The first essay examines the growth of Philippine exports during the period when the Philippines emerged as an export oriented colonial economy (i.e., 1873-1938), focusing in particular on the demand and supply factors that influenced growth. The analysis indicates that the pace and pattern of the export growth was shaped, on the one hand, by the economic expansion abroad, the demand price competitiveness of Philippine exports, and the U.S.-Philippine tariff relationship, and on the other hand, by the extent of government structural support, the locational specificity in the production of the export crops, and the opportunities for improvements in production techniques.

The second essay surveys the balance of payments experience of the Philippines over the past century. Specifically, it examines the balance of payments as a focus of government policy and the payments adjustment during the silver standard period, the gold exchange standard period, the Bretton Woods period, and the managed floating period. The essay brings out that the payments policy and adjustment was heavily influenced by the dictates of the prevailing international payments system, by major exogenous (mainly international) events, and by domestic concerns and policy constraints arising from political and/or institutional factors.

The third essay brings three empirical exchange rate models to bear on an analysis of the Philippine exchange rate experience during the 1970s. The analyses show significant deviations from PPP and indicate that dissimilarity in the time series properties of the short run exchange rates and prices provides a basis for the deviations. The analyses further indicate that the monetary approach does not adequately explain the Philippine exchange rate experience during the 1970s; and, finally, that the cumulative sum of the deviations of the current account balance from the "sustainable" balance explains well the movement of the real exchange rate.