Abstract
The Philippine trade liberalization programme began in 1981 and reduced industrial protection administered through high tariffs and import regulations. Tariffs were thus lowered and a good number of imports were liberalized. These reforms appeared to have dealt a serious blow to the import substitution development strategy which had dominated the country’s trade and industrial policies for over three decades.1 The programme was interrupted in 1983 when the country went through its worst BOP crisis and economic recession since independence in 1946. Reforms were resumed in 1986 as the economy gradually recovered and the foreign exchange constraints became less restrictive.
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© 1989 John Whalley
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Clarete, R.L. (1989). The Recent Philippine Trade Liberalization: Can the Multilateral Trade System Sustain It?. In: Whalley, J. (eds) Developing Countries and the Global Trading System. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20417-5_19
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DOI: https://doi.org/10.1007/978-1-349-20417-5_19
Publisher Name: Palgrave Macmillan, London
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