Economic Development in the Philippines: A Frustrated Take-Off?

Abstract

Since the early 1980s the Philippine economy has been suffering from a serious setback. It has been plagued with a prolonged recession accompanied by political unrest including a separatist movement. In order to solve this multiple problems, international development agencies recommended standard policy prescriptions. But politically strong vested interest groups did not let Philippine government implement these policies wholeheartedly. As a result, attempts to end economic recession had failed. This paper explains the resource base and development challenges facing the Philippine economy today. It also outlines appropriate policies and strategies to meet those challenges and record progress made various sectors of the economy. In the light of the present trend, the paper highlights the future prospects of the Philippine economy.