As part of the Micro Impacts of Macroeconomic Adjustment Policies project, this study focuses on the manufacturing component of the industrial sector. Specifically, the paper highlights the sector’s export component. It traces the macro adjustment policies and the institutional reforms from 1986 to 1992. Utilizing the Cebu export and subcontracting model, a sectoral analysis of the industrial and informal export manufacturing is performed. Results indicate that reforms on the sector under Aquino administration are virtually the same as that of the Marcos government. It then recommends the continuous dialogue between the government and the private sector