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As a murderous financial crisis brewed in the Philippines in the early 1980s the CB did ever more re-discounting pumping money into the economy-because it was the only way to keep the financial system afloat . With US interest peaking at 19% and output shrinking, the Philippines could not cover the interest demanded to roll over foreign debt. Marcos instituted a repayment moratorium in October 1983. However, this only caused capital flight to accelerate, facilitated by the fact that most capital controls had been lifted in the early 1970s in line with IMF and WB advice.
Printing money became the only form of fiance left. Like Korea, Philippine used to elevated inflation rate because of re discounting.
but price rises accelerated greatly in the mid 1980s. the inflation rate was 50% in 1984 and currency slid from 7.5 pesos to USD to 20 from 1980 to 1986.
Following bank run , bank nationalization and the closer of large investment houses in 1981, another four banks had to be shut.
In 1986 amid large-scale protests Marcos fled on a US government air plane at the zenith of a crisis in which Philippine economy shrank by a quarter.
Printing money became the only form of fiance left. Like Korea, Philippine used to elevated inflation rate because of re discounting.
but price rises accelerated greatly in the mid 1980s. the inflation rate was 50% in 1984 and currency slid from 7.5 pesos to USD to 20 from 1980 to 1986.
Following bank run , bank nationalization and the closer of large investment houses in 1981, another four banks had to be shut.
In 1986 amid large-scale protests Marcos fled on a US government air plane at the zenith of a crisis in which Philippine economy shrank by a quarter.
Last edited by yellow knife on Thu Dec 31, 2015 6:07 pm; edited 1 time in total
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