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Philippines IT & BPO Services Executive Report 2008
III. ECONOMIC ENVIRONMENT The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by its high level of annual remittances from overseas workers, no sustained runup in asset prices, and more moderate debt, prior to the crisis. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns.
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