philippine economic growth rates from 1984 to 2009 and clearly show the boom-and-bust cycles triggered by the brutal assassination of former senator aquino in 1983 the military coup attempt of december 1989 the power blackouts of 1991-1992 and the asian financial crisis in 1997. each crisis forced GDP growth into negative territory and significantly reduced the PCI for a fast-growing population
however, the two shocks to the economy of the more recent decade, EDSA 2 in early 2001 - a setback caused by external financial instability - were cushioned by rising inflows of remittances from the fast growing diaspora of filipinos seeking income opportunities abroad. remittances were 8.5% of GDP in 2001 and reached 10.8% of GDP in 2009. while GDP growth did not become negative, PCI growth slowed after EDSA 2 in 2001 and also 2008-2009 following the global financial crisis