What is the history of fiscal management in the Philippines?

The history of fiscal management in the Philippines has evolved significantly since the Spanish colonial period, where the economy was largely agrarian and centralized. Under American colonization in the early 20th century, the Philippine government adopted more structured fiscal policies, leading to the establishment of a taxation system and government budgeting processes. Post-independence in 1946, the country faced various economic challenges, including debt crises and inflation, prompting reforms in fiscal management. Recent decades have seen efforts to enhance transparency and efficiency in government spending, with the introduction of laws aimed at improving budgetary processes and increasing revenue generation.