THE PHILIPPINES AFTER 2000: ECONOMICS AND POLITICS

Abstract

The report is a guide about economics and politics of Philippines at the beginning of the 21 century. In
November 2000, impeachment proceedings began against former action actor Joseph Estrada, elected in May 1998
as president of the Philippines, who was accused of corruption. The impeachment was about to fail, but the people
began the so-called "Second People Power Revolution" and he was forced to resign. On January 20, 2001, Vice
President Gloria Macapagal-Arroyo became the head of the country. She won the presidential elections in 2004 and
remained in power for another six years. In the first decade of the 21st century, the economy developed steadily, at
high rates, second only to China and Vietnam in the region. The global financial crisis of 2008-2009 also had a
negative effect on the economy, but its decline was insignificant compared to that of other ASEAN member
countries. Average annual economic growth in the period 2000-2009 was 4.5%. In the presidential elections held in
May 2010, the liberal Benigno Aquino III, grandson of Benigno Aquino Sr. and only son of former President
Corazon Aquino and slain Senator Benigno Aquino Jr., was elected president. During the administration of Benigno
Aquino III, there were no serious economic shocks, maintaining the sustainable development of the Philippine
economy, with relatively high economic growth. In the presidential election held in May 2016, Rodrigo Duterte was
elected president. Before taking this post, he was the mayor of the largest city on the island of Mindanao - Davao.
Duterte has been repeatedly accused by various human rights organizations, including Amnesty International and
Human Rights Watch for his unofficial support of the extrajudicial killing of criminals by the Davao Death Squad.
In his foreign policy, Duterte seeks to reduce the country's dependence on its traditional ally the United States and
improve relations with China. The average annual economic growth in the period 2010-2019 is 6.4%. In the
presidential election held in May 2022, Ferdinand Marcos Jr., known as Bongbong Marcos, who is the son of
President Ferdinand Marcos Sr., who ruled from late 1969 to early 1986, was elected.