Ramos Administration : The Philippines Essay

1550 WordsDec 22, 20167 Pages
Ramos Administration During the Aquino Administration, the Philippines experienced economic growth but also encountered many economic difficulties due to of the lack of foreign investors and coup attempts. In the 1992 elections, Defense Secretary Fidel Ramos, who was endorsed by Aquino, won the presidency with only 23.6 percent of the votes in a seven-way race. Even though Ramos assumed presidency, analysts still viewed the Philippines as a risky investment based off the fact that the per capita income growth in the Philippines was significantly lower than neighboring economies (Figure 13) (Bernardo 11). The Philippine economy struggled to keep up in a region where most other economies were growing - with double digit inflation and interest rates, high public debt stock, and low domestic savings (Figures 14, ,15, 16) (Bernardo 11). Fidel Ramos’s platform was largely centered on economic reform and national security and unity. His core socio-economic program, called the “Philippines 2000”, focused on five major areas: peace and stability, economic growth and sustainable development, energy and power generation, environmental protection, and streamlined bureaucracy. The plan envisioned the Philippines to be a newly industrial country by 2000. During the Ramos Administration, GDP grew increasingly every year from almost 0% in 1992 to a staggering 5.85% in 1996. From 1992 to 1996, the growth rate of the Philippines GDP can be largely attributed to its growth in capital
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