than two years of deep depression, export prices had rebounded upward, industrial production had increased., inflation had fallen from double digits to 7 percent, and govern- ment spending had been slashed 30 percent below the 1982 level. The political situation, which in the past always affected economic growth, also appeared stable. Martial law had been lifted in January 1981, presidential and barangay (city ward and rural village leaders) elections were held in April 1981 and June 1982 respectively, and the political opposition was in disarray. From all appearances, popular support for the government ran high, and the position of President Ferdinand E. Marcos was secure.

United statesMetro manilaPhilippines generalSouth koreaA james gregorFerdinande marcosEdnab myersRichard hooleyFernande marcosRigorbertod tiglaoPhilip bowringBenigno ninoy aquinoTechnology resource centerInternational monetary fundHeritage foundationNational assembly