The Philippine

Economy

Pre-Colonial Era

During those halvesforgotten days, life was

placid and characterized
by less economic and
social pressure than it is
today.

There were probably

more commerce and
business transactions
along the water ways
than along pathways.

How did the Pre-colonial

Filipinos meet their needs?
What did they do to earn a
living?

The Philippines then, as now, was

primarily an agricultural country.
Agriculture is the main source of
livelihood.
Farming
Fishing

There was foreign trade,

too, with China, Japan,
Siam, Cambodia and other
Islands of the Old Malaysia.
Barter System

Philippine
Economy
Under thePost.
Spanish
Mark Kenneth
D. Cepriano

On April 27, 1565, Spanish troops numbering a mere

500 soldiers invaded the archipelago and attacked the
defiant Tupas, son of Humabon, and Tupas was made to
sign an agreement after his defeat and effectively placing
the Philippines under Spain.
1565, Feb 13. With four ships and 380 men, Miguel
Lopez de Legaspi arrives in the Philippines.
1565, May 8. The Island
of Cebu is surrendered to
Legaspi by its ruler King
Tupas. Legaspi establishes
the first permanent
Spanish settlement on
Cebu and becomes the
first Spanish GovernorGeneral.

System of Government
Centralized form of
government.

Frailocracia

Religion

Christianity's Introduction

Social Structures
Principalia

Ilustrados

Educational System
Educational Decree 1863

focused on the
Christian Doctrines

System of Writing

Latin alphabet

PHILIPPINES
UNDER IMPERIAL
SPAIN

Economy
The Spaniards implemented economic programs which are
mainly about land ownership and taxes. The programs are
encomienda, hacienda, imposition of different kinds of taxes,
galleon trade, monopoly and polo y servicios.

Encomienda

The encomienda is a land ownership system with the use of

titulo as proof of ownership. These are the lands given by the
King of Span to its soldiers who joined the military expeditions.
The landlords are called
encomendero. They are the ones who
collect the taxes or rent from the
residents of their land. It is his
obligation to protect the residents from
any danger or threat like bandits and
invaders. But as depicted in the
picture, the contrary was happening.

Taxation
To support the colony, several forms of taxes and
monopolies were imposed.
Direct:
The tithe is the payment of the
10% of an individuals annual
income to the government. The
sanctorum is the tax being paid
as support to the church. The
tribute(buwis) is the tax or rent
given to the landlord a resident is
under. It may be in cash or in kind
(tobacco,chickens, produce, gold,
blankets, cotton, rice, etc.,
depending on the region of the
country), fixed at 8 reales and
later increased to 15 reales.

Tributo = 10 reales
Diezmos prediales (tithes or 1/10) = 1 real
Treasury = 1 real
Sanctorum tax (church tax) = 3 reales
All in all, an average Filipino will pay 15 reales.

Indirect
Also collected was the bandal, an annual enforced sale
and requisitioning of goods such as rice. Custom duties and
income tax were also collected.
By 1884, the tribute was replaced by the Cedula personal,
wherein colonists were required to pay for personal
identification. Everyone over the age of 18 was obliged to
pay. The local gobernadorcillos had been responsible for
collection of the tribute. Under the cedula system, however,
taxpayers were individually responsible to Spanish
authorities for payment of the tax, and were subject to
summary arrest for failure to show a cedula receipt.

Forced Labor
(Polo y servicio)

Polo y servicio is the

forced labor for 40 days of
men ranging from 16 to 60
years of age who were
obligated to give personal
services to community
projects. One could be
exempted from polo by paying
the falla, a daily fine of one
andIna1884,
half real.
labor was reduced
to 15 days. The polo system
was patterned after the
Mexican repartimento,
selection for forced labor

Manila-Acapulco
Galleon Trade
The Manila-Acapulco
Galleon Trade was the
main source of income
for the colony during its
early years. Service was
inaugurated in 1565 and
continued into the early
19th century.
The Galleon trade brought silver from New Spain and silk
from China by way of Manila. This way, the Philippines
earned its income through buy and sell - that is, they
bought silk from China for resale to New Spain and then
bought American silver for resale to China.

The trade was very prosperous. But It neglected the

development of the colony's local industries which
affected the Indios since agriculture was their main source
of income. In addition, the building and operation of
galleons put too much burden on the colonists' annual
polo y servicio, resulted in cultural and commercial
exchanges between Asia and the Americas that led to the
introduction of new crops and animals to the Philippines
notably
tobacco
that gave the colony its first
real income
which
benefit extended to the
common Indio.
The trade lasted for
over two hundred years,
and ceased in 1821 with
the secession of
American colonies from
Spain.

Royal Society of Friends

of the Country
Established by Jose de Basco y Vargas, the society was
tasked to explore and exploit the island's natural bounties.
The society led to the creation of Plan General Economico of
Basco which implemented the monopolies on the areca nut,
tobacco, spirited liquors and explosives.

It offered local and foreign scholarships and training grants in

agriculture and established an academy of design.

It was also credited to the carabao ban of 1782, the formation

of the silversmiths and gold beaters guild and the construction
of the first papermill in the Philippines in 1825.

It was introduced on 1780, vanished temporarily on 17871819, 1820-1822 and 1875-1822 and ceased to exist in the
middle of the 1890s.

Royal Company of
the Philippines
March 10, 1785, Charles III created the Royal Philippine
Company with a 25 year charter.
It was granted exclusive monopoly of bringing to Manila,
Philippines; Chinese and Indian goods and shipping them
directly to Spain via the Cape of Good Hope.

It was stiffly objected by the Dutch and English who saw it as

a direct attack on their trade of Asian goods.

It was also vehemently opposed by the traders of the

Galleon trade who saw it as competition. This gradually
resulted into the death of both institutions: The Royal
Philippine Company in 1814 and the Galleon trade in 1815.

ECONOMY OF THE
PHILS. DURING THE
AMERICAN ERA

S
I
T
A
WH

ECO

?
Y
M
O
N

An ECONOMY consists of
the production,
distribution of trade and
consumption of limited
goods and services by
different agents in a
given location.

SPAIN VS. AMERICA

The Filipinos were more
happy and satisfied during the
American rule because:
The Americans said they
would go as the Filipinos
could stand on their own as
a free nation.
The Americans were kinder
and more generous. The

SPAIN VS. AMERICA

government.
The Filipinos adapted
American ways very well.
No other former colony like
its other country as much
as the Filipinos liked the
United States.

AMERICAN ECONOMIC POLICY

In the beginning, the policy was

UNSELFISH.
PHILIPPINE BILL OF 1902
All public lands and natural resources of
the Philippines were for the benefit of the
inhabitants.

This pro-Filipino policy was repeated in

the JONES LAW OF 1916 &
TYDINGS-MCDUFFIE LAW OF 1934

CONTRIBUTI
ONS

1.POPULATION EXPLOSION

CONTRIBUTI
ONS

2. NEW LAND POLICY

A. Friar lands were resold to

Filipino farmers.
B. Homestead Act of 1924 allowed
Filipinos to own up to 16
hectares of public land for
agricultural purposes such as

1924
HOMESTEAD ACT

CONTRIBUTI
ONS
2. NEW LAND POLICY
C. All lands had to be
registered, and their owners
got the Torrens title.

CONTRIBUTI
ONS

3. AGRICULTURAL INCREASE

Bureau of Agriculture (1902)

- First government agency in
the new American colony.
In 1903, American congress
sent $3M emergency fund to
import rice & carabaos to
other Asian countries.

CONTRIBUTI
ONS

4. FREE TRADE

Philippine products entered

USA WITHOUT paying custom
tariffs but with a limit or
quota. However, American
products were not limited.

BELL TRADE
ACT

Free trade between the USA and

the Philippines within 28 yrs.
(1946-1974).
Although free trade was not fair,
the Philippine government still
agreed on this so that the
Rehabilitation Act established by
the US would be implemented.

CONTRIBUTI
ONS

BUSINESS
BOOM
Retail
trade in the Phils.

5.

doubled from 1907-1935.

Filipinos had more money to
buy food, shoes, clothes, toys,
& even cars. However, Filipinos
liked to buy more IMPORTED
GOODS.

CONTRIBUTI
ONS
NEW
INDUSTRIES

5.

The Phils. entered the

INDUSTRIAL AGE which
favoured the use of machines
& mass production of goods
in big factories.

CONTRIBUTI
ONS
5. NEW
INDUSTRIES

- Mining & fishing became big

industries.
- Household cottage industries
boomed.
- Americans developed the coconut
and hemp industries and took over
the sugar and tobacco industries.

 MANILA: coconut oil, cigars,

cigarettes, sugar, rope, textiles
MARIKINA: shoes
ILOCOS: blankets and towels
BULACAN, LAGUNA, TAYABAS, BOHOL
& PANGASINAN: hats and mats
PAMPANGA, RIZAL & BULACAN:
rattan and wood furnitures
ALBAY, RIZAL & LAGUNA: pottery and
bricks
Naturally, the Americans became
the NEW CAPITALISTS. They
controlled the biggest industries

CONTRIBUTI
ONS
5 IMPROVEMENT IN TRANSPO &
.

COMMU

During the American era, Phils.

became an Asian leader in
transportation & communication.
Americans developed railroads in
Luzon, Cebu and Panay.
More fishing ports were opened.
Pier 7 in Manila was the largest
port in Asia.

CONTRIBUTI
ONS
5 BETTER
.

BUDGET

Philippine colonial govt. under

the Americans had one of the
best budgets in the world. The
Philippine budget was balanced
even during the great world
depressions in the 1930s. Other
governments had HUGE

CONTRIBUTI
ONS

5. NEW
BANKS

In 1906, the Postal Savings

Bank was introduce and the
Philippine National Bank was
established.

CONTRIBUTI
ONS
5 INTL. EXHIBITIONS &
.

MEETINGS

Philippine army band became

world-famous at the golden gate
exposition in 1939, San
Francisco, California.
Filipino professionals attended
international conferences.
Filipino athletes joined Olympic

ECONOMIC
PROBLEMS

HISTORICAL
VALUES

Third Republic:
Manuel Roxas
Jhonnel Cabigas

After the war....

July 4, 1946 Treaty of

US-Philippine
General relation

Philippine
Trade
Act
A.k.a. Bell Trade
Act
A.k.a Tydings Act
Philippine rehabilitation act

Parity Rights
For American
Citizens
Acquire lands
Free grazing and Fishing
Mining Rights
ETC

Democratic alliance
Luis Taruc

Military bases agreement

23 bases/ 99 years

Taruc and huks rebeled

Republic
act no. 4
Surrender of Fire
Arms

Republic act no. 34

APRIL 15, 1948

Roxas`s Last Speech affirmation Filipino
loyalty to U.S
At 9:30 pm, he died
2 days later, Elpidio Quirino took his oath of
the Office of the Philippine President.

Loading

Elpidio Rivera
Quirino

Ika-6Pangulo ng Pilipinas
Ikalawang Pangulo ng Ikatlong Republika
Nobyembre 16,1890 - Pebrero 29,1956

TALAMBUHAY
Kapanganakan :

Nobyembre 16,1890 ,

Vigan,Ilocos Sur
Magulang : Mariano Quirino at Gregoria
Rivera.
Nagtapos siya ng abogasya sa Unibersidad
ng Pilipinas
(University of the Philippines) noong
1915.
Pamilya : Asawa - Alicia Syquia
Mga Anak - Fe, Armando, Norma,
Thomas
at Victoria
Panunungkulan: Abril 18,1948(halal
Disyembre 30,1949)-
Disyembre 30
,1953

Panunu
Nahalal sa Kongreso noong
mpa
1919.
Hiniram na Kalihim ng
Pananalapi ni Gob. Hen.
Murphy noong 1934 at naging
kasapi ng "Constitutional
Convention".
Naging pangalawang
pangulo siya niManuel
Roxasnoong1946.
Nanumpa bilang Pangulo
pagkaraang mamatay si Roxas
noongAbril 17,1948.
Tumayo bilang first lady ng
bansa ang bunsong anak ni

Pagharap ng Suliranin sa mga Huk

(Hukbalahap)
Kinaharap ng administrasyong
Quirino ang isang malubhang banta
ng kilusang komunistang Hukbalahap.
Pinasimulan niya ang kampanya
Laban sa mga Huk. Bilang Pangulo,
muli niyang itinayo ang ekonomiya ng
bansa, pinaunlad niya ang pagsasaka,
at mga industriya.
Pinili ni Pang. Quirino si Ramon
Magsaysay bilang Kalihim ng
Tanggulang Pambansa .Dahil dito, unti-unting napasuko
ang mga
Huk kabilang na ang pinuno nitong si Luis Taruc.

Amnestiya para sa mga Huk

Itinatag ng Pang. Quirino ang Economic

Development Corps (EDCOR) . Sa ilalim ng
programang ito, lahat ng susukong kasapi ng Huk ay
bibigyan ng kapatawaran at pagkakalooban ng
lupang masasaka.

Sa Pamamahala ng Pangulong
Elpidio Quirino :
Itinatag niya ang PACSA (Presidential
Action
Committee on Social
Amelioration) upang matulungan ang
mahihirap at mga nangangailangan.
Pinagtibay rin ng pamahalaan ang Batas
sa Pinakamababang Sahod na nagtatakda
sa mga manggagawa, guro at iba pang
kawani ng pamahalaan.
Itinatag din noong ika-3 ng Enero 1949
ang Central Bank of the Philippines upang
maging matatag ang pananalapi.

 Itinatag ang ACCFA (Agricultural Credit and

Cooperative Financing Administration ) upang
tumulong sa magsasaka na maipagbili ang
kanilang mga produkto.
Paglagda ng kasunduang Quirino Foster
na naglalayong isulong ang pagtutulungan ng
Pilipinas at Amerika sa pagpapaunlad ng
bansa.
Mutual Defense Act ng 1949
Ang pagpapanumbalik ng pagtitiwala ng
mga tao sa pamahalaan, kapayapaan at
kaayusan sa bansa sa pamamagitan ng
mabuting pakikitungo sa mga Huk ay ang
pangunahing naiambag ni Pangulong Quirino.

Konklusyon:
Naging matagumpay ang
kampanyang pangkapayapaan
ng Administrasyong Quirino,
subalit nabigo ang kanyang
mga programang
pangkaunlaran sapagkat
laganap ang katiwalian sa
pamahalaan. Dahil dito, siya ay
natalo sa sumunod na halaan
noong 1953 ni Ramon
Magsaysay .

While I recognize the

United States as a
great builder in this
country, I have never
surrendered the
sovereignty, much less
the dignity and future
of our
country.

Pagtat

Ramon
Magsaysay
And the
Philippines at its
prime

Presidenc
y

In theElection of 1953,
Magsaysay was decisively
elected president over the
incumbentElpidio Quirino.
He was sworn into office
wearing theBarong
Tagalog, a first by a
Philippine president. He
was then called "Mambo
Magsaysay".

President's
Action Body

1. Ushering, indeed, a new era

inPhilippine government, President
Magsaysay placed emphasis upon
service to the people by bringing the
government closer to the former.This
was symbolically seen when, on
inauguration day, President Magsaysay
ordered the gates ofMalacaang
Placeopen to all and sundry, who were
allowed to freely visit all the
dependencies of the presidential

LAWS AND PROGRAMS

Agrarian Reform Programs

Republic Act No. 1160 of 1954
LASEDECO was abolished and established the National Resettlement and
Rehabilitation Administration
Main goal was to resettle landless farmers, and aimed at the rebels who returned to
provide them with lots for home and farming in Palawan and Mindanao
Republic Act No. 1199 (Agricultural Tenancy Act of 1954)
Created the court of Agrarian Relations
The leasehold system and share-tenancy were organized to oversee the
relationship between tenants and landowners
Republic Act No. 1400 (Land Reform Act of 1955)
Land Tenure Administration (LTA) were in charge of the possessing and distributing
tenanted rice and corn lands (200 hectares for individuals and 600 hectares for
corporations)
Republic Act No. 821 (Creation of Agricultural Credit Cooperative Financing
Administration)
Small farmers and tenants low interests of between six to eight percent with their
loans
Reparation Agreement
An agreement between Japan and the Philippines to pay the latter five hundred fifty
million U.S. dollars ($550,000) as payment for the war damages of World War II.

Republic Act No. 1400 (Land Reform Act of 1955)

Land Tenure Administration (LTA) were in charge of
the possessing and distributing tenanted rice and
corn lands (200 hectares for individuals and 600
hectares for corporations)
- Republic Act No. 821 (Creation of Agricultural
Credit Cooperative Financing Administration)
Small farmers and tenants low interests of between
six to
eight percent with their loans
- Reparation Agreement
An agreement between Japan and the Philippines to
pay the latter five hundred fifty million U.S. dollars
($550,000) as payment for the war damages of
World War II.

Bell Trade Act of 1946 into the Laurel-Langley

Agreement
It eradicated the authority of the United States to have
control over the exchange rate of the Philippines peso,
parity privileges reciprocal, extended the sugar quota.
This agreement retained the
economic subservience
between the U.S. and the Philippines.

Agricultural Commodities Agreement with the U.S.

(1957) perpetuating the colonial pattern of the nations
economy

Anti-subversion Law
Law that limited the citizens democratic rights of
assembly, free
speech, and belief.

BENEFICIARIES OF THE LAWS AND

PROGRAMS

Republic Act No. 1160 of 1954

Rebel returnees and as well as landless
farmers benefitted for they were given home
lots and farm lands
Republic Act No. 1199 (Agricultural Tenancy
Act of 1954)
Although the law amended on the tenancy
problem, farmers benefitted from the
distribution of crops on a certain basis. The
main problem of tenurial system was not given
notice.

Agrarian Reform
1.(NARRA)- National Resettlement and
Rehabilitation Administration, it was
created by president Magsaysay to
amplify and stabilize the functions of the
Economic Development Corps (EDCOR).
This body took over from the EDCOR and
helped in the giving some sixty five
thousand acres to three thousand
indigent families for settlement
purposes.Again, it allocated some other
twenty five thousand to a little more than
one thousand five hundred landless
families, who subsequently
becamefarmers.

2. Agricultural Credit and Cooperative

Administration (ACCFA). The idea was for this
entity to make available rural credits.
Records show that it did grant, in this wise,
almost ten million dollars. This
administration body next devoted its
attention to cooperative marketing.
3. Along this line of help to the rural areas,
President Magsaysay initiated in all
earnestness the artesian wells campaign. A
group-movement known as the Liberty Wells
Association was formed and in record time
managed to raise a considerable sum for the
construction of as many artesian wells as
possible. The socio-economic value of the
same could not be gainsaid and the people
were profuse in their gratitude.

4.Finally, vast irrigation projects, as

well as enhancement of the Ambuklao
Power plant and other similar ones,
went along way towards bringing to
reality the rural improvement program
advocated by President Magsaysay

President Ramn Magsaysay enacted the

following laws as part of his Agrarian Reform
Program:
1. Republic Act No. 1160 of 1954Abolished the
LASEDECO and established the National
Resettlement and Rehabilitation
Administration (NARRA) to resettle dissidents
and landless farmers. It was particularly aimed
at rebel returnees providing home lots and
farmlands in Palawan and Mindanao.
2. Republic Act No. 1199 (Agricultural Tenancy
Act of 1954) governed the relationship
between landowners and tenant farmers by
organizing share-tenancy and leasehold
system. The law provided the security of
tenure of tenants. It also created the Court of
Agrarian Relations.

3. Republic Act No. 1400 (Land Reform

Act of 1955) Created the Land
Tenure Administration (LTA) which
was responsible for the acquisition
and distribution of large tenanted
rice and corn lands over 200
hectares for individuals and 600
hectares for corporations.
4. Republic Act No. 821 (Creation of
Agricultural Credit Cooperative
Financing Administration)
Provided small farmers and share
tenants loans with low interest

HUKBALAHAP
With the all out anti-dissidence
campaigns against the Huks, they
numbered less than 2,000 by 1954
and without the protection and
support of local supporters, active
Huk resistance no longer presented a
serious threat to Philippine security.
From February to mid-September
1954, the largest anti-Huk operation,
"Operation Thunder-Lightning" was
conducted that resulted to the
surrender of Luis Taruc on May 17.

Thank you for

listening!!!
Bro kenneth bibal

Philippines
Economic
Development

Economic Development of
the Philippines Today

The Philippine economy grew at its fastest pace in 2010

expanding 7.3% this well surpassed the governments
target of 5.0% to 6.0% and jumped up from growth of just
0.9% in 2009, reported newspapers in the Philippines. The
Philippines seeks to attract more foreign investment and
enable the long under performing economy to catch up with
its fast-developing Asian neighbors, said analysts.
The Philippine Star on January 10, 2011, reported that
investment is expected to hit P610.4 billion by 2014 (2010
posted a P505 billion investment) according to the Board of
Investments (BOI)'s managing head Cristino L. Panlilio and
the Philippine Economic Zone Authority (PEZA). The BOI
said that they were hoping that investments from the public
private partnership (PPP) will boost the figure.

President Carlos Garcia(19571961)

He was the fourth President of the
Third Republic of the Philippines.
on March 18,a day after pres.
Magsaysays death, took his oath as
the president of the Philippines in
Malacanang.
He achieved the highest position in
politics in a stair like manner; first he
was a congressman, then a governor,
from governor he became senator, to
vice-president until he became the

Carlos P. Garcia was born in

Talibon, Bohol, on November 4,
1896.
His parents are Policronio Garcia
and Ambrosia Polestico.
His political career started in
1925 when he won as
representative in the third district
of his province.
governor for two terms, 1931 and
1940
senate in 1941

Want to know more

about President
Carlos Garcia?? Visit
this now!!
http://www.youtube.com/watch?v=Qyj
twP7qr9g

PLEASE VISIT THIS

SITE!!

Garcias Administration
Garcia's administration was
characterized by
itsausterityprogram and its
insistence on a comprehensive
nationalist policy.
President Garcias administration
was anchored on three basic
policies. These were Austerity,
Filipino First Policy and Cultural
Revival.

PRIMARY PROBLEMS
that Garcias Administration
Faced
The main problem that was facing the Garcia
administration was the current economic
situation during that time. Corruption was also
prevalent in the country since he had just
inherited the Magsaysay administration. Several
cases of corruption were found within the
government offices during his administration.
The imports that were coming in the country
greatly outnumbered the exports that we were
shipping out of the country, making the
Philippines highly dependent on foreign

Garcias Administration
Economic
Programs
FILIPINO FIRST POLICY
If the Filipinos cannot be first in the Philippines,
where else can they be first? Only when Filipinos are first in
their country will the Philippines be finally truly free. Until
then, their independence can only be a sham. While aliens
control the economy, how can Filipinos be said to be masters
in their homes or their government is sovereign in their
lands? They are mere hirelings, dummies, servants
subservient to the will of others, serving their interests first.
How can Filipinos advance their own?
The important objective was to make the Filipinos first
and supreme in the national economic household of the
Philippines.
It is a policy where Filipinos should be first before
anyone else.
It applies mostly to economics where they'll give priority
to a Filipino entrepreneur to supply for us than importing
goods from other countries.

Beneficiaries of the Filipino

First Policy
The people that benefited from this policy are
the businessmen of the Philippines, they had
an increase support and protection from the
government. This enabled them to help
improve our economy at that time. Foreign
investors were not totally ignored they could
still participate in investing in businesses in
the country but there should be a 60-40 ratio
of ownership within the business.

Other Things that the FilipinoFirst Policy achieve

1.
The MERALCO, a 100 percent Filipino enterprise acquired from the
American original owners used to be the biggest foreign public utility and public
service company in our country.
2.
A Filipino concern acquired the Hacienda Luisita, Tarlac, one of the
biggest sugar haciendas in our country. It was owned by Tabacalera, a Spanish
Corporation.
3.
Other smaller Spanish and British holdings were acquired by Filipinos.
4.
The first Filipino controlled oil corporations FILOIL was established
under the Filipino-First-Policy with the help of our dollar reserves.
5.
We increased by 150,000 tons the Philippine bottoms engaged in foreign
shipping by means of acquiring from Japan 12 vessels of 12,500 tons each.
These increased our participation as carriers of our imports and exports from
2.2. percent before to 11 percent now. This also led to the merger of small
Filipino shipping companies engaged in foreign shipping into a bigger
corporation now known as the United Philippines Lines (UPL) which recently
has acquired a new 80,000-ton tanker, the biggest in Southeast Asia. We also
doubled the tonnage for inter-island shipping.

For more information

please
watch this about the
FILIPINO FIRST POLICY
watch this!!!!!!!!!
http://www.youtube.com/watch?v=rvL6rTfcpQo

and

http://www.youtube.com/watch?v=Wwcm4V2JkEA&feature=rel
ated

Other
Programs
Austerity Program
President Garcia initiated what has been called "The Austerity
Program". Garca's administration was characterized by its austerity
program and its insistence on a comprehensive nationalist policy. On
March 3, 1960, he affirmed the need for complete economic freedom
and added that the government no longer would tolerate the
dominance of foreign interests (especially American) in the national
economy. He promised to shake off "the yoke of alien domination in
business, trade, commerce and industry." Garca was also credited
with his role in reviving Filipino cultural arts.The main points of the
Austerity Program were:
1.The government would tighten up its controls to prevent
abuses in the over shipment of exports under license and in underpricing as well.
2.There would be a more rigid enforcement of the existing
regulations on barter shipments.
3.Government imports themselves were to be restricted to
essential items.
4.The government also would reduce rice imports to a
minimum.
5.An overhauling of the local transportation system would be
attempted so as to reduce the importation of gasoline and spare
parts.

The Austerity Program was implemented by

Garcia in order to curt the rampant graft and
corruption within the country. The program
centered on wise spending, industry, thrift,
trustworthiness, integrity and honesty. He also
urged people to avoid luxury items and to live a
simple life and reminded government officials
and employees corruption destroys the peoples
trust in the government.
Government officials and employees were
reminded That a public office is a public trust
and that graft and corruption destroys the
peoples trust in the government

Beneficiaries of the
Austerity Program
The austerity program benefited
the common Filipino and the
Garcia administration, because
of the implementation of this
program the government was
able to regain some of the trust
that they lost due to the rampant

Cultural Revival Program

The Garcia administration also
put emphasis on cultural revival,
due to the colonization of many
countries he felt that the revival
of the Filipino culture was needed.
The award was given to Filipino
artists, scientist, historians and
writers.

Beneficiaries of Cultural
Revival Program
Filipino artist could now get the
recognition for their works that
were left ignored. The main
focus of the society at the time
was improving the economy.

BohlenSerrano Agreement
The Bohlen-Serrano Agreement was
the law that shortened the original 99
year lease of US bases here in the
Philippines to 25 years, the agreement
was renewable for periods only up to 5
years.

END OF
PRESENTATION

Diosdado
P.
Macapagal
(19611965)

CONDITION OF THE PHILIPPINES

There were many uprisings against the Aquino administration

There was a widespread of poverty

Graft and corruption throughout the country
Continues to undergo the economic controls that had
been in operation since 1948

PRIMARY PROBLEMS

Low living standards of the masses

Lack of economic stability

Unemployment
Devaluation of the Philippine Peso
Foreigners could now buy and control more local
businesses easily because of the exchange rate. They
were richer than the Philippines.
Revocation of 350 midnight appointments
Garcia appointed 350 people into certain positions before
he stepped down as president (A few hours before) Most
controversial position was the central bank governor.
This act was against the Saligang Batas; However, the
supreme court still had the final authority/say.

 Allowing the
DECONTROL
foreign products
to enter freely in
our country

DECONTROL
It was designed to serve
the interests of the
foreign elite groups who
have made the local
Filipino elite the puppets
of the colonial masters.

Land Reform Code(RA 3844)

was a major advancement ofland
reformin the Philippines and was
enacted in 1963 under President
Diosdado Macapagal. It abolished
tenancy and established a
leasehold system in which farmers
paid fixed rentals to landlords,
rather than a percentage of
harvest.

Objectives

Land reform means

provision for proper in
stitutional system for
the development of
agriculture.

Marcos 2nd Term

Economic Status

 Masagana 99
-farmers can harvest crops 4 times a
year
Tourism Development and Culutural
Program
San Juanico Bridge in Leyte
-Connecting Samar & Leyte
Massive Borrowing
Cronyism
-assisting favoring friends of the
government and exchange for bribe.

 Extravagance of Lifestyle by the

first Lady.
Human Rights abuses which
ended up with acts of People
Power Revolution.

Philippine economy
under pres.
ferdinand marcos

 In 1965, Marcos won the

presidential election,
running as the nominee of
the Nacionalista party in a
bi-party electoral system.

 He ruled as dictator under martial law

from 1972 until 1981.
his regime started an
unprecedented number of
infrastructure projects
andmonuments
his regime also became infamous
for its corruption,extravagance and
brutality

ThePhilippine economy
(1973-1986)
It suffered from a downturn due to a
mixture of domestic and international
problems after experiencing years of
positive growth.

country underFerdinand Marcos

martial law
assassination ofBenigno Aquino, Jr.
changes to thePhilippine energy law
success of theEDSA People Power Revolution

THE FIRST MARCOS TERM

(1965

1969)
In his first term Marcos tried to stabilize:
1. The financial position of the government through an
intensified tax collection.

2. He also borrowed heavily from

international financing institutions to support
a large-scale infrastructure works projects
were built.

3. He improved agricultural production to

make the country self-sufficient in food,
especially in rice.

4. Marcos also tried to

strengthen the foreign relations
of the Philippines.

5. He hosted a seven-nation summit

conference on the crisis in South
Vietnam in October, 1966.

Corazon
C.
Aquino
Economic
Policies
by. Br. Johnpaul II Ma. MMHC