Economic reforms falter with new Philippine government

Abstract

Since the Co. Aquino government came to power in February 1986, it has undergone a very severe test in politics, and also faced many obstacles in economic reform. Over the past two years, the new Philippine government has introduced economic reform measures including land reform, privatization of state-owned enterprises, debt reform, trade liberalization, free market mechanism reform, and fiscal and taxation reform. Due to the dictatorship of former President Marcos for 20 years, the economic structure has been seriously out of order for a long time, chronic illnesses have accumulated, and reform is not easy.