US in 1898 following 80 20 rule forex peace Spanish-American War. In 1935 the Philippines became a self-governing commonwealth.
Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition. 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. 2008 as a result of the world financial crisis. High government spending has contributed to the growth, but a resilient service sector and large remittances from the millions of Filipinos who work abroad have played an increasingly important role. President MACAPAGAL-ARROYO took office in 2001.