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The Asian financial crisis that was triggered in July 1997 was a shocker. Effects of the Asian Financial Crisis. It was a period of instability in the Asian world which adversely affected a few major countries that had recently enjoyed economic progress. This was … 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. (READ: FAST FACTS: Rice prices in the Philippines ) Following the Asian financial crisis of 1997-98, the country saw 21 consecutive years of GDP growth. The Philippines has long been regarded as the weak sister of Asia, but in the Asian financial crisis it performed relatively well. During the Asian financial crisis, however, the sick man proved more resili-ent than his neighbors. 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." Causing a depreciation of the peso 37.20/$ from 27.4 /$. The countries that were most severely affected by the Asian Financial Crisis included Indonesia, Thailand, Malaysia, South Korea, and the Philippines. 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. 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. It began to raise many fears around the idea of an international economic crisis. Increases in rice prices were also felt during this time, brought about by the looming Asian financial crisis and El Niño. Even two years after it ended, anxiety still loomed over global financial markets. President Duterte hasn’t forgiven the globalist financier. The GDPs of the affected countries even fell by double digits. 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. 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. 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