ABSTRACT
The Philippines has had a volatile economic record for the past two decades. During that period, it has experienced one deep and two relatively minor recessions. The deep recession was the result of a crisis that started with a political event (the assassination of Senator Benigno Aquino) and culminated with the downfall of President Ferdinand Marcos in 1985. The minor crises happened in 1990, in the aftermath of the most serious coup attempt against President Corazon Aquino, and in 1997, as part of the Asian currency crisis. Table 14.1 lists the related balance-of-payments crisis that accompanied these economic downturns.
