Fidel Ramos Essay

Fidel V. Ramos, the 12th President of the Philippines (1992–1998), is remembered for steadfastly promoting the principles of people empowerment and global competitiveness. He quickly led the nation out of darkness in 1993, putting an end to the power crisis that crippled Filipino homes and industries for two years. He pursued, focused and converged programs to fight poverty in accordance with the will of the Filipino people expressed by 229 structural/reform laws enacted by Congress during his term. The Philippine economy recovered dramatically during the years 1993-1997. Ramos vigorously implemented a comprehensive Social Reform Agenda (SRA) that addressed the long-standing problem of poverty: jobs and livelihood, health, education and skills training, housing, environmental protection, children and the youth, the elderly and the handicapped, agrarian reform, and access to equal opportunity. Gross National Product averaged 5 percent annually. Average income of the Filipino family grew more during his administration than in the preceding two decades. He pushed for the deregulation of key industries and the liberalization of theeconomy. He encouraged the privatization of public entities, to include the modernization of public infrastructure through an expanded Build-Operate-Transfer (BOT) law. While communist insurgency dwindled to historic lows, he achieved a peace agreement with military rebels and the secessionist Moro National Liberation Front (MNLF) for which he won for the Philippines the coveted 1997 UNESCO Peace Award—the first for Asians. FVR is known as the â€Å"Centennial† President, having planned and supervised the 100th Anniversary of the country’s Declaration of Independence from Spain on 12 June 1998. Economy Overview President Fidel Ramos embarked on an ambitious development plan dubbed â€Å"Philippines 2000. † Under the plan, several industries critical to economic development were privatized, such as electricity, telecommunications, banking, domestic shipping, and oil. Thetaxation system was reformed, and external debt was brought to more anageable levels by debt restructuring and sensible fiscal management. By 1996, GNP was growing at a rate of 7. 2 percent and GDP at 5. 2 percent. The annual inflation rate had dropped to 5. 9 percent from its high of 9. 1 percent in 1995. By the late 1990s, the Philippines’ economic growth gained favorable comparisons with other Asian countries such as Taiwan, Thailand, South Korea, and Malaysia. The Philippine economy took a sharp downturn during the Asian financial crisis of 1997. Its fiscal deficit in 1998 reached P49. 981 billion from a surplus of P1. 564 billion in 1997. The peso depreciated (fell in value) to P40. 89 per U. S. dollar from its previous rate of P29. 47 to a dollar. The annual growth rate of the GNP fell to 0. 1 percent in 1998 from 5. 3 percent in 1997. Despite these setbacks, the Philippine economy fared better than that of some of its Asian neighbors, and other nations praised the Ramos administration for its â€Å"good housekeeping. † Philippines 2000 During his administration, Ramos began implementing economic reforms intended to open up the once-closed national economy, encourage private enterprise, invite more foreign and domestic investment, and reduce corruption. Ramos was also known as the most-traveled Philippine President compared to his predecessors with numerous foreign trips abroad, generating about US$ 20 billion worth of foreign investments to the Philippines. To ensure a positive financial outlook on the Philippines, Ramos led the 4th Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit in the Philippines on November 1996. He also instituted reforms in the tax system which includes a forced increase on VAT (E-VAT law) from 4% to 10% mandated by World Bank and the International Monetary Fund. Under his administration, the Philippines enjoyed economic growth and stability. His visions of ‘Philippines 2000’ led the country into a newly industrialized country in the world and the â€Å"Tiger Cub Economy in Asia†. Philippines 2000 Five-Point Program: * Peace and Stability * Economic Growth and Sustainable Development * Energy and Power Generation * Environmental Protection * Streamlined Bureaucracy