Glossary -- Philippines

barangay: Malay term for boat; also came to be used for the communal settlements established by migrants who came from the Indonesian archipelago and elsewhere. The term replaces the word barrio, formerly used to identify the lowest political subdivision in the Philippines.
Brady Plan: A plan proposed by United States Treasury secretary Nicholas Brady for lending by the International Monetary Fund (q.v.), World Bank (q.v.), and creditor governments to finance debtor country purchase of their foreign- currency debt at the discounted prices at which the debt instruments were trading in secondary markets.
colorums: Folk Christian religious communities derived from the 1839-41 Cofradía de San José movement, which spread through the islands thereafter and were the focus of resistance to American rule in the early twentieth century. Term derived from the phrase per omnia saecula saeculorum (world without end), which Roman Catholic priests used to close their Latin prayers.
Cominform (Communist Information Bureau): An international organization of communist parties, founded and controlled by the Soviet Union in 1947 and dissolved in 1956. The Cominform published propaganda touting international communist solidarity but was primarily a tool of Soviet foreign policy.
crony: A term used to describe an individual who was able to exploit connections with former President Marcos to gain wealth and economic position.
current account: Exports and imports of goods and services, net factor income from abroad, and unilateral transfers (gifts and foreign aid).
EDSA Revolution: The February 1986 uprising, also called People's Power(q.v.) , that ousted President Ferdinard E. Marcos. EDSA stands for Epifanio de los Santos, a ring road around Manila that was the site of confrontation between pro-Marcos and anti- Marcos forces.
exclusive economic zone (EEZ): A wide belt of sea and seabed adjacent to the national boundaries where the state claims preferential fishing rights and control over the exploitation of mineral and other natural resources. Boundary disagreements with neighboring states sometimes prevent the extension of the EEZ to the full limits claimed. The Philippines claims a 200-nautical mile EEZ, now considered the international standard.
fiscal year (FY): Calendar year.
gross domestic product (GDP): A value measure of the flow of domestic goods and services produced by an economy over a period of time, such as a year. Only output values of goods for final consumption and investment are included because the values of primary and intermediate production are assumed to be included in final prices. GDP is sometimes aggregated and shown at market prices, meaning that indirect taxes and subsidies are included; when these have been eliminated, the result is GDP at factor cost. The word gross indicates that deductions for depreciation of physical assets have not been made. See also gross national product.
gross national product (GNP): Gross domestic product (q.v.) plus the net income or loss stemming from transactions with foreign countries. GNP is the broadest measurement of the output of goods and services of an economy. It can be calculated at market prices, which include indirect taxes and subsidies. Because indirect taxes and subsidies are only transfer payments, GNP is often calculated at factor cost by removing indirect taxes and subsidies.
Huks, or Huk: Short form of Hukbalahap, itself the abbreviated form of the Tagalog name for the guerrilla force established in 1942, known as the People's Anti-Japanese Army (Hukbong Bayan Laban sa Hapon). In 1946 renamed the People's Liberation Army (Hukbong Mapagpalaya ng Bayan).
ilustrados: Literally, enlightened ones, the Philippine elite during the Spanish colonial period.
International Monetary Fund (IMF): Established along with the World Bank (q.v.) in 1945, the IMF is a specialized agency affiliated with the United Nations and is responsible for stabilizing international exchange loans to its members (including industrialized and developing countries) when they experience balance of payments difficulties. These loans frequently carry conditions that require substantial internal economic adjustments by the recipients, most of which are developing countries.
liberation theology: An activist movement led by Roman Catholic clergy who trace their inspiration to Vatican Council II (1963-65), where some church views were liberalized, and the Second Latin American Bishops' Conference in Medellín, Colombia (1968), which endorsed greater direct efforts to improve the lot of the poor. Advocates of liberation theology have introduced a radical interpretation of the Bible, one that employs Marxist terminology to analyze and condemn the wide disparities between the wealthy elite and the impoverished masses in most underdeveloped countries. This reflection often leads advocates to organize to improve living standards through cooperatives and civic improvement projects.
mestizos: The offspring of Filipino and non-Filipino marriages; includes those of Spanish-Filipino parentage (Spanish mestizos) and Chinese-Filipino parentage (Chinese mestizos).
Metro Manila: Metropolitan Manila; also called the National Capital Region. Includes the cities of Manila, Pasay, Caloocan, and Quezon City and several other major population centers.
Moro: Spanish word for Moor; name given by Spanish to Muslim Filipinos and still used. Moros mostly inhabit southern and eastern Mindanao, the Sulu Archipelago, and Palawan and have not become assimilated into the mainstream of Philippine society.
net domestic product/net national product (NDP/NNP): Gross national product (q.v.) or gross domestic product (q.v.) less capital consumption allowance and indirect taxes or subsidies.
People's Power: The popular uprising that ousted President Ferdinard E. Marcos in February 1986. The movement was best known as People's Power in the United States, but in the Philippines it was also referred to as the EDSA Revolution (q.v.).
peso (P): Philippine currency, which is subdivided into 100 centavos. In December 1991, the official exchange rate was US$1 equals P26.70.
structural adjustment loan: A program loan, often by the World Bank (q.v.), to effect a structural adjustment program to liberalize an economy. Programs involve maintaining a flexible exchange rate, lowering tariffs, removing quantitative restrictions on international trade, and relaxing price and other market controls.
Sunni (from sunna, orthodox)): A member of the larger of the two great divisions of Islam.
Tagalog: Large ethnolinguistic group indigenous to central and southern Luzon, particularly around Manila. The Tagalog language is the basis for Pilipino, the national language of the Philippines.
terms of trade: The average price of exports divided by the average price of imports; the quantity of imports that can be purchased per unit of exports.
value added: Price of output less purchased inputs; valuation of contribution by enterprise to the product; sum of wages, interest, rent, and profit.
World Bank: Informal name used to designate a group of three affiliated international institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Finance Corporation (IFC). The IBRD, established in 1945, has the primary purpose of providing loans to developing countries for productive projects. The IDA, a legally separate loan fund but administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest developing countries on much easier terms than those of conventional IBRD loans. The IFC, founded in 1956, supplements the activities of the IBRD through loans and assistance designed specifically to encourage the growth of productive private enterprises in the less developed countries. The president and certain senior officers of the IBRD hold the same positions in the IFC. The three institutions are owned by the governments of the countries that subscribe their capital. To participate in the World Bank group, member states must first belong to the International Monetary Fund (IMF--q.v.).