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The 1962 Decontrol Program marked a significant shift in Philippine economic policy from protectionism to free trade, supported by the U.S. and IMF, which led to the removal of exchange controls and the devaluation of the peso. This policy change weakened local industries, increased reliance on foreign imports, and resulted in a substantial rise in foreign debt. Ultimately, the program favored foreign investors while leaving the Philippine economy vulnerable and in a state of crisis by 1965.

Author

jeneviedelunaparagoso

Language

EN