Philippine experience: sustained resiliency In the case of the Philippines, the picture is of sustained resiliency. Compared to other Asian countries, the economic slowdown in the Philippines has been relatively moderate.
In line with these movements, the Reserve Bank raised its Bank rate in five steps from 12 per cent at the end of 1993 to 17 per cent in November 1996;  •  a rise in the rate of inflation became inevitable after the depreciation of the rand in 1996.