Philippine E-Journals

Transforming the Philippine Economy: The Whys and Wherefores from Economic History

Perfecto B. Abayan

Discipline: Economics

 

Abstract:

The Philippine economy badly needs a transformation from its presnt crisis state to a better and stable state. There is no argument to this fact, pointed out by Krugman and company in their book, Transforming the Philippine Economy. Krugman and company, however, did not discover anything in their analysis of the Philippine economic system that Filipino economists did not already know concerning the nature and behavior of the Philippine economic system. It was not the knowledge of the system that was lacking among the Filipino economists, but the generation of cooperation in putting into effect relevant policies to reform and transform the system. Certain political, social and historical momentums stood against whatever the Filipino economists recommended to loosen the obsolete and dying knots that tied the economy to its obsolescent, crisis state. Asking foreigners to take a good look at our economic problem was one of the relevant policy alternatives the well-meaning Filipino economists could recommend so that their views and alternatives could gather strong support for their immediate adoption and prepare the nation for needed structural and relevant changes.