The Political Economy of Policy Reform in the Philippines: 1992-1998

From 1992 to 1998, the Philippines saw a period of sweeping policy reforms when 273 economic, social and political legislations were adopted. When and why do policy reforms happen and what explains the scope, pace and sequencing of their implementation? My analytic narrative differs from the literature in its emphasis on: (1) the attributes of the players, particularly the role of leadership; (2) the attributes of the policy; and (3) the political rules of the game, including electoral cycles, tenure limits, veto rules and “turncoatism.”Political economy, macroeconomic policy reform, Philippines,