Philippines

The Philippine Islands became a Spanish colony during the 16th century; they were ceded to the US in 1898 following the Spanish-American War. In 1935 the Philippines became a self-governing commonwealth. Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition. In 1942 the islands fell under Japanese occupation during World War II, and US forces and Filipinos fought together during 1944-45 to regain control. On 4 July 1946 the Republic of the Philippines attained its independence. A 20-year rule by Ferdinand MARCOS ended in 1986, when a "people power" movement in Manila ("EDSA 1") forced him into exile and installed Corazon AQUINO as president. Her presidency was hampered by several coup attempts that prevented a return to full political stability and economic development. Fidel RAMOS was elected president in 1992. His administration was marked by increased stability and by progress on economic reforms. In 1992, the US closed its last military bases on the islands. Joseph ESTRADA was elected president in 1998. He was succeeded by his vice-president, Gloria MACAPAGAL-ARROYO, in January 2001 after ESTRADA's stormy impeachment trial on corruption charges broke down and another "people power" movement ("EDSA 2") demanded his resignation. MACAPAGAL-ARROYO was elected to a six-year term as president in May 2004. The Philippine Government faces threats from three terrorist groups on the US Government's Foreign Terrorist Organization list. Decades of Muslim insurgency in the southern Philippines have led to a peace accord with one group and on-again/off-again peace talks with another.

Economical characteristics

 * Currency: Peso (ISO code: PHP)
 * Central bank discount rate: 3.5% (31 December 2009)
 * Commercial banks lending rate: 6.89% (31 December 2009)
 * Stock of money (M1): $24.32 billion (30 November 2009)
 * Quasi money (with M1 makes M2): $55.71 billion (30 November 2009)

Notable events:

 * Banking crisis: 1981-1987, 1997-1998
 * Years in inflation: 6.3% (share of years 1946-2009 with annual inflation above 20 per cent per annum)
 * Public default: 1983-1992 (external)

Links

 * Philippines on Wikipedia
 * Central bank of Philippines
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile