Philippine Economy Under Ramos PDF

GROUP 5 Philippine economy under Ramos  Introduction Under ramos' administration, the philippiness experienced economic growth and stability. Ramos' vission of " Philippines 2000" led the country into a newly industrialized country in the word and the “Tiger Cub Economy in Asia "....

GROUP 5 Philippine economy under Ramos  Introduction Under ramos' administration, the philippiness experienced economic growth and stability. Ramos' vission of " Philippines 2000" led the country into a newly industrialized country in the word and the “Tiger Cub Economy in Asia ". Ramos ended the government monopoly over the skiesand opened aviation to new players. Presidency (1992-1998) - *Election*: Ramos ran for president in 1992 under the Lakas-NUCD party and won a closely contested election, becoming the first Protestant president of the predominantly Catholic Philippines. Role in the people power revolution : - In 1986, Ramos played a crucial role in the People Power Revolution, a non-violent uprising that led to the downfall of Ferdinand Marcos. - As Vice Chief of Staff of the AFP and later acting Chief of Staff, Ramos defected from Marcos and aligned himself with the opposition, led by Corazon Aquino. This move was pivotal in tipping the balance of power and ensuring the success of the revolution. - After the revolution, Corazon Aquino became president, and Ramos was appointed as the Chief of Staff of the Armed Forces, and later as Secretary of National Defense.  *Economic Reforms*: Ramos's presidency is best known for economic reforms aimed at liberalizing and modernizing the Philippine economy. He implemented policies that encouraged foreign investment, deregulated industries, and privatized government-owned corporations. *Infrastructure Development* He tackled the power crisis that plagued the country in the early 1990s by encouraging the construction of new power plants through private investments. *Political Stability* Ramos managed to maintain political stability in a country that had experienced multiple coup attempts in the past. His administration was also marked by the signing of the peace agreement with the Moro National Liberation Front (MNLF) in 1996, which was a significant step towards peace in Mindanao.  Challenges and Criticisms: 1. *Asian Financial Crisis (1997)*: The Ramos administration was hit by the Asian Financial Crisis, which caused a significant economic downturn in 1997. The peso depreciated, and the stock market plunged. Despite this, the Philippines was less severely affected compared to its neighbors due to earlier reforms.  2. *Poverty and Inequality* While the economy grew, the benefits were not evenly distributed. Poverty and inequality remained significant issues, and many Filipinos did not feel the impact of the economic improvements in their daily lives.  3. *Debt*: The Ramos administration borrowed heavily to finance infrastructure projects, leading to concerns about the country's rising debt levels. Overall, Ramos' presidency is often credited with laying the groundwork for modernizing the Philippine economy and preparing it for the challenges of globalization. Thank You! Presented by: Shiental Mae D. Gipega Eric Jhon E. Lampera Mark Kevin C. Laborte Anjela R. Ib-ib Mikee U. genobia