Foreign investment increased. They reduced debt, closed money-losing factories, and agreed to mergers and joint ventures with foreigners.
The Philippines was also hit by the oil price hike effects of the Gulf War. Moreover, the administration also pointed to the CARP as another institutionalized means to address poverty and social development through profit sharing, wealth redistribution, and labor administration.
The daily brownouts that plagued the economy were also addressed through the enactment of policies that placed guaranteed rates. Growth gradually began in the next few years of the administration.
Changes made in have increased tax revenues without hurting growth. The country's banks, hurt badly in the Asian financial crisis, have been slow to recover, but now they are starting to lend again. Because landlords dominated the legislature, no new tax initiatives since midway into the term of Carlos P.