In 2017, Philippine armed forces battled an ISIS-Philippines siege in Marawi City, driving DUTERTE to declare martial law in the region. The decades-long Maoist-inspired New People's Army insurgency also operates through much of the country. Manila has waged a decades-long struggle against ethnic Moro insurgencies in the southern Philippines, which has led to a peace accord with the Moro National Liberation Front and ongoing peace talks with the Moro Islamic Liberation Front. The Philippine Government faces threats from several groups, some of which are on the US Government's Foreign Terrorist Organization list. Benigno AQUINO III was elected to a six-year term as president in May 2010 and was succeeded by Rodrigo DUTERTE in May 2016. Her presidency was marred by several corruption allegations but the Philippine economy was one of the few to avoid contraction following the 2008 global financial crisis, expanding each year of her administration. MACAPAGAL-ARROYO was elected to a six-year term as president in May 2004. He was succeeded by his vice-president, Gloria MACAPAGAL-ARROYO, in January 2001 after ESTRADA's stormy impeachment trial on corruption charges broke down and another "people power" movement ("EDSA 2") demanded his resignation. Joseph ESTRADA was elected president in 1998. In 1992, the US closed its last military bases on the islands. His administration was marked by increased stability and by progress on economic reforms. Fidel RAMOS was elected president in 1992. Her presidency was hampered by several coup attempts that prevented a return to full political stability and economic development. A 20-year rule by Ferdinand MARCOS ended in 1986, when a "people power" movement in Manila ("EDSA 1") forced him into exile and installed Corazon AQUINO as president. On 4 July 1946 the Republic of the Philippines attained its independence. In 1942 the islands fell under Japanese occupation during World War II, and US forces and Filipinos fought together during 1944-45 to regain control. Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition. In 1935 the Philippines became a self-governing commonwealth. The Philippine Islands became a Spanish colony during the 16th century they were ceded to the US in 1898 following the Spanish-American War. Since the end of World War II, the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology. Buoyed by victories in World Wars I and II and the end of the Cold War in 1991, the US remains the world's most powerful nation state. The two most traumatic experiences in the nation's history were the Civil War (1861-65), in which a northern Union of states defeated a secessionist Confederacy of 11 southern slave states, and the Great Depression of the 1930s, an economic downturn during which about a quarter of the labor force lost its jobs. During the 19th and 20th centuries, 37 new states were added to the original 13 as the nation expanded across the North American continent and acquired a number of overseas possessions. Index Long term avg=100, SA, Monthly Sep 2023īritain's American colonies broke with the mother country in 1776 and were recognized as the new nation of the United States of America following the Treaty of Paris in 1783. dollars using the applicable exchange rate without prior notice to you.įor additional information related to Wires and foreign currency wires, please see the Online Access Agreement or applicable service documentation.Mil. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. We may refuse to process any request for a foreign exchange transaction. Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. The applicable exchange rate does not include, and is separate from, any applicable fees. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you.
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