Wilfrido Cruz and Robert Repetto Natural resource conservation and environmental protection are key components of successful economic development; yet these goals are rarely integrated into macroeconomic policies and structural adjustment programs. This case study of the Philippines economy before and after the onset of the debt crisis is a path-breaking analysis of the linkage between macroeconomic policy and natural resource exploitation. Widespread poverty, massive unemployment, diminishing productivity, and falling export earnings are among the consequences of development strategies that failed to protect the natural resource base on which Philippine economic growth depended. This report analyses the impact of fiscal policies, trade regimes, and other aggregative economic programs that failed to promote investment in natural resource capital and encouraged exploitation of increasingly marginal natural assets. 1992 / 90 pages |
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