How did the Philippine government try to keep the economy stable during the 2008 Global Financial Crisis?
Answer (1)
During the 2008 Global Financial Crisis, the Philippine government responded with a mix of public spending and smart economic policies. It launched infrastructure projects to create jobs and continued supporting basic services like education and health care. The Bangko Sentral ng Pilipinas also lowered interest rates to make loans cheaper, which helped businesses keep operating and encouraged consumer spending. These steps, along with strong remittances from OFWs, helped keep the economy from falling into recession.
