Since 1946, the Philippine economy has displayed several “ups and downs,” but has recently surfaced as a steadily growing market. Yet, throughout its history the Philippines have remained dependent on foreign nations and investors for the success of its economy. More than half of the economy, in fact, relies on services such as tourism and business process outsourcing. Immediately following WWII, the Philippine economy was the second wealthiest in East Asia, after the Japanese empire. However in 1954, the nation first opened its capitalist economy to US corporations, which immediately swarmed the new market. Soon, the Philippines were dominated by external products, as local products could not compete in price or quality. The first major slump in the economy was under Marcos’ dictatorship, as his regime could not keep up with financial needs. The second slump was during the 1997 Asian Financial Crisis, during which the value of the Philippine peso, the national currency, declined, and the stock market weakened. After 1966, the Philippines have been experiencing an average GDP increase of 1.45% per year, slightly lower than the East Asian average of 5.96%. Yet, 45% of Filipinos earn less than $2 per day. Major exports of the Philippines, include transport and electronic equipment, copper, petroleum, clothing, semiconductors and fruits, especially coconut. The nation is a member of the World Bank, International Monetary Fund, the World Trade Organization, and the Asian Development Bank.
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