The Aquino legacy
Article Abstract:
The economic achievements of Corazon Aquino's government is an important issue in the 1992 Philippine elections. The Aquino government tamed 1991 inflation and interest rates, doubled international reserves from 1986 levels, cut national budget deficit and restructured foreign debt. The International Monetary Fund gave its seal of good housekeeping, assuring a new US$5 billion financial package. However, it will leave behind a trade deficit of US$3.2 billion from a US$204 million surplus in 1987, and an anemic 5% average gross domestic production growth.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Aquino's final stumble
Article Abstract:
The May 11, 1992 Philippine presidential elections was expected to shake up the economy. While the Philippine economy remained steady despite pre-election forebodings, Pres Corazon Aquino's decisions to lift the 5% import levy and cut National Power Corp (Napocor) tariffs by 3% should cause the economy to weaken and compound problems for the incoming president. The lifting of the import levy will reducegovernment revenue by 5 billion Philippine pesos ($190 million) while the tariff cuts will result in a Napocor deficit of 2.2 billion Philippine pesos.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Aquino the prudent
Article Abstract:
Philippine President Corazon Aquino has introduced an austere national budget for 1992. Aquino broke a long standing election tradition by approving a budget which contained few politically motivated expenditures. The budget has reinforced the business sector's confidence that Aquino will not allow government spending to increase inflation or derail the Philippines economic stabilization program.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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