| Start | End | Duration (Quarters) | Notes |
|---|---|---|---|
| Oct 01, 1983 | Dec 31, 1985 | 8 | Balance of payments crisis erupted in October 1983 primarily brought by ballooning the external debt which used to finance the infrastructure projects of the Marcos administration, among other factors. |
| Apr 01, 1991 | Sep 30, 1991 | 1 | Another balance of payment crisis caused by the increasing oil prices due to the 1990-1991 Gulf War. The eruption of Mount Pinatubo in June 1991 is also a major factor. |
| Mar 31, 2020 | Mar 31, 2021 | 4 | Covid-19 recession. |