An Analysis of the Philippine Export Industry During the 2008 Us Recession.
MACREC2 Paper
Submitted by:
Sebastian, Marajella P.
Sioson, Mary Raya Christine P.
Title: An analysis of the Philippine export industry during the 2008 US recession.
I. Research Question The Philippines have always been closely associated with the United States. Our country was once conquered and eventually gained independence on July 4, 1946 - this independence led to the establishing of a formal diplomatic relation with the United States. Agreements such as the bilateral trade and investment cooperation, continues to serve as a dynamic dimension of the Philippines-US partnership and both countries meet frequently under the support of a Trade and Investment Framework Agreement (TIFA) that was signed in November 1989. In 2010, the customs administration and trade facilitation agreement between the United States and the Philippines was signed during the Asia-Pacific Economic Cooperation forum in Honolulu, Hawaii, demonstrating our countries’ commitment to improving our trade relationship. A proof that the Philippines and the US bond is continuous and unbreakable despite the US recession in 2008. In this paper, we would like to analyse the significant effects of the US recession towards the export industry of the Philippines in the year 2008. This is to determine if there is a significant connection brought by the US crisis to the downward Philippine economy and whether the Philippine’s export industry should continue to be highly dependent and relying on the trade with United States.
II. Rationale of the Study
An economic recession, as defined by the National Bureau of Economic Research (NBER), ‘is a period between a peak and a trough’. In a recession, the economy would experience a considerable decline in the economic activity which may occur for a number of months or more than a year. This decline may be visible through the economy’s real GDP, real income, employment and more other factors.
In the year 2008, a global financial and
Submitted by:
Sebastian, Marajella P.
Sioson, Mary Raya Christine P.
Title: An analysis of the Philippine export industry during the 2008 US recession.
I. Research Question The Philippines have always been closely associated with the United States. Our country was once conquered and eventually gained independence on July 4, 1946 - this independence led to the establishing of a formal diplomatic relation with the United States. Agreements such as the bilateral trade and investment cooperation, continues to serve as a dynamic dimension of the Philippines-US partnership and both countries meet frequently under the support of a Trade and Investment Framework Agreement (TIFA) that was signed in November 1989. In 2010, the customs administration and trade facilitation agreement between the United States and the Philippines was signed during the Asia-Pacific Economic Cooperation forum in Honolulu, Hawaii, demonstrating our countries’ commitment to improving our trade relationship. A proof that the Philippines and the US bond is continuous and unbreakable despite the US recession in 2008. In this paper, we would like to analyse the significant effects of the US recession towards the export industry of the Philippines in the year 2008. This is to determine if there is a significant connection brought by the US crisis to the downward Philippine economy and whether the Philippine’s export industry should continue to be highly dependent and relying on the trade with United States.
II. Rationale of the Study
An economic recession, as defined by the National Bureau of Economic Research (NBER), ‘is a period between a peak and a trough’. In a recession, the economy would experience a considerable decline in the economic activity which may occur for a number of months or more than a year. This decline may be visible through the economy’s real GDP, real income, employment and more other factors.
In the year 2008, a global financial and
References: Asia 's Inflation Will Cause Economic Slowdown. (n.d.). Businesss, Investment, Manufacturing in Asia. Retrieved July 28, 2013, from http://www.business-in-asia.com/asia/inflation_in_asia.html NSCB - Statistics - Foreign Trade Merchandise Export Performance for December 2008. (2009, February 10). National Statistics Office. Retrieved July 20, 2013, from http://www.census.gov.ph/old/data/pressrelease/2009/ex0812tx.html Mingxin, B PH-US Bilateral Relations. (n.d.). Embassy of the Philippines. Retrieved July 20, 2013, from http://www.philippineembassy-usa.org/philippines-dc/embassy-dc/ph-us-bilateral-relations-dc/ Philippines - ECONOMY The Great Recession. (n.d.). State of Working America. Retrieved July 27, 2013, from http://stateofworkingamerica.org/great-recession/ The NBER 's Business Cycle Dating Committee Yap, J., Reyes, C., Cuenca, J. (2009). Impact of the Global Financial and Economic Crisis on the Philippines. Retrieved July 28, 2013 from http://www.unicef.org/socialpolicy/files/Impact_of_the_Global_Finanical_and_Economic_Crisis_on_the_Philippines.pdf