e now permitted to own up to 100 percent of the equity in Philippine companies (Albor & Barnathan, 1994, pp. 64-65). The Ramos government in 1995 is moving toward diversifying the country's economy (McGurn, 1995, p. 10).
By mid-spring 1994, the Philippine economy was beginning to show signs of strength (Tiglao, 1994, pp. 28-29). Gross national product (GNP) increased 4.8 percent in the first-quarter of 1994, while industrial output increased 7.7 percent (Tiglao, 1994, p. 60). By October 1994, price inflation in the Philippines had dropped to an annual rate of 7.8 percent (Marte, 1995, pp. 42-46).
By the first quarter of 1995, however, the Philippine economy had began to emit mixed signals. Although the country had paid off (or had forgiven) a great deal of the external debt that had been crushing attempts at economic growth, foreign investors began to fret that the Philippines would be the next Mexico (No, 1995, pp. 83-84). Other observers held, however, that fundamental chang
...