The Report - The Philippines

ISSN 1754-0232
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The Philippines is an archipelago composed of 7107 islands with a population approaching 92m, mainly Roman Catholics. After achieving independence in 1946, the country has been through great political drama and turmoil. In 1972, Ferdinand Marcos imposed martial law during his second term in office and economic strength gave way to cronyism and corruption as a communist insurgency gained ground. Following a popular revolt that ousted Marcos in 1986, Corazon C Aquino became the first woman president and passed the "freedom constitution" to restore democracy. A series of coup attempts in the 1980s prevented the economy from taking off, as did other social challenges. A second revolt took place in 2001 when the newly elected president, Joseph Estrada, a film actor, was impeached amidst allegations of economic mismanagement and corruption. Gloria Macapagal Arroyo , then his vice-president, became president.
Today, the Philippines has become successful as a labour exporter, with about 8m of the country's 92m people working or living abroad. Remittances from overseas Filipino workers are a key component of the economy, accounting for inflows of around $1bn per month since the mid-2006.

Publisher: Oxford Business Group

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