Sunday, July 15, 2007
thingy :)
Pre- Spanish Colonial Period
Agriculture – main industry and source of livelihood
*Kaingin system – burning of land to cultivate the soil
*Tillage system – use of carabao with plow to create a place for planting in the cultivated soil
The Filipinos already had a system of landholding even before the Spaniards came to the Philippines. Two kinds of ownership were practiced then, public and private.
*Public Property – could be planted on by anybody
*Private Property – cultivated lands that are reserved for the nobles and datus
• Some datus could not manage all of their lands that is the reason why it was planted by other people who would pay rent to them. They also owned fishponds.
This was how they run lands but it all changed when the Spaniards came.
Major Industries:
• Fishing
• Leading industry and means of livelihood
• Manila Bay: rich in fish and marine resources
*Methods: -Fishing nets -Wicker baskets
-Bow and arrow -Hooks and lines
-Fishing spears -Corals and fish poison
- Pearl Oyster Fisheries in Sulu
• Mining
• Became an important industry for our ancestors
• Gold -were collected through washer and placer mining
-were used to create arm braces of “kalumbigas” and necklaces
• Other metals are for swords and tools
• Early Filipinos were considered to be excellent Blacksmiths
• Weaving
• Availability of materials like abaca, cotton, silk made it an important form of industry
• Women were good in embroidery
• They wove textiles like “sinamay” from hemp and “mendrinaque” from banana
• Boat making/Shipbuilding
• Known as one of the developing industries
• Started because islands were said to be apart from each other (means of transportation)
• Wine making
• Considered as one of most growing industries
• From Coconut trees - “tuba”
• From Nipa Palm – “lambanog”
Minor Industries:
• Jewelry making
• Mat and basket making
• Ornaments from carabao horn
• Tanning from animal hide
• Haunting for edible bird’s nest
Other Information:
• Even before the Spaniards came we were already engage in trade with our neighboring countries
• We have exported…
- Cotton, mats, pearls, fruits, onions, etc.
• In return we get…
- Glass, gold, vases, silk, porcelain, fishing rods, baskets, etc.
• From India…
- Pottery, beads and bracelets, art of weaving, glassmaking, smelting of iron, gold, and other metals, etc.
• Trade with Southeast Asian neighbors flourished until the middle 15th century
• Trade with Indo China and Japan
• Japanese ships were utilized to purchase raw cotton and indigo along Ilocos coast
• No currency yet – barter system
• Domestic commerce among the barangays and islands
• The coasts of Bohol, Samar and Butuan had many trading boats
SPANISH COLOINIAL PERIOD
LAND OWNERSHIP
Colonization of islands king of Spain: power over territories King of Spain gave field officers tasks: distribute land among the people
Encomienda: land rewarded by Spanish king à soldiers for their services
Encomenderos: to whom land was given Task of encomenderos:
· Collect taxes from people living in their encomienda
· Responsible for: maintaining the well-being and protection of the citizens
Essence of Encomienda:
· duty for public service
· not for land ownership alone
However, land ownership and taxation were the only tasks that were followed while proper governance was neglected. Caused disputes/feud among the natives, the church, and the encomenderos. Meanwhile, encomenderos abused their power and forced natives to pay tribute (cash or kind) beyond amount required by law
4 Classifications
1. Owned by the Church and related congregations like the Dominicans and Augustinians
- Large tracts of lands
- - Rented to farmers or inquilinos for cultivation
2. Owned by Spaniards in the Phil.
3. Owned by mestizos and rich Indios (principalia)
4. Owned by ordinary Indios
- Small sized
- Inherited from ancestors before Spanish colonization
· Many historians say: contributed to the slow growth in agriculture
· Renting of land- small scale production
· Taxes to encomenderos – heavy burdens on farmer-cultivators
· Lack of initiative to improve production since there are no lands and produce was taxed by landowners
· Land grabbing: hindrance
· Law: - Lands not cultivated can be public and anyone can claim a piece of land by cultivating it
- Once someone started cultivating, another would come to claim the land for diff. reasons (start of land grabbing)
- Ancestor’s view on land ownership is diff. from colonizers’ law on public ownership
- Effect: large potion of resources were never cultivated
SYSTEM OF TAXATION
· An important institution introduced to us by the Spaniards is the formal system of taxation on all things and activities.
· Indirect taxes or rentas estancadas and direct taxes are the two taxes of taxation used during the Spanish time.
Indirect taxes or rentas estancadas
· The most widespread system of taxation during the Spanish period.
· Levied on the manufacture, purchase, or use of products, services, or things.
Direct taxes
· An example is the Tributo
Tax on tobacco
· Contributed a big amount to the government revenues
The Tobacco Monopoly Policy
· Intended to raise the governments’ income to lessen its dependence on the subsidies called situados coming from Mexico.
· The government profited a lot from this system since it was able to control not only the production but also the marketing of tobacco.
Tax on coconut wine
· Considered the second largest source of government revenues.
· In 1712, the government increased the price of the license for making wine as a way of increasing its income. In 1787, it directly controlled the production of wine in the provinces of Luzon to boost its objective of increasing tax revenues.
· The government assigned inventores and inspectors called fieles to check on the level of production and profits of distilleries.
Custom Taxes
- on imported merchandise and exports
Taxes on Vices:
- cockfighting and betel nut chewing
- gov’t collected huge amount of money
TRIBUTO: to show acceptance of becoming a subject of the king of Spain
· Cabeza de barangay- collected kind or cash
· Cabeza de barangay gobernadorcillo provincial gov’t central gov’t
· Hardest to collect bec.
. A lot of people avoided it
. Number of poor and old citizens (reservados) were exempted from paying
· Based on town pop. but often incorrectly reported
· Collection were 1st used by some gobernadorcillo for personal and commercial purposes
Forced Labor: POLO
· Male citizens from 16-60 y.o. were required by the Spanish gov’t to render free services
· 40 days/yr; in 1884 it was decreased to 15 days/yr
· POLISTAS- laborers
o Not paid daily allowances
o Daily: ¼ real and a food ratio
o FALLA- fee paid to be exempted from Polo
Disadvantages/Results
· Made the poor even poorer
· Workers received low wages bec. of monopoly of gov’t on the industries and low prices paid for their produce
· Number of rebellions bec. of the abuses in the taxation and trade monopolies
The Galleon Trade
The Galleon Trade was introduced during the Spanish Colonization. First off, galleon is defines as a ship with 1500 divisions and only those people who have ‘boleta’ can take part in the trade. Boleta can be acquired mostly by rich citizens of those times. However, some of them do not have enough capital to join the trade, and because of that, they just opted to sell their ‘boleta’, even if it was illegal.
On the other hand, trade made high returns, and the Obras Pias also contributed to the continuously increasing mark-up of this trade, since it enabled people to get involve with the trade through lending ‘boletas’. Other roles of the institution, Obras Pias, involved charitable activity. They would solicit funds from the noble or rich people and used a big portion of it to help others and provided funds to those who were interested to join the trade as well.
The Galleon Trade started when Philippines made trade relations with neighboring countries, and Manila became the center of the production of goods or merchandise. Manila exported goods in other countries most specifically Orient and the Americas. Because of this, there was a strong competition and some involved groups, namely Cadiz and Seville had to fight for control over the merchandise and markets in the Spanish colonies. As a result, they had to limit trade relations of the Philippines with the Americas. The Galleon trade use ships to export and import goods and only 2 ships can sail with a maximum weight of 300 tons. This trade continued for years and ended in Manila in 1811.
The Galleon Trade How it began:
· Commercial relations with Latin American countries were established when Spaniards came to the Philippines
· Manila: center of distribution
· Competition between Seville and Cadiz led to limiting of trade relations
Galleon Trade: 1599 by King of Spain ended in 19th cent.
· Only deployed in 1604
· One can only participate only if the person has a BOLETA or ticket
· Obras Pias: organization which solicited funds from the rich for charity; had corruption
Galleon Trade Effects Positive Effects:
· Mexican Silver
· Useful plants and merchandise were brought to the country
· Generated revenue for the government
· Country’s natural resources were not exploited
Negative Effects:
· Agricultural and Industrial sectors were not developed
· Prevented development of Phil. Trade to other Asian countries
· Became more of a gambling activity
· Only few people become rich
The American Colonial Period
I. Introduction
The Americans started colonizing the Philippines when Spain sold us for $ 20 million. The Treaty of Paris (1898) made the trade between the Americans and Spaniards official.
The US wanted us mainly for ECONOMIC reasons. We were a strategic point that can be used as a base for them to take part in the growing market of China.
The first effect of this colonization on our economy was that it brought destruction to our wealth and resources.
II. The Filipino – American War
• Plantations and towns were destroyed
• Even human resources were damaged – high morbidity rate because of poverty, famine, epidemics, etc…
• Our economy sank (went down)
III. Free Trade
• FREE TRADE: there will be a free flow of goods; there will be NO taxes on imported and exported products
• Foreign trade (specifically with the US) increased
• Export sales also went up
• There came to be a balance of trade
IV. Payne – Aldrich Act (1909)
• Imposed new laws
• There would be no quota nor tariff on American products to be imported to the Philippines
• On Filipino products on the other hand, there would be no tariff but we have a quota on exporting products to the US
• QUOTA: restriction or limit
• TARIFF: taxes imposed on imported/exported products
• The act benefited the Americans because they could bring an unlimited supply of American-produced goods and benefit from all the profit while the Philippine made goods would not be able to earn much because of the taxes imposed on exporting products.
V. Underwood – Simmons Act (1913)
• Removed the quota on specific products exported to the US (from the Philippines)
IV. Tydings – Mcduffie Act (1934)
• Restored independence after the Commonwealth status (10-year transition period)
• Still implemented “free trade”
• Gave limited entry to the US for some products
VII. Effects of free trade
• Positive:
• Trading companies came to be
• More business and commercial schools were founded (due to the need for skille individuals)
• Financial institutions increased à the need for credit to lend to exporters and importers
• The system of communication improved due to the need for better communication for efficient trading; other means of communication flourished (e.g. telegrams, post offices, etc…)
• The VOLUME of trade went up
• The VALUE of trade increased
• Many infrastructures were built and fixed (e.g. bridges, roads, water pumps, etc…)
• Negative:
• Colonial Mentality for the Filipinos – we were a major buyer of imported products. We learned to patronize imported goods rather than locally made products.
• We became economically dependent on the US
• Local industries could not be developed because it was hard to compete with the big, rich, foreign investors and businesses. Technology in the Philippines then was not developed.
The Japanese Occupation
I. Central Administrative Organization
The CAO was a coordinating body, made to execute programs and policies under the jurisdiction of the Imperial Japanese Forces’ commander-in-chief in the Philippines. They controlled most of the economic movement.
II. Foreign Trade
The Philippines’ economic activities almost slowed down to full stop during the Japanese occupation. Since prior to the coming of the Japanese, the Philippines was a colony of the U.S., most of our foreign economic activities were directed towards them. The events of World War II, the conflict between the United States and Japan caused the Japanese officials to halt all trading relations the former.
The effects of these were:
- There were no revenues raised from the import and export of goods.
(i.e. customs and sale taxes)
- The local industries were not able to supply enough commodities.
- There were shortages in rice, sugar, coconut oil, cattle, hogs, clothing.
III. Low Production
The war largely affected the use of our resources and raw materials. Instead of being used for production, they were used in war-related activities. Due to this, the production of consumer goods declined largely.
In an effort to avert inflation, the Japanese imposed fixed prices on commodities. This worsened the problem, however. Producers became reluctant to generate commodities, lessening further the already low supply of goods.
Two of the major effects were:
- The Black Market
o People resorted to the buying and selling outside of the “legal” market, due to shortages.
o This was also used to avoid paying taxes.
- Barter
o This is the system of buying and selling by exchanging or trading goods.
o It became prevalent among the unemployed in both rural and urban areas.
IV. Revenue Raising Measure
The lack of foreign economic activity and the domino effect that this created in production caused the government funds to plummet. There were efforts created by the CAO to recompense for the low revenues.
These were:
- Lowered Salaries:
o forced employees to save and invest in government insurance schemes
- Luxury Taxes:
o The Central Administrative Organization opened gambling and amusement centers (cockpits, jai-alai joints, night clubs)
o A 20% tax was imposed on restaurants and bars, and other amusement centers
o The tax on liquor was increased.
o A 20% tax was imposed on imported and exported goods.
The Philippine Economy during the Roxas, Quirino, Magsaysay, Garcia and
Macapagal, D. Administration
Roxas Administration (1946-1948)
- During the Roxas Administration, WW II has just ended. So the Philippines’ economic state is destroyed and infrastructures were severely damaged. The years of the Roxas Administration were spent on Rehabilitation of the Economy. The country needed financial help because the funds available are not enough to rehabilitate the whole country.
1. Bell Trade Act of 1946 – defined the commercial exchange between the US and the Philippines. The American were given rights to our natural resources and the peso rate is pegged to the dollar. In exchange for all this, US gave us $620 million as finance for our projects.
2. Constitution of 1935 was amended
3. The Rehabilitation and Finance Corporation was formed to manage the loans and financial assistance of US for the country.
Quirino Administration (1948-1953)
1. Import Substitution
- Curb the growing balance of payment deficit.
- Establishment of an industrial and manufacturing base for the Philippines
2. Import Control Law of 1950
- Gave enormous power to the newly established Central Bank of the Philippines
Magsaysay Administration (1954-1957)
1. Land Reform Act of 1955
- Resolve the growing feud between farmers and landowners but it was not successfully implemented
2. National Resettlement and Rehabilitation Administration (NARRA)
- Give land to the landless, improve quality of the farmers’ harvests and extend credits assistance
3. Farmers Cooperative and Marketing Association (FACOMA) was also established.
Garcia Administration (1957-1961)
- Most Pro-Filipino Administration in terms of Economic Policies.
1. “Filipino First” Policy
- Filipinos are the first priority
2. Filipino Retail Nationalization Trade Act
- It limited retail business to Filipino National
Macapagal Administration (1962-1965)
1. Liberalized the importation of goods and relaxed foreign exchange controls. Devaluation of the peso from an exchange rate of two pesos to a dollar to four pesos to a dollar.
2. Decontrol – Macapagal’s Administration Economic Policy
3. Agricultural Land Reform Code of 1963
- Removed the system of share tenancy and replaced it with the leasehold system. It was improvement on previous land reform laws and became a comprehensive effort of the government in addressing agrarian problems.
MARCOS ADMINISTRATION
(1966-1986)
Short history
Ferdinand Edralin Marcos ruled with a 20-year tenure, from 1966-1986. He was elected twice to the presidency before he declared Martial Law in 1972. His initial years had positive effects on the economy but as he prolonged his stay in the presidency, his dictatorial powers took their toll on the economy. Thus, it became the downfall of his regime.
He had the intellect, leadership skills and the opportunity to be the greatest Philippine President but his impact left the country in political, economic and financial turn moil when he fled in 1986.
Projects
Positive
A. Continued Macapagal’s decontrol policy (economic policy) – devaluation of the peso from an exchange rate of two pesos to a dollar to four peso to a dollar
B. Liberalized foreign investments
C. Promoted export industries / trade with the free world
D. Improved agricultural production to make the country self sufficient in food, especially in rice
E. Tried to strengthen foreign relations of the Philippines
F. Agreed to send Filipino troops to support the US military efforts in South Vietnam
G. Maintained a close alllaince with the United States
H. Launched major military campaigns against Communist New People's Army and Moro rebels
I. Established Board of investments and gave fiscal incentives to both foreign and local firms
J. Launched a comprehensive land reform program (when he declared Martia Law)
K. Made US military bases in the Philippines – Clark Air Base and Subic Bay Naval Base →the war funneled billions of dollars into the Phil. economy – public works projects financed by foreign loans
Negative
• Gave guarantees to the foreign loans borrowed by many private corporations → loans used for unproductive projects, government took over ownership of bankrupt corporations and became responsible for paying their huge debts
Problems
• Crony capitalization – giving favors to his friends and relatives
Effects
• Chronic balance of payments problem – the peso devaluated twice (1983)
– foreign debts reached $26 billion (1986)
AQUINO ADMINISTRATION
(1986-1992)
Short History
Administration remembered as “Restored democratic institutions like free press and independence of judiciary and Privatization & dismantling of Monopolies. In 1983 she succeeded her husband. Widowed Corazon became the symbol of moral opposition to the Marcos government. Marcos, thinking that he still had the Filipino people behind him, called for a "Snap Election" in 1986. Corazon then became the unified opposition's candidate for the presidency. Though she was officially reported to have lost the election to Marcos, Aquino and the numerous independent observers challenged the results, charging widespread voting fraud by the supporters of Marcos. On Feb. 25, 1986, both Aquino and Marcos were inaugurated as president by their respective supporters. This led to the "People's Revolution" which resulted finally in the downfall of Marcos. Marcos fled the country at the urging of the U.S. government and Aquino's new administration was officially recognized upon his departure for Hawaii. In March 1986 Aquino proclaimed a provisional Constitution and soon ppointed a commission to write a new Constitution. The resulting document was ratified by a landslide popular vote in February 1987. Succeeded in 1992 by Fidel V. Ramos whom she appointed earlier as Secretary of National Defense in her administration.
Projects
A. Return of democracy to the country
B. Ratification of the Constitution
C. Having free and credible elections
D. Independence of the Judiciary and Legislative bodies
E. Reduced number of gov. owned and controlled corp.
F. Established (PCGG) Presidential commission in good Government –to recover the ill-gotten wealth of the Marcoses and their cronies.
G. Major legislations affecting the economy were passed:
1. Foreign investment acts of 1990
2. The Consumer code
3. Comprehensive Agrarian Reform
4. The local Government Code
RAMOS ADMINISTRATION
(1992-1998)
Short History
Fidel Ramos’ six-year term as president is characterized by rapid economic growth and political stability in the country despite facing communist insurgencies, an Islamic separatist movement in Mindanao, and the onslaught of the 1997 Asian financial crisis. One of his contributions was his being instrumental in the signing of the final peace agreement between the government and the Moro National Liberation Front in 1996.
Projects
A. Import Liberalization
o Implementation of lower tariffs, while the private sector supports regional integration through the ASEAN Free Trade Area Initiative (AFTA)
B. Financial Liberalization
o Adjustments in the exchange rate policy: allow manufactured exports to be sold at more competitive prices
C. Regional Decentralization
o The new Local Government Code will allow greater regulation of economic activities by local leaders
D. Foreign Debt
o Successful in lowering the foreign debt burden
E. Agrarian Reform
o Continuing dissatisfaction in rural areas with the ineffective way agrarian reform is being implemented
F. US Military Bases
o The Philippine Senate voted on September 16, 1991 not to ratify the US – Phil. Treaty allowing a ten-year extension of the US military facilities in Subic Bay
G. Energy
o Many industrial firms are installing their own power generators to meet their energy needs
Problems involving the projects
A. Foreign Debt
o Debts were lessen but it still constitutes a serious burden on the economy
B. Agrarian Reform
o Criticisms of the Comprehensive Agrarian Reform Program (CARP) have centered around the slow pace, complicated land valuation schemes, and lack of agricultural support services
C. Energy
o Continues to be in short supply as a result of weak energy planning and capacity expansion
D. Government Leadership
o A relatively inept and corrupt government bureaucracy could threaten the rate of economic reforms
ESTRADA ADMINISTRATION
(1998-2001)
It was said when former President Joseph “ERAP” Ejercito Estrada won, people discovered that his Achilles Heel was the economic arena.
Projects
A. Abolish the “pork barrel” as means to bridge the fiscal deficit of up to 100Mphp.
1. pork barrel – comes in the name of the Countrywide Development Fund and the Congressional Additions and Insertions whereby members of the Congress are able to Directly access funds from the national budget for their pet projects.
B. He also earned points from various human rights groups for his pro-Anwar statement and meetings with Anwar’s wife and representative, Azizah in the Philippines and Malaysia during the APEC meeting.
C. His image was strengthened by his appointment of people integrity, including known leaders of the NGO movement, to government posts such as Hon.
D. Clean Air Act
1. a statement that he will pull to repeal the Mining Act. He also promised that he will order an investigation into the permits issued by the National Commission on IPs to mining companies.
E. His economic managers seemed to manage the period of financial crisis. (e.g.,continuing low inflation and interest rates)
F. In his 1999 SONA, he pledged that every single centavo of the coconut levy (a fund managed by close Marcos associates during material rule, sourced from coconut farmers’ contributions) will go back to the farmers.
Problems
• Marcos, Corruption and Cronyism
H. Allowing the burial of the remains of deposed President Ferdinand Marcos at the Heroes’ Cemetery.
1. but because of the uproar over the burial, the plan was scrapped.
I. Several former associates of Marcos were seated onto position again.
1. Ronaldo Zamora
2. Danding Cojuangco
J. Observers of the economic scene have also attacked the protection given to monopolies
1. Phlippine Airlines
K. Emmanuel de Dios – “Takeover, not production became the name of the game… The remarkable fact is that all these have occurred in just one year.”
Creeping Authoritarianism
A. Statements
1. Allowed warrantless arrest
2. Introducing a National ID system
3. Banning strikes
4. Filed a libel suit on Manila Times
5. Injunction on movie producers and government corporations to pull out their ads in Inquirer – revived press freedom issues
6. Didn’t show interest in continuing the peace talks with MILF
B. Proposals
1. Charter Change – Constitutional Correction and Development (CONCORD)
a. Will open self-serving amendments
b. Extension of term – from three to four years
c. Restoration of the two-party system
d. Removal of party-list system
e. Synchronization of elections
f. Team voting for top two posts in national and local elections
g. Regional election of senators
h. Federalism, Parliamentary
2. Estrada – charter changes will be limited to
a. Economic reforms
b. Allowing foreigners 100% ownership of lands and corporations
Eroding Pro-poor Credentials
A. Erap Para sa Mahirap
1. narrower set of reforms compared to the original Social Reform Agenda
a. Food security
b. Modernization of agriculture and fisheries within the context of sustainable development
c. Low cost mass housing
d. Protection of the poor against crime and violence
e. Active participation of the LGUs in the implementation
f. Asset reform, notably agrarian reform and recognition of ancestral domain and absence of the funds and continuing confusion with the National Commission on Indigenous Peoples
B. “Para sa Masa”
1. Social Reform and Poverty Alleviation Act
a. Passed last December 1997.
b. Called for the formation of the National Poverty Commission (NAPC)
i. As lead agency
ii. Act as a coordinating and advisory body for the President’s poverty eradication program.
c. It took three versions before the Act’s Implementing Rules and Regulations was finalized.
d. NAPC – convened April 1999 – their funds were allocated to other departments.
C. “Lingap para sa Mahirap”
1. Provides the administration’s schema for NAPC’s intervention.
2. Target is the 100 poorest families
a. Authorizes the governors and mayors to identify depressed barangays/ municipalities in their territories after which the barangay head identifies the poorest families.
3. Enterprise Development for the Poor
4. Food, Nutrition and Medical Assistance Component
a. Health Insurance (Medicard)
b. Health Passport
5. This revolution against poverty is hardly one that can bring about far-reaching change but more of a circular or orbital motion.
a. Its approach is welfarist.
b. It is easily given to politicization and reinforces patronage.
c. It is unsound and impractical.
d. The overall scheme not integrative and remains bureaucratic.
ARROYO ADMINISTRATION
(2001-present)
Projects
A. Poverty Alleviation for the Urban and Rural Poor
1. Housing
a. Provided shelter security in sites proclaimed by the President for socialized housing
2. Jobs and Livelihood
a. Jobs were generated in the agriculture sector contributing to the increase in net employment
3. Food and Agriculture
a. The Agricultural and Fisheries Modernization was implemented
4. Social Services and Education
a. Children from Payatas have been given a scholarship each and their families provided livelihood projects
b. Some 2.35 million urban poor beneficiaries were enrolled under the National Health Insurance Program
B. Peace and Order and Security
1. All hostages of the terrorist Abu Sayyaf Group (ASG) have been rescued or recovered, and its numbers and leadership neutralized or on the run
2. Continuous efforts were undertaken to professionalize the Philippine National Police as well as to intensify the campaign to eliminate kidnap-for-ransom syndicates
3. Backchanneling efforts are advancing peace negotiations with rebel groups, even as formal talks are suspended over insurgent violations
C. Economy and Infrastructure
1. Public Services
a. The Electric Industry Reform Act (Power Sector Reform Law) is being implemented, including a 10-point program to lower the cost of electricity
b. Having a competitive edge in tourism, Laoag/Vigan, Baguio/Banaue, and Bohol are being developed as premiere tourist destinations through infrastructure development projects enhancing access and facilities there
c. Five mass transit projects are being pursued with private sector participation for completion between 2004 and 2007
d. The Manila-Clark Railway System Project (Southrail) and Sta. Mesa/Espana-Alabang-Calamba-Carmona Rail Project (Northrail) are also being pursued through the BOT scheme to decongest Metro Manila
e. There has been no bus, jeepney or LRT fare increase since July 2001.
2. Economy
a. Government guarantees for SME loans were restored, and some P271 million in loans have been guaranteed
b. To develop the country's capital market, measures were adopted to improve implementation of the Securities Regulation Code
c. The government provided a competitive environment to allow IT companies, training and research and development institutions and IT-enabled industries access to quality high-speed networks at reasonable costs comparable to Asian neighbors
d. The Provident Fund for Filipino Overseas Workers (OFW) was launched on 2 May 2002, benefiting 200,000 OFWs registered with the SSS.
D. Good Governance
1. The Bureau of Internal Revenue and the Bureau of Customs filed dozens of cases against alleged irregularities by their staff. More than 50 other agencies are implementing anti-graft and anti-red tape programs
2. To cut red tape and for faster civil documents processing, one-stop shop centers and/or complaint desks have been set up in more than 30 cities, a dozen capital towns and some 20 municipalities.
3. The E-Procurement System (EPS), a website to purchase common goods and services, was established.
