Philippine Industrial Debacle and the Debt Crisis

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Abstract
This paper places the present critical state of the Philippine economy in an historical perspective. The debt crisis has been building up for the last decade or so as a result of inimical polices imposed by the IMF and the World Bank to the benefit of foreign capital. Various stages of the postwar economy are discussed: the adoption of import substitution in the 1950s, the shift to export orientation in the 1960s, the reliance on 'development finance' or foreign borrowings in the 1970s and early 1980s. It is shown how the labor-intensive and export-oriented type of industrialization, which is at the same time import-dependent, has become the instrument for trapping the country in a debt quagmire.

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