Nobody’s lame duck

A SUPPLEMENT TO EUROMONEY/SEPTEMBER 1997

PHILIPPINES: NO END TO PROGRESS

According to the constitution, Fidel Ramos’s term as Philippine president must end next year. Amid denials that he is seeking a second term, his government is pressing ahead with its programme of tax reform and deregulation. The country’s economic prospects continue to look good – even the recent devaluation of the peso may turn out a blessing in disguise. Maggie Ford reports

When the Philippines was in trouble after speculators attacked the peso and drained the foreign exchange reserves, the IMF was quick to respond, first with $710 million cash for the central bank and then with a public pat on the back.