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Debt,the Philippin
and ~
Uft _




the
World
Bank
Michael Ashby



After the onset of debt-
repayment problems in the early
1980s the government of the
Philippines turned to the World
Bank for funding. In return for
this assistance the country had
to follow structural adjustment
programmes. In the early…

Page 2

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es The economic strategy of the Marcos government,
based in part on a Green Revolution in rice
farming, has been superseded by the
development of manufacturing in Export
Processing Zones.




N

~TRALIA .
V \7
1


Rgure 1 The Pl111ippines. o km 200
I ,.-J
o miles 100
Population: 73.7…

Page 3

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~35 ~ 50
!:!
::I
.. !:!
:E 45
... Debt burden
~ 30
G)
'C
c ... Education
CI.

~ !. 40
~
25
35

20 30

25
15
20

10 15

10
5
5
Source: National Statistical Coordination
Source: National Statistical CoordinationBoard 1996. Board 1996 and INGBarings. 1996.…

Page 4

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...




start of a long series of political and eco- Spending cuts in education have had an
nomic crises. Government debt began to rise adverse impact on student to teacher ratios
at this time. Debt payments as a percentage and have pushed up university fees,
of the government budget began…

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support government expenditure.Budgetary
cuts were made in military spending, but
health and education spending were largely
untouched.
Banking regulation is much stricter in the
Philippines than in other countries in the
region, partly because oflonger IMF super-
vision, so excesslending by Filipino banks
never reached the extent of that by…

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