The Philippine economy recovered dramatically in 1993-97. Mr Ramos has put in place a comprehensive social reform programme (SRA) that addresses the long-standing problem of poverty: employment and livelihoods, health, training and skills training, housing, environmental protection, children and young people, the elderly and people with disabilities, land reform and access to equal opportunities. The country`s gross national product (GNP) averaged 5% per year. The average income of the Filipino family has increased during his tenure compared to the previous two decades. He stressed the deregulation of key industries and the liberalization of the economy. He suggested the privatization of public institutions to include the modernization of public infrastructure through an expanded Construction, Exploitation and Transfer Act (BOT). While the communist insurgency was shrinking to historic lows, it secured a peace agreement with military rebels and the Moro Secessionist National Liberation Front (MNLF), for which it won in 1997 for the Philippines the coveted UNESCO Peace Prize – the first for Asians. The FVR is known as The Centennial President after planning and overseeing the centenary of the Spanish country`s declaration of independence on 12 June 1998. When Ramos was elected in May 1992, the Philippines experienced widespread rotating power outages, known as Brownouts, for nearly a year; This suddenly occurred when the growing demand from customers exceeded the supply of reliable electricity, mainly supplied by the State of Napocor. It was due to the age and condition of existing power plants, as well as the long-term lack of continued investment in the energy sector. In his State of the Union address on 27 July 1992, he called on Congress to enact legislation that would create an energy ministry for the planning and management of the Philippine energy sector. Not only did Congress create the Department of Energy, but it also gave the president special emergency powers to resolve the power crisis. With these powers, Ramos granted licenses to independent electricity producers (PPIs) for the supply of additional power plants within 24 months.
Ramos` procurement contracts guaranteeing the government that it would purchase the service produced under the contract; contract prices are set in the United States.