Structural Adjustment Program after Structural Adjustment Program, but why Still no Development in the Philippines? Joseph Y. Lim and Manuel F. Montes

In spite of reform policies that generally have conformed to worldwide norms of trade liberalization and deregulation, Philippine economic performance over the last 20 years has been an outlier in East Asia. Market-oriented economic reforms are incomplete, as they are in many other countries, but the Philippines’ poor economic performance is mostly a result of macroeconomic instability and low domestic savings, not inadequate reforms.

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