They saw their currency exchange rates, stock markets, and prices of other assets all plunge. Soros is a strong candidate for south-east Asia’s most unpopular man after being widely blamed for crashing the Thai and Malaysian economies in 1997 and sparking the Asian financial crisis through ruthless currency speculation. This was … the Philippines lagged behind that of its Asian neighbors, earning the country such sobriquets as "the Sick Man of Asia" and "the Latin American of Asia." Effects of the Asian Financial Crisis. Following the Asian financial crisis of 1997-98, the country saw 21 consecutive years of GDP growth. Let us recall again how the Asian financial crisis started 20 years ago in July 1997, and how it produced a domino effect on Asian countries. Even two years after it ended, anxiety still loomed over global financial markets. The countries that were most severely affected by the Asian Financial Crisis included Indonesia, Thailand, Malaysia, South Korea, and the Philippines. Economic projections had the Philippines … During the Asian financial crisis, however, the sick man proved more resili-ent than his neighbors. The financial contagion that affected Asian countries from mid-1997 also hit Malaysia and the Philippines, but their experiences were somewhat different from other countries. The Asian Financial Crisis in the Philippines During the time of the Asian Financial Crisis the Philippines did not only face the Asian financial crisis, but also an episode of El Nino which brought severe drought in the region. Causing a depreciation of the peso 37.20/$ from 27.4 /$. It began to raise many fears around the idea of an international economic crisis. In 1997 the Asian Financial Crisis took place. The Philippines has long been regarded as the weak sister of Asia, but in the Asian financial crisis it performed relatively well. This has been attributed to the strengthening of its banking system (due to the 1997 Asian financial crisis), the continuing flow of OFW remittances from other countries, the pump-priming by the current government through construction works and the increasing number of outsourcing jobs obtained by Filipinos from foreign countries. (READ: FAST FACTS: Rice prices in the Philippines ) The GDPs of the affected countries even fell by double digits. The Asian financial crisis that was triggered in July 1997 was a shocker. President Duterte hasn’t forgiven the globalist financier. Increases in rice prices were also felt during this time, brought about by the looming Asian financial crisis and El Niño. It was a period of instability in the Asian world which adversely affected a few major countries that had recently enjoyed economic progress. 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