The only known historical example of price-level targeting occurred in Sweden from 1931 to 1933 when the country abandoned the gold standard and attempted instead to maintain its price level. The temporary adoption of price-level targeting is credited with helping Sweden avoid deflation, an outcome that contrasted with that in countries that stayed on the gold standard. See Berg and Jonung (1999).
We’ve come a long way from that dismal assessment. A recent assessment confirm that the Philippine Economy can sustain a long-term growth of 6.5%. We have deregulated the oil industry, liberalized the power sector, privatized the water services, and acceded to the World Trade Organization.