(A General Profile of the Philippines and its Legal and Regulatory Environment)
By: Jesus M. Manalastas and Bob L. Guinto*
Dubbed as the most improved economy among the developing economies in 19971, the Philippines has emerged almost unscathed by the Asian currency crisis that swept through most of the countries in the Asia-Pacific region, including Japan and South Korea. While most of its neighbors sank into recession, the Philippines was able to keep its course and registered a modest growth of 0.1% in its Gross National Product (GNP) in 1998. Last year, the country posted a 3.6% GNP growth, with inflation kept at a single-digit level of 6.7%.2 Why the country was spared from the debilitating effects of the currency crisis is partly due to Philippine exports, which have been growing at an average annual rate of over 20% over the last 5 years. In fact, during the height of the crisis in 1998, the country’s exports grew by 17%. Last year, the export growth was 19%, indeed one of
