Emilio Aguinaldo (1899-1901)

(March 22, 1869 - February 6, 1964)

Under Emilio Aguinaldo's leadership as the first President of the Philippines, witnessed an economy facing
significant challenges and uncertainties due to the ongoing struggle for independence from Spanish and later
American colonial rule. The economy was predominantly agrarian, with most Filipinos engaged in farming,
cultivating staple crops like rice and corn, and cash crops such as sugar, tobacco, and abaca (hemp). However,
these sectors were still recovering from the long years of Spanish colonization and the subsequent revolution.
Industrialization was minimal, limited to small-scale industries like weaving and boat building, which were
insufficient to drive significant economic growth. The Philippine-American War severely disrupted economic
activities, with abandoned farms and destroyed infrastructure leading to a decline in agricultural productivity
and a scarcity of goods. Trade routes were disrupted, reducing your ability to export agricultural products and
import necessary goods, resulting in shortages and economic instability. Establishing a stable currency and
financial system was challenging, as the use of various currencies, including the Spanish peso, American dollar,
and local currencies, created confusion in trade and transactions.

Despite these challenges, efforts were made to stabilize and improve the economy. It sought to implement land
reforms to distribute agricultural land more equitably among farmers, hoping to boost productivity and support
rural communities. Limited efforts were made to repair and improve infrastructure, such as roads and irrigation
systems, to support agricultural production and internal trade. There was an emphasis on promoting local
industries to reduce dependence on imports and stimulate economic growth, though progress was slow due to
the war. The administration laid the groundwork for future economic development, emphasizing the importance
of agricultural productivity and the beginnings of industrialization. However, the ongoing conflict and eventual
American occupation meant that many of your economic initiatives were left unfinished or disrupted. The
economic landscape during the presidency was marked by significant challenges stemming from conflict and
colonial legacies. The efforts to stabilize and grow the economy faced numerous obstacles, but they set the
stage for future leaders to build upon once peace and stability were restored.

Insights on this administration

During Emilio Aguinaldo's administration it dealt with major economic problems because of the ongoing wars
and past colonial rule. The economy was mainly based on farming, but many farms and trade routes were
disrupted by the conflict. Efforts to improve the economy, like land reforms and promoting local industries,
were slowed down by the fighting. Despite these difficulties, his administration set important foundations for
future growth. Aguinaldo's leadership showed determination to improve the country even in tough times.

Agricultural Production

Rice Production (1898): Estimated around 1.5 million metric tons (severe disruptions due to war).
Sugar Production (1898): Estimated at 200,000 metric tons (decline due to disrupted plantations).

Trade Balance

Exports (1898): Estimated at around $10 million (sugar, tobacco, abaca).

Imports (1898): Estimated at around $8 million (manufactured goods, machinery).

Inflation and Prices

Inflation Rate: Likely very high, possibly over 20% annually, due to scarcity of goods and disruption of supply
chains.
Price of Rice (per cavan, 1898): Approximately PHP 10 (highly volatile)

Employment and Labor Force

Agricultural Employment: Over 70% of the labor force.

Unemployment Rate: Likely high, though exact figures are unavailable due to displacement and war impacts.

Public Finances

Government Revenue (1898): Estimated at PHP 2 million (low due to disrupted tax collection).
Government Expenditure (1898): Estimated at PHP 3 million (primarily military expenses).

Infrastructure

Estimated Infrastructure Spending (1898-1901): Minimal, possibly less than PHP 500,000 annually due to focus
on war efforts.
Manuel Luis Quezón y Molina (1935-1944)
(August 19, 1878 - August 1, 1944)

During Manuel L. Quezon's administration, the Philippine economy remained predominantly agrarian, with
significant emphasis on crops like rice, corn, sugar, and abaca. Efforts to modernize agriculture and promote
industrialization were initiated, though industrial growth was still in its early stages. Quezon established the
National Economic Council to formulate economic policies and supported local industries to reduce
dependency on imports. Infrastructure development was a key focus, with investments in roads, bridges, ports,
and public buildings. However, the economy faced challenges from the global Great Depression, which reduced
export demand and lowered commodity prices. The outbreak of World War II and the subsequent Japanese
occupation severely disrupted economic activities, leading to widespread destruction and economic hardship.
Despite these challenges, Quezon's administration laid important foundations for future economic growth and
development.

Insights on this administration

Manuel L. Quezon's impact was truly remarkable. He revolutionized farming and infrastructure, making trade
easier and boosting local industries. His dedication to promoting Philippine exports and improving the lives of
ordinary citizens was inspiring. Quezon's vision wasn't just about economic growth; it was about empowering
the nation to stand tall on its own.

GDP:
Estimated to be around $1.5 to $2 billion (USD) during the late 1930s to early 1940s.

GDP PER CAPITA:

Roughly $50 to $100 (USD) per capita annually.

GNP:
Around $2 to $2.5 billion (USD).

EXPORTS:
Approximately $100 to $150 million (USD) annually, consisting mainly of agricultural products such as
sugar, coconut, and tobacco.

IMPORTS:
Estimated to be around $100 to $200 million (USD)

UNEPLOYMENT RATE:
It might have ranged from 10% to 15% during the 1930s due to the Great Depression's lingering effects.

INFLATION RATE AND CPI:

Inflation Rate and CPI (Consumer Price Index): Inflation was relatively low during this period, possibly
ranging from 1% to 3% annually, but data on CPI may not be readily available.

LABOR FORCE PARTICIPATION RATE:

Approximately 50% to 60%, with a large portion engaged in agricultural activities.

José Paciano Laurel García (1943-1945)

(March 9, 1891 - November 6, 1959)

During Jose P. Laurel's presidency, which spanned from 1943 to 1945 during the Japanese occupation of the
Philippines, the Philippine economy faced significant challenges. The country experienced economic turmoil
due to the disruptions caused by World War II. Under Japanese control, the economy was heavily regulated,
with resources directed towards supporting the Japanese war effort. Agricultural production suffered, leading to
food shortages and inflation. The occupation severely impacted trade, as the Philippines became isolated from
its traditional markets. Additionally, labor conditions deteriorated, with many Filipinos forced into labor for the
Japanese war machine. Overall, the economy struggled amidst wartime conditions, and recovery efforts were
hampered by the destruction and devastation wrought by the war.

Insights on this administration

Jose P. Laurel's time as president happened during a very tough period - when the Japanese occupied the
Philippines in World War II. Some say he tried to do what he could to help Filipinos under such hard
conditions. But others criticize him for working closely with the Japanese. It's a complicated part of Philippine
history, showing how leaders sometimes have to make tough choices in very difficult times.
Sergio Osmeña, Sr. (1944-1946)
(September 9, 1878- October 19, 1961)

During Sergio Osmena's presidency from 1944 to 1946, the Philippine economy was still reeling from the
effects of World War II and the Japanese occupation. Osmena's administration focused on reconstruction
efforts, aiming to rebuild infrastructure, revive industries, and stabilize the economy. Despite facing immense
challenges, such as widespread destruction and limited resources, Osmena worked to restore economic stability
and lay the groundwork for post-war recovery. His administration also navigated the process of transitioning the
Philippines to independence, setting the stage for future economic development and nation-building efforts.

Insights on this administration

During Sergio Osmena's presidency after World War II, he faced the big task of rebuilding the country. He
worked on fixing up things like roads and buildings and also paid attention to money matters. Osmena's team
took steps to stabilize the currency and manage the country's finances better. These efforts helped lay the
groundwork for the Philippines to recover from the war's damage and start growing again.

Manuel Acuña Roxas (1946-1948)

(January 1, 1892 - April 15, 1948)

During Manuel Roxas's presidency from 1946 to 1948, the Philippine economy transitioned from post-
war reconstruction to early efforts at nation-building and economic development. Roxas focused on stabilizing
the economy and laying the foundations for growth after the devastation of World War II. His administration
implemented policies to encourage investment, foster industrialization, and promote trade. The Philippines also
saw the resumption of democratic governance and the establishment of institutions aimed at promoting
economic stability and development. However, challenges such as war reparations, inflation, and social unrest
persisted, shaping the economic landscape during Roxas's tenure. Overall, his presidency marked a critical
period of rebuilding and recovery for the Philippines as it sought to emerge from the shadows of war and
establish itself as a sovereign nation.

Insights on this administration

For me, Manuel Roxas's time as president was really important for the Philippines. After World War II, the
country needed to recover and grow. Roxas worked hard to make this happen by stabilizing the economy and
starting projects to create jobs and businesses. Despite facing tough times, his leadership helped the Philippines
move forward and become more independent.

GDP:
Approximately $2 to $3 billion (USD), reflecting the country's recovery efforts after World War II.
GDP PER CAPITA:
Roughly $50 to $100 (USD) per capita annually
GNP:
Possibly around $3 to $4 billion (USD).

EXPORTS AND IMPORTS:

Exports may have been around $200 to $300 million (USD), with primary products including
agricultural goods and raw materials. Imports could have been of a similar magnitude, reflecting the need for
reconstruction materials and consumer goods.

Elpidio Quirino y Rivera (1948-1953)

(November 16, 1890 - February 29, 1956)

During Elpidio Quirino's presidency from 1948 to 1953, the Philippine economy faced various challenges and
opportunities. Quirino's administration inherited the task of continuing the post-war reconstruction efforts
initiated by his predecessor, Manuel Roxas. Under his leadership, the Philippines experienced economic
growth, with a focus on industrialization and infrastructure development. However, the country also grappled
with issues such as inflation, currency devaluation, and social unrest. Despite these challenges, Quirino's
administration implemented policies aimed at promoting economic stability and growth, setting the stage for
future development initiatives in the Philippines.

Insights on this administration

Elpidio Quirino's time as president was marked by both progress and challenges for the Philippines. He
continued the work of rebuilding the country after World War II, focusing on making industries stronger and
building more roads and bridges. However, there were also tough times, like inflation and social issues.
Quirino's leadership moved the Philippines forward, laying down important foundations for its future
development.
GDP: Estimated to be around $3 to $4 billion (USD) annually.

GDP PER CAPITA: Roughly $50 to $100 (USD) per capita annually.

GNP: Similar to GDP, but possibly slightly higher, around $4 to $5 billion (USD).

EXPORTS AND IMPORTS: Exports might have been around $200 to $300 million (USD) annually, while
imports could have been of a similar magnitude.

UNEPLOYMENT RATE:Likely varied, but estimates range from 10% to 15%.

INFLATION RATE: Estimated to be around 5% to 10% annually.

LABOR FORCE PARTICIPATION RATE: Likely increased as economic activities expanded, with
participation rates estimated to be around 50% to 60%.

Ramon del Fierro Magsaysay (1953-1957)

(August 31, 1907 - March 17, 1957)

During Ramon Magsaysay's presidency from 1953 to 1957, the Philippine economy experienced significant
growth and development. Magsaysay focused on fighting corruption, improving governance, and implementing
policies aimed at promoting economic progress and social justice. His administration prioritized agricultural
reforms, aiming to uplift rural communities and increase food production. Magsaysay also encouraged foreign
investment and industrialization, leading to increased economic activity and job creation. Under his leadership,
the Philippines saw improvements in infrastructure, education, and healthcare, laying the foundation for
continued economic growth and development in the years to come. Magsaysay's presidency is remembered as a
period of optimism and progress for the Philippine economy.

Insights on this administration

Ramon Magsaysay was a great president who cared about regular Filipinos. He fought corruption and made
government more honest. He helped farmers and people in the countryside. Magsaysay gave hope and pride to
the country and still inspires people today.

GDP: Approximately $4 to $5 billion (USD) annually.

GDP PER CAPITA: Roughly $100 to $200 (USD) per capita annually.

GNP: Similar to GDP but possibly slightly higher, around $5 to $6 billion (USD).

EXPORTS AND IMPORTS: Exports may have been around $300 to $400 million (USD) annually, while
imports could have been of a similar magnitude.

UNEPLOYMENT RATE: Roughly 5% to 10%.

INFLATION RATE: Estimated to be around 1% to 5% annually.

LABOR FORCE PARTICIPATION RATE: Likely increased as economic activities expanded, with
participation rates estimated to be around 60% to 70%.

Carlos Polestico Garcia (1957-1961)

(November 4, 1896 - June 14, 1971)

Carlos Garcia's presidency from 1957 to 1961 was characterized by his advocacy for economic nationalism and
self-sufficiency. His "Filipino First Policy" aimed to prioritize Filipino businesses and industries over foreign
counterparts, intending to stimulate local economic growth and reduce dependence on foreign investments.
While this policy garnered support for its nationalist sentiment, it also faced criticism for potentially limiting
foreign investment opportunities vital for economic expansion. Despite these challenges, Garcia's
administration witnessed growth in certain sectors, particularly agriculture and manufacturing, driven by
initiatives such as the "Masagana 99" agricultural program. However, the economy also grappled with persistent
issues like inflation, budget deficits, and social unrest, underscoring the complexities of balancing nationalistic
aspirations with economic development imperatives during Garcia's presidency.

Insights on this administration

Carlos Garcia's presidency focused on boosting Filipino businesses and industries to make the country more
self-sufficient. While this "Filipino First Policy" aimed to promote local growth, it also faced challenges like
inflation and social unrest. His administration saw progress in agriculture and manufacturing, but the economy
struggled with some issues. Overall, Garcia's leadership emphasized nationalism in economic matters but also
grappled with balancing this with the need for foreign investment and economic stability.

GDP: Estimated to have grown moderately, possibly reaching around $5 to $7 billion (USD) annually.

GDP PER CAPITA: Roughly $100 to $200 (USD) per capita annually

GNP: Possibly slightly higher, around $6 to $8 billion (USD).

EXPORTS AND IMPORTS: Exports might have been around $500 to $700 million (USD) annually, while
imports could have been of a similar magnitude.

UNEPLOYMENT RATE: Likely relatively low, possibly around 5% to 7%.

INFLATION RATE: Estimated to be moderate, possibly ranging from 3% to 5% annually.

LABOR FORCE PARTICIPATION RATE: Participation rates estimated to be around 60% to 70%

Diosdado Pangan Macapagal (1961-1965)

(September 28, 1910 - April 21, 1997)

During Diosdado Macapagal's presidency from 1961 to 1965, the Philippine economy faced both opportunities
and challenges. Macapagal pursued policies aimed at promoting social justice and economic development,
including land reform initiatives and infrastructure projects. His administration also implemented the
devaluation of the Philippine peso to boost exports and address trade imbalances. However, the economy
experienced setbacks such as inflation and budget deficits. Macapagal's presidency coincided with a period of
political and social upheaval, including tensions with neighboring countries, which further impacted economic
stability. Despite these challenges, his administration laid the groundwork for future economic reforms and
development initiatives in the Philippines.

Insights on this administration

Diosdado Macapagal's presidency aimed to improve the Philippine economy and help the poor. He introduced
land reforms to give land to farmers and devalued the peso to boost exports. However, his administration faced
problems like rising prices and government debt. There were also political and social issues that made his job
harder. Despite the challenges, Macapagal's efforts laid the groundwork for future economic changes.

GDP : Estimated to be around $6 to $7 billion (USD) annually or 5.15%.

Exports: Approximately $600 to $700 million (USD) annually, with agricultural products being a significant
part.

Imports: Approximately $800 to $900 million (USD) annually, with significant imports of machinery and
equipment.

Unemployment Rate: Estimated to be around 7% to 10%.

GDP per Capita: Roughly $150 to $200 (USD) annually.

Employment Rate: Estimated to be around 90% to 93%.

GNP: Similar to GDP, possibly slightly higher, around $7 to $8 billion (USD).

Inflation Rate: Estimated to be around 5% to 7% annually, influenced by currency devaluation and economic
policies.

CPI : the estimated CPI for 1965 would be around 121.55.

Labor Force Participation Rate: Likely around 60% to 70%, influenced by economic conditions and
employment opportunities.

Ferdinand Emmanuel Edralin Marcos (1965-1986)

September 11, 1917 - September 28, 1989)

During Ferdinand Marcos' presidency from 1965 to 1986, the Philippine economy initially experienced growth
and modernization. Marcos invested in infrastructure, agriculture, and industrial projects, which led to
improvements in economic indicators in the early years. However, his later years in power were marked by
widespread corruption, cronyism, and heavy borrowing. The imposition of martial law in 1972 led to human
rights abuses and economic mismanagement. By the 1980s, the economy faced severe downturns, high debt,
and increasing poverty. The economic growth seen in the early Marcos years was overshadowed by the long-
term damage caused by corruption and mismanagement, leading to a significant decline in the country's
economic health by the time he was ousted in 1986.

Under Ferdinand Marcos, the Philippine economy initially grew through infrastructure projects and increased
public spending. Early fiscal policies focused on modernization and development. However, during martial law
(1972-1986), heavy borrowing and widespread corruption led to a debt crisis and economic decline. Fiscal
mismanagement resulted in significant national debt and inefficiency.

Monetary policies aimed at controlling inflation and stabilizing the currency struggled against the backdrop of
fiscal irresponsibility and global economic pressures. By the 1980s, the economy faced high inflation, a debt
crisis, and stagnation, leading to severe economic instability by the end of Marcos' rule.

Insights on this administration

During Ferdinand Marcos' presidency started with economic growth and improvements in infrastructure.
However, during martial law, his government borrowed heavily and was plagued by corruption. This led to high
national debt and economic problems. Inflation rose, and the economy struggled. By the time Marcos was
ousted in 1986, the Philippines faced severe economic instability due to his administration's mismanagement.

GDP : Ranged from $20 to $40 billion (USD) annually.

EXPORTS AND IMPORTS : Exports may have ranged from $1 to $5 billion (USD) annually, while imports
could have been of a similar magnitude.

Unemployment Rate: Estimated to be around 7% to 10%.

GDP per Capita: Roughly $200 to $500 (USD) per capita annually.

Employment Rate: Estimated between 5% to 10%.

GNP: Ranging from $25 to $45 billion (USD).

Inflation Rate: Ranged from 5% to 20% annually.

Labor Force Participation Rate: Likely around 60% to 70%, influenced by economic conditions and
government policies.

María Corazón Sumulong Cojuangco (1986-1992)

(January 25, 1933 - August 1, 2009)

During Corazon Aquino's presidency from 1986 to 1992, the Philippine economy faced significant challenges
and transitions. Aquino inherited a struggling economy burdened by high debt, rampant corruption, and
economic mismanagement from the Marcos regime. In response, she implemented various economic reforms
aimed at restoring democracy, promoting transparency, and revitalizing the economy.

Fiscal Policy: Aquino's fiscal policy focused on restoring fiscal discipline and transparency. She implemented
measures to improve tax collection, streamline government spending, and reduce corruption. Her administration
also prioritized social spending, investing in education, healthcare, and infrastructure to promote long-term
economic development.

Monetary Policy: On the monetary front, Aquino's administration pursued policies to stabilize the currency and
control inflation. The Central Bank of the Philippines implemented measures to manage inflationary pressures
and maintain stability in the financial system. Aquino also encouraged the liberalization of financial markets
and promoted competition in the banking sector to stimulate economic growth.

Insights on this administration

For me, Corazon Aquino's time as president was like a ray of hope after tough times. She faced big problems,
like a struggling economy and lots of corruption. But she was all about honesty and fairness. She worked hard
to fix things, making sure the government was open and welcoming to foreign investors. Even when things got
tough, she showed that with bravery and determination, anyone can make a difference. Aquino's presidency
wasn't just about politics—it was about believing in people and making things better for everyone.

GDP : P2,693 521 M

EXPORTS: P231,515, 000 M

IMPORTS : Approximately 200 billion PHP to 300 billion PHP annually

UNEMPLOYMENT RATE: 9.8%

GDP PER CAPITA: P11, 250

EMPLOYMENT RATE: 90.2 %

GNP: Ranging from around 900 billion PHP to 1.3 trillion PHP annually.

INFLATION RATE: Ranged from 5% to 20% annually.

LABOR FORCE PARTICIPATION RATE: Likely around 60% to 70%, influenced by economic conditions
and government policies.

CPI: Inflation rates may have varied over time, but broadly ranged from 5% to 10% annually. CPI figures
would reflect changes in consumer prices during this period.

Fidel Valdez Ramos (1992 - 1998)

(March 18, 1928 - July 31, 2022)

During Fidel V. Ramos' presidency from 1992 to 1998, the Philippine economy underwent significant
transformations, with key initiatives in both monetary and fiscal policy realms. Ramos pursued expansionary
fiscal policies aimed at stimulating economic growth, prioritizing infrastructure development, deregulation, and
the privatization of state-owned enterprises. These policies were designed to attract foreign investment and
promote private sector participation in the economy. On the monetary front, Ramos' administration focused on
maintaining monetary stability and controlling inflation. The Bangko Sentral ng Pilipinas (Central Bank of the
Philippines) played a crucial role in implementing monetary policy measures to achieve these objectives.
Overall, Ramos' tenure saw a shift towards market-oriented reforms and economic liberalization, setting the
stage for sustained economic growth and stability in the Philippines.

Insights on this administration

His presidency was all about making things better for everyday Filipinos. Ramos focused on building roads,
bridges, and other infrastructure to create jobs and spur economic growth. He also made it easier for businesses
to operate by cutting red tape and encouraging private investment. On the money side, his team worked hard to
keep prices stable so families could afford their daily needs. Overall, Ramos' leadership brought hope and
progress to the country, setting the stage for a brighter future for all.