The rapid economic expansion experienced by the ASEAN region has been dampened by the onset of economic crisis. In the Philippines, the crisis has been aggravated by the problems of El Niņo and La Niņa. This paper looks into the environmental impacts of economic cycles and the current economic crisis through a brief theoretical and empirical review on the Philippine data. While the paper depends on the meager data available, this paper hopes to aid future discussion of policies for environmental management.