Economy

Overview

Due to the combined effect of the Asian financial crisis and poor weather conditions, GDP growth in 1998 fell to about -0.5% from 5% in 1997, but recovered to about 3% in 1999 and 3.6% in 2000.

The Philippine Economic Plan emphasizes macroeconomic stability as essential for investment and growth. It integrates fiscal and monetary policies aimed at maintaining sound finances, controlling inflation, and supporting healthy account balances, together with governance guidelines to ensure sustained reform effectiveness. Economic performance improved significantly, with GDP reaching 4.2% in Q1 2005 and climbing to 5.4% by the end of 2006.

Sources

• National Economic and Development Authority
• Official Gazette of the Republic of the Philippines