Explain and elaborate the sentence below about the Philippine Financial Crisis:

The 2008 Global Financial Crisis (GFC) caused the collapse of large financial institutions around the world; and contributed to the failure of various businesses that led to significant downturns in economic activities. This study assesses the impact of the financial crisis on the Philippine export sector. Since the Philippines is one of the developing countries that are dependent on import and export commodities, the country is greatly affected from the international trade and global financial crisis.