Dollar Many Asian economies had pegged their currencies to the U. New products are introduced and old ones undergo quality improvements that cannot be measured. On the other hand, the boom in real estate in the Philippines was basically due to real demand although by the middle of , there were signs of the beginning of a bubble at the high-end residential market. Compared to the others, most of the loans in the Philippine banks were made to the more productive sectors of the economy such as manufacturing. Even Singapore experienced a slowdown, growing only 1. Additionally, there were many veteran bankers who experienced the turmoil of the s, which made them more prudent both in their borrowings as wellas lendings.
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