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The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
In 1984 and 1985 the Philippines saw the worst recession in its history: the economy contracted by 7.3% for two successive years. [1] Data from the Philippine Statistics Authority for 1985 showed that poverty incidence in families was at 44.2%—4.3 percentage points higher than in 1991 during the presidency of Corazon Aquino.
The exhibits also depict the diverse livelihoods of Filipinos across Luzon, Visayas, and Mindanao, and showcase collections related to the history of trade and commerce in the Philippines. The galleries are carefully curated to provide a comprehensive understanding of these industries and their impact on the nation's economic development.
The Dow (INDEX: ^DJI) plunged on Friday after May's dismal jobs report. But depending on a single factor, your situation is probably either much worse, or much better, than the headline numbers show.
The Department of Labor and Employment (DOLE) was founded on December 8, 1933, by virtue of Act No. 4121 of the Philippine Legislature. It was renamed as the Ministry of Labor and Employment in 1978. The agency was reverted to its original name after the People Power Revolution in 1986. [4]
Pages for logged out editors learn more. Contributions; Talk; Unemployment in the Philippines
Critics have pointed out an elusive state of the country's development as the period is marred by a sharp devaluing of the Philippine Peso from 3.9 to 20.53. The overall economy experienced a slower growth GDP per capita, lower wage conditions and higher unemployment especially towards the end of Marcos' term after the 1983–1984 recession.
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