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This was a result of the Asian financial crisis, which caught up with the Philippines in 1998.
After expanding 5.2 percent in 1997, the country's GDP backpedaled by 0.5 percent in 1998.
It grew by only 3.4 percent in 1999 and 4 percent in 2000.
With a high population growth rate of 2.3 percent annually, economic growth in 19 did little to improve the real per capita income of Filipinos. US Dollar According to Senator Ralph Recto, the country's per capita income has barely grown in the past 21 years.
He said that the per capita income of P12,913 in 2001 is only P318 higher than P12,595 in 1980.
"In today's pesos, the P318 increase in 21 years amounts to nothing at all." he said.
Senator Recto also noted that the value of the peso has depreciated by as much as 1,373 percent against the dollar since 1960.
The Poor and the Rich In its 2000 survey of family income and expenditure, the NSO said that the average income of the population's 10th decile, representing the richest 10 percent of the Filipinos, was 14 times higher than the average earnings of the first decile, representing the poorest 10 percent.
Each decile was representing about 8 million Filipinos.