The economic theory of English economist John Maynard Keynes, which argues that a fall in national income, lack of demand for goods, and rising unemployment should be countered by increased government expenditure to stimulate the economy. It is opposed by monetarists (see monetarism).
Blue expresses patriotism and noble ideas. Red denotes bravery. White symbolizes peace and purity. The stars stand for the three island groups: Luzon, the Visayan, and Mindanao. Effective date: 25 March 1936.