Volume HI, No. 6
NOVEMBER - DECEMBER 1985
ISSN 0115-9097
PHILIPPINE FOREIGN TRADE: STRUCTURE AND CHANGE Introduction Editor's Note: Historically, the structure of Philippine trade has not changed substantially in terms of products and markets. In fact, up to the i970s, _he Philippines, along with the other ASlfAN countries, concentrated their trading efforts towards the American, Japanese, and the European Economic Community markets. The share of a relatively "new" partner- Australiain the total volume of ASEAN trade was very small ranging from two to three percent (Tongzon, 1984). According to a study clone by Tongzon in 1984 on "Australia - ASEAN Preferential Trade: Its Problems and Prospects," the concentration of trade markets is understandable given the sizes of"the industrialized countries, the phenomenal growth of Japan and the importance given to these economies as a market for the primary exports of the ASEAN countries who have earlier precluded preferential trading agreements with said countries, Recent developments in the international scene, however, have necessitated a shift in policy orientation. Our guest writer, Dr. Florian Alburo, Associate Professor at the School of"Economics, University of the Philippines, has noted that events in international trade had meant, for the Philippines, changes in the composition of exports as well as in market destinations. It is fortunate that the trading efforts of the country had resulted in greater export revenues, as there was a marked increase in the volume of non-tradil_onal exports and services, especially to the Middle East. Still, certain problems with the balance of payments wouM require even more ingenuous ways of increasing foreign exchange reserves. The moves to set up trade arrangements with other countries outside of the ASEAN region, particularly with Australia, have been most welcome. Gathered from the same study cited above, it is well that the Philippines recognizes that more access to profitable markets, such as the Australian market, isan essential element in the export-oriented industrialization policy and export market diversification program of the government, On another matter, we wouM like to announce that the next listing of policyoriented studies on the Philippine economy, which we started in our September October 1985issue, would appear in the May-June 1986 issue of the DRA_.
The structure of Philippine foreign trade is characterized as one where the composition of products traded and their destination or sources have remained fairly stable during the period after independence. For instance, the top ten principal exports the country has been relying on for foreign exchange have not changed much between 1950 and the early 1970s. Moreover, the importance of the US market has not diminished since early independence. '" . . Whichever of the train of shocks we look at - the multiple increase in the price of'oil and a succeeding second wave, worm recession, debt problem and worm inflation - almost all trading countries were significantly affected to have triggered changes in their economic structures. " Yet there have been profound changes in worl4 trade since then. indeed, several shocks occurred in the decade of the seventies which left many economies in disarray. While most may have recovered, some continue to suffer from a failure to
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adjust to new world trade conditions. For those which recovered, the shocks signailed a new environment to their foreign trade sectors. Thus whichever of the train of shocks we look at - the multiple increase in the price of off and a succeeding second wave, world recession, debt problem, and world inflation - almost all trading countries were significantly affected to have triggered changes in their economicstructures,
exports and their changes in the mix over time. By bias, we mean the relative iraportance of agriculture and manufactures to the structure, The ten principal exports of the Philippines accounted for 75 to 85 percent of total exports between 1950 and 1970. This ratio fell dramatically between 1970 and 1980 to a 1983 ratio of 34.6 percent, This decline was consistent during the decade,
the larger share of non-traditional mantll factured exports, two or three product groups (electronics, garments, handicrafts) accounted for 64 percent of the total. Another dimension revealed from the studies is that the services exports account has expanded significantly during the seventies. In terms of the trading of services (e.g. freight and insurance, travel, investment income, etc.) the receipts increased from US$639 million in 1973
The Philippines was not spared from the onus of these shocks; What happened to the structure of Philippine foreign trade in the course of changes in world trade behavior? Were the past patterns disrupted? Did the traditional stability remain or were new bilateral economic transactions forged during this period? Suitable answers to these questions can not be addressed in this short note, Fortunately, however, several papers pertainhag to the structure of, and Change in, Philippine foreign trade have recently been written which are partly relevant to these queries. A review of them will more than give us a perspective of Philippine foreign trade. The next section outlines some of the measures that have been used to depict the structure of Philippine foreign trade and its changes. A third section attempts to review the various explanations advanced that seem to underline the changes taking place. Finally, a summary of the policy implications is
On the other hand, the shares of the traditional products to total exports experienced similar declines. For example, the share of coconut products fell from 18.5 percent in 1970 (with a higher ratio during the 1974-75 commodity boom) to 14 percent in 1980; sugar from 17.2 percent to 11.4 percent; forest products from 26.4 percent to 8.1 percent (principally due to export taxes, log export ban and diversion of open exports to smuggling); mineral products from 19.6 percent to 17.8 percent. In the same vein, fruits and vegetables (principally pine. apples and bananas) increased from 3.1 percent to 6.3 percent. Conversely, the share of non-traditional manufactured exports to the total., which stood at 8.3 percent in 1970, accelerated to 36..4 percent in 1980and 49 percent in 1982. Theseproducts include electrical and electronic components, garments, handicrafts, furniture, footwear, wood manufactures (excluding
to US$1:09 billion in 1978, although one must net out the increase in service payments as well. What is more dramatic has been the amount of foreign income generated from the overseas employment of Filipinos as contract workers. This has been from US$49.5 million in 1975 to US$1.4 billion in 1980. The extent of this shift in the services account of foreign trade is muffled by the increasing outflow or payments. In patticular, as external debt mounted in the seventies, substantial outflows have been recorded to remit payments for interest and principal. The proportion of agricultural to total exports has been declining over the years since 19551 And in 1980, this proportion fell to 48 percent from a steady 68 percent in 1970 and a high of 92 percent in 1960. The clearly agricultural bias of exports canl be gleaned from the components of the ten principal exports.
given,
plywood, veneer and lumber) and 8 other product groups. What is notable from this
"... There was a notable change in the structure of exports during the seventies from their previous patterns. Moreover, the changes appeared to have been consistent... "
development is that many of these products had insignificant exports at the beginning, _ _ ' ': . . The services exports account has expanded significantly during the seventies... In terms of services trading, the receipts increased from US$639 million in 1973 to US$1.09 billion in 1978.. "" ......
"The extent of" this shift in the services account is muffled by the increasing outflow or payments.., as external debt mounted in the seventies, substantial outflows have been recorded to remit payments..."
Measures of Structure and Change Before the decade of the seventies, Philippine foreign trade displayed stability, concentration, and bias in terms of products exported, in imports, the shifts that took place after 1950 remained until the 1970s. By stability, we mean the importance of (mainly) the ten principal exports which have remained the major foreign exchange earners for the period 1950 to 1970. By concentration, we mean the composition of the principal Ill II
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It would seem then that there was a notable change in the structure of exports during the seventies from their previous patterns. Moreover, the changes appeared to have been consistent during this period. It has been pointed out, however, that this shift did not alter the long-run characteristic of concentration since with II
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In general, the export behavior has seen a change in structure in spite of the fact that the proportion of gross domestic product exports decreased from 17 percent in 1970 to 12 percent in 1982_ While the services component of exports may have increased, the concommitant rise of component imports partly negated the positive effects of this type of expo_ development. Looking into the picture of imports, what started out in 1952 was a situation where 91 percent of all imports were in II
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_he form of consumer goods. By 1970, this ratio had fallen to 11 percent. In contrast,, intermediate goods imports in-
exports. Among these include the heavy import content of these exports as well as the special treatment attached to these,
magnitude of bilateral trade the Philippines and Australia."
creased from 47.6 percent in 1970 to 56 percent in 1980. The capital goods iraports fluctuated between 21 percent in 1955 and 42 percent in 1970. What is not revealed here is the sharp rise in oil imports (classified as intermediate goods) which had the effect of absorbing more foreign exchange (due to the quadrupling of oil prices) at the cost of alternatire intermediate .goods for increased output (and exports), In tracing market concentration of Philippine foreign trade, the destination of the US and Japan made up more than 80 percent of exports in 1970. This ratin diminished to 53 percent by 1980. The European Economic Community, Australia, the countries of the Associa-
the decline in the domestic demand, partly due to falling real wages, policy bias against domestic input suppliers, and the continuing adjustment of industries (especially between small and large establishments).. Thus the economy did not capture the full benefits from the striking trade change in the seventies, The studies of Arroyo (1984) and Tidalgo (1984) indicate the importance of the services sector in the process of trade transformation. Among the specific sev vice industries studied, the hotels and restaurants sector provided a large part (74 percent) of gross value-added (in 1978) that is exported. This is.obviously associated with the growth of the tourism industry during this decade. The constraints
tion of Southeast Asian Nations(ASEAN) and the Socialist countries took up the
to the expansion of the other service industries (banks, insurance, transportation,
The extent of the protection policy the country has pursued is reflected in the comparative analysis of the five ASEAN economies by Ariff and Hill (forthcoming). The study clearly shows that Philippine protection is highest among the five and this bias has been consistent during the sixties and the seventies. In the more limited comparative ana13)sis of Philippine and Australian trade structures made by Hill (1984) and by Miranda (1985) for example, the diversiflcation of destination markets is depicted by the increasing magnitude of bilateral trade between the two countries. This is even more apparent especially since each country's exports have grown in importance relative to each other despite the fact that neither country has increased its share of world trade. In the
slack in 1980. In summaly,
are clear indica-
etc.) include protection, lack of government promotion, and inadequate incent-
case of imports (Miranda's study), their structures show them to be somewhat in-
tions and evidence that the long-term }structure and pattern of Philippine foreign trade changed from what it was immediately after independence. The changgs in the patterns are in terms of product coverage, the mix between agricultural and manufactured products, destinations and other indices,
ives. On the other hand, with respect to labor exports, Tidalgo estimated that in addition to the foreign exchange inflows from remittances, the nature of this "new export" resulted in lesser unemployment than otherwise would have been. Esfimates point that the rate would have been higher by one percent without the
sensitive to price changes when necessities are considered. Thus given the expansion of bilateral trade between the Philippines and Australia, further imports are foreseen from Australia.
Although there is something to be said
flow of permanent and temporary migra-
there
about the structural changes that were realized, the same weaknesses.inherent in
tion. Many price intervention
previous structures are to be found in the ensuing pattern that took place in the seventies,
agriculture have resulted in lower (even negative) protection to traded agricultural goods relative to the manufacturing sector. A variety of export taxes, the higher domestic prices of manufactured inputs due to protection, and concerns for lower food prices for consumers have contributed to new explicit and implicit taxes on agricultural exports. As David (1982) concludes in a study of agricultural protection, the trade policy bias in favor of import-substituting manufacturing had constrained the rapid growth of industry which would have allowed higher food prices. This not being the case, agri-
"... In 1952, 91 percent of all imports were in the form of consumer goods. By 1970, this ratio had fallen to 11 percent." Causes The studies foreign
and Consequences more analytical aspects of these of structural change in Philippine trade endeavor to explain or point
out its implications. In Alburo's assess, ment of changes in the trade of non-tratitional manufactures, emphasis is given to possible reasons why there was very little discernible effect on the industrial sector and the rest of the economy des. pite a phenomenal surge of manufacture
policies
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cultural policy has been towards low food and raw material prices. "... The diversification of destination markets is depicted by the increasing I I IIIIII
between
In all the changes in the structure of Philippine foreign trade, the decade of the seventies seem to have significant weaknesses. First is the lack of reverberation on the rest of the economy, especially the industrial sector that expected to benefit from a rising share of manufactures to total exports, Part of the reason for this is the high import content of the new exports and the enclave nature of production (in processing zones). Indeed, other than labor, tlfis structural change is effectively operative out of the country. Second, the protective bias of trade policy penalizes the degree of agricultural exports in the trade basket. Given the have which development is capital-using, kind experienced of manufacturing we excess labor exacerbates further the ability of the policy regime to promote further trade in agriculture. Indeed, the continuing depression of real wages and the exports of labor services tell of comparative advantage, wherein the former is the basis .for the surge of manufactured I
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exports, and the latter of expanding temporary labor migration. Both phenomena may not really be a necessary component of the changes in the pattern of foreign trade,
sources. Drawing up a set of export incen. tires may compensate for the bias of industrial protection in import-substitution but not the nexus of manufacturing and agriculture, A more realistic real exchange rate
In Manufactures." Asean-Austral_ Project (]985). Rosalinda P. Tidalgo, "Labour Market, Structural Adjustments in the Philippines." ASEAN-Australia Working PapersNo. 13(1984).
"There is clearly a need to have a more
policy needs to bemaintained in order to retain the competitiveness of new exports. Apart from a wage-cost advantage, supporting an unrealistic exchange rate will simply drive away exporters into new locations given the footJoose nature
"Under Executive Order No. 1062-,4 dated November 9, 1985, President Marcos approved the restructuring of the various rates of duty for 12 industry sec-
neutral protection systemmisallocation that would not result in intersectoral of resources."
Finally, there may be aspects of the incentive and promotive system that hinder the more efficient response of the exports to the changing world trade environment. In a study of the furniture, footwear and leather industries, Evangefista (1985) finds that in addition to a Philippine competitive edge in pricing and material quality, firm expenditures for product design and process improvemerits contribute to increased export sales. The degree of protection or libera-
of non-traditional manufactures, and at the same time, penalize entrepreneurs who shoulder differences between exchange rates for earnings and the rate for payment of imported inputs, Greater liberalization has been found to have stimulated domestic and foreign investment in service industries. Thus, an active policy of liberalization may induce more competitiveness and efficiency. ...
vices industry lization the government partly adopts determines in the the ser. global integration of the industry and its impact on the structure of foreign trade.
Policy Implications Most of the changes in the structure of foreign trade have taken place in the se-
BIBLIOGRAPHY Florian A. Alburo, "Philippine Trade in Manufactures: Structural Change and Adjustment." ASEAN-Australia Project preliminary draft (1985). Gloria M. Arroyo, "The Services Sector in the Philippines." ASEAN-Australia Working Paper No. 2 (1984). Mohamed Ariff and Hal Hill, "ExportOriented Industrialization: The ASEAN Experience," Oxford University Press for the Asean-Australia Project (forthcoming). Cristina C. David, "The Structure and Changes in Philippine Agricultural Protection." (Revised paper presented at the Second Western Pacific Food Trade Workshop held on 22:23 August 1982 at Jakarta, Indonesia.) Felicitas U. Evangelista, "Market Prospects and Trade Promotion of Philippine Rattan Furniture, Footwear and Leather Products in Australia and
The following eight (8) papers consti-. tute the major outputs of a series of stu. dies in nutrition and welfare organized by the Center for Policy and Developmerit Studies (CPDS) of the University of the Philippines at Los Burros (UPLB). The Program involves staff members from UPLB, UP College of Home Economics, International Rice Research Institute (IRRI), and the International Food Policy Research Institute (IFPRI). The project is cooperatively funded by the Philippine Institute for Development Studies (PIDS) and the Philippine Council for Agricultural Resources Research and Development (PCARRD). These papers were presented in a Workshop on Nutrition and Welfare on October 4-5, 1985 at the UP Los Ba_os in Laguna.
verities, during a period of considerable world trade shocks. The question now is whether the subsequent patterns are sus-
other ASEAN Countries." ASEAN. Australia Project. (1985). Hal C. Hill, "Australia-Philippine Econo-
1. Overview Paper: "Nutrition and Welfare Issues in the Philippines: Some Perspectives for Research" by Ma. Agnes
tainable in the present policy environment. There is clearly a need to have a more neutral protection system that would not result in intersectoral misallocation of re-
mic Relations." ASEAN-Australia Economic Papers No. 15 (1984). Casimiro V. Miranda, Jr., "Philippine Import Demand Analysis." In David/Am & Associates, "Asean Australia Trade
R. Quisumbing, Assistant Professor of th_ Department of Economics, College of Development Economics and Management (CDEM), University of the Philippines at Los Ba_os.
"... Supporting an unrealistic exchange rate will simply drive away exporters into new locations given the foot-loose nature of non-traditional manufactures, and at the same time, penalize entrepreneurs... ""
By looking at the nature and change in Philippine foreign trade in recent times, the studies that have been reviewed here also specify a policy agenda that need to be considered in an effort to sustain any palpable structural change or to enhance the process more effectively.
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tors... Among others, these include animal, vegetable and mineral products; berefuges, spirits and tobacco; textile, artificial resins and plastic materials... This move is seen as the final stage of the government's overall tariff review program in preparation for the freeing of imports starting nextyear." "The Economy," Business Day 31 December 1985, page 2.
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Among the key welfare issues discussed is malnutrition and its association with poverty. Malnutrition involves many factors: food supply, food availability, agricultural production systems and inadequate purchasing power, particular-
respectively, Department of Human Nutrition and Food, College of Human Ecology, UPLB. The thrust of the study is mainly nutritional, focusing on the nutrition status of individuals and the factors related to
trition authorities do not think of themselves as such, impeding any move for nutrition improvement and change. Hence, the study argues for highly motivated change agents and appropriate nutrition intervention schemes that ad-
ly of low-income earners. There is also reference to an individual's health status, tastes and preferences as an aspect of realnutrition. The study calls for a serious investigation into the nutrition issue starting with an identification of the target groups to be addressed and the determinants of specific nutritional deficiency among them. After the analysis, the next step is to find the optimum intervention scheme which can affect the determinants of malnutrition, taking into account administrative costsand the political feasibility of these programs, 2. "The Philippine Food and Nutrition Situation: Trends and Policy Issues" by Ma. Agnes R. Quisumbing, University of the Philippines at Los Batlos. This study is a related component of =the overview paper although the stress is won agriculture and food sector performance. Trends in consumption and nutrition gathered from various sources are reviewed to a considerable extent, and the paper concludes by pointing out research gaps in the context of issues raised regarding the supply and demand aspects of nutrition, 3. "Where Lies the Value in Nutrition Evaluation?" (Conceptual and Contextual Issues) by Cecilia A. Florencio, Professor on Nutrition, College of Home Econotalcs, U.P. Diliman.
the individual's optimal utilization of food. The two indicators commonly used in the Philippines to assess the nutritional status of individuals are made use of in this study. The indicators are: a) dietary measures and b) anthropometry measures. The first relates to food and nutrient intake while the second explores the prevalence of undernutrition among pre-school children. 5. "Economic Determinants of Nutrition" .by Basilia M. Regalado, Instructor, College of Development Economics and Management, and Leo Gonzales, Liaison Scientist for Asia, IFPRI and Agricultural Economist, IRRI. The arguments that poverty or lack of income is the root cause of malnutrition among the poor is strongly confirmed bY the evidences given in this study. Considering the highly-skewed income distribution in the Philippines, one effective means of improving nutrition for the poor is to alter the income distribution, This can be done, according to the study, by providing full employment opportunities, hence, increasing the participation of these groups in economic growth. 6. "Social, Psychological Aspects of Food Consumption in the Philippines: Problems and Strategies for Change" by Ana Miren Gonzales-lntal, Assistant Professor, Department of Agricultural Education and Rural Studies, College of Agriculture, UPLB. This paper focuses on the social, cultural and psychological factors that exacerbate the nutritional effects of poverty, Strategies that could be used for achieving attitudinal and behavioral changes which can lead to improved nu-
dress the socioeconomic, social and psychological aspects of food consumption. 7. "Human Nutrition in Relation to Agricultural Production: An Example in the Philippines" by Thelma Paris and Laurian J. Unnevehr, Senior Research Assistant and former Visiting Scientist, respectively, Agricultural Economics Department, IRRI. The paper attempts to relate production systems with income, consumption and nutrition using several indicators. Food consumption and nutritional status of farm households in villages are examined vis-a-vis their cropping patterns. The main finding of the study indicates that households with different cropping systerns are able to produce the calorie and protein requirements for their families, although a greater income does not always lead to a better diet, specially among preschool children, inspite of an overall calorie adequacy. It would then seem that nutrition education along with better environmental conditions and food preparation within the households are also needed. 8. "An Assessment of the Contribution of National Plant Breeding PrOgrams to Nutrition in the Philippines" .by Evelyn Mae Mendoza, Institute of Plant Breeding, College of Agriculture, UPLB. The paper evaluates the contribution of national plant breeding programs to the Philippines' overall nutritional status. A review of the objectives of the breeding activities of national agencies concentrates on research studies done to improve the nutritional characteristics of food crops, as well as on programs that are directed towards the resource-poor or small farmers.
trition and health practices are also given attention. Some of the socio-cultural factors identified relate to food restrictions, food habits, negative food preparation practices, poor sanitation and parasitic infestation. Compounding these problems is the apparent lack of perception of nutrition deprivation. In other words, those who are considered malnourished by nu-
The inherent assumption of the study is that increased productivity translates into increased food availability and higher incomes, thus leading to better nutrition. A review of the breeding programs seems to support, to some extent, this assumption although it argues that the scope and extent of efforts towards improving crops in terms of nutritional quality is of equal
Taken in the context of nutrition, evaluation is considered "...important to good planning which is critical to effect. ive implementation, which in turn is a prerequisite to improving the nutritional well-being of people." Given such importance, there is a need to go into more sustalned research in nutrition evaluation and this means exploring the areas of nutritional status measurement, policy and program evaluation to see whether Lplanned inputs are compatible with stated _utcomes. 4. "Some Issues in the Assessment of Nutritional Status" by Corazon V.C. Barba and Normahitta M. Pandes, Assistant Professor and SEARCA Graduate Fellow, I
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importance. Agricultural research, including plant breeding programs, provides improved technologies that help achieve a more efficient food production system, However, the successful adoption of such technologies hinges on the support of both the private and government sectors,
0N-60IN6
PROJECTS:
"The Structural Incidence of the Coconut Levy on the Market Participants in the Philippine Coconut Industry "" by Arrnando Armas, Assistant Professor, University of the Philippines
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account durable equipment investment, net lending by government to the government sector to capture subsidies, and government corporate equity investment. The econometric model thus constructed will serve the purposes of forecasting and policy analyses, primarily in simulating the effects of alternative policies to assist planners in the search for policy measures to attain desired goals, Other than the econometric model, there will also be a User's manual readily available to complement the model,
SEMINARS:
1985
ber 29, 1985: The symposium was ajoind undertaking of the PhilippineEconomic Society (PES), the Philippine Institute for Development Studies, and the Philippine chapters of the Wharton, stanford and Columbia Clubs. Dr. Lawrence Klein spoke on the topic "The Current World Debt Situation and the Developing Economies", before businessmen, academicians and professionals, including membets of the print media. This symposium was part of the two lecture-series which Dr. Klein gave during his visit to Manila from November 26to November 30, 1985. The other lecture was delivered before students and professors of the School of Economics, University of the Philippines.
PES-PIDS-CPSP JOINT PANEL DISCUSSION ON THE PHILIPPINE ECO-
The study is an extension of the Phase I component of the project "Structural Incidence of the Coconut Levy on the Market Participants in the Philippine Coconut Industry." Phase I of the project tackled the theoretical analysis of the coconut levy incidence to major market participants, while Phase II centers on the empirical aspects of the coconut levy based on the framework of Phase I.
NOMIC OUTLOOK FOR
The second round of discussion focusing on the Philippine Economic Outlook was held on November 15, 1985 at the Metropolitan Club in Bel-Air Village, Makati. The forum was jointly sponsored by the Philippine Economic Society, the Corporate Planning Society of the Phi. lippines, and the Philippine Institute for
The Philippine Economic Society held its 22nd Annual Meeting on December 7, 1985 at the Philippine International Convention Center in Manila. The theme for this year's meeting was PR/VATI_( ZATION, a subject considered most timely in the face of increasing uncertainties and doubts raised on the role and per-
The study starts with a discussion of the organizational characteristics of the coconut industry from the farm sector, trading, milling and export sectors, using historical, economic and institutional factors. Regression analysis is heavily relied on in the assessment and this is
Development Studies (PIDS). The session aimed to evaluate earlier forecasts made during the first round which was held June 5, 1985. Moreover, forecasts of socio-economic developments for 1986 was part of the session's agenda, Various scenarios were cited by the pane-
formance of public corporations and the extent of government intervention in economic activities. The keynote speaker for the meeting was Chairman Armand Fabella of the Presidential Commission on Reorganization. Invited as luncheon . speaker was Felix Maramba, Jr., President
supported by an analysis of market structures and their characteristics as implied in the firstphase.
lists composed of Dr. Manuel Montes of the U.P. Scb.ool of Economics, Mr. Victor Valdepefias of Citibank, Dr. Vaughn Montes of the Center for Research and Communication, and Mr. Villamor Vital, Manager of the Economic Corporate Research Office of the Private Development Corporation of the Philippines.
of theIndustry Philippine(PCCI), Chamber and whoof Commerce spoke on
"Econometric Model of the Philippine Economy: Introduction of the Supply Side and Other Revisions - Phase VI" byRolando A. Danao and Manuel F. Montes, School of Economics, University of the Philippines This project will model various sectors of the Philippine economy, namely, agriculture, industry and services. Several components are disaggregated, among them, foreign trade, monetary sector, and the government sector, in particular, the government sector explicitly takes into ill
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PES 22nd ANNUAL MEETING
PES.PIDS-WHARTON-STANFORDCOLUMBIA CLUBS JOINT LUNCHEON SYMPOSIUM IN HONOR OF DR. LAWRENCE KLEIN
privatization as an imperative for susrained economic development. The meeting started with a plenary session in the morning and later broke up into three working groups which dealt with three different topics. These are on "The Privatization of the Financial Sector," "The Role of Public Corporations in Development," and "The Evaluation of the Performance of Public Corporations in Development." L
Renowned economist and NOBEL LAUREATE in ECONOMICS, Dr. Lawrence Klein, was the guest speaker in a luncheon symposium held at the Visayas Room of the Philippine Plaza on NovemI
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PIDS STAFF PAPERS
Studies on the Wood-Based Furniture, Leather Prnducts and Footwear Manufacturing Industries in the Philippine& bY Niceto Poblador, Adriano Soils, Roy YbaSez, and Bienvenido Aragon. Economic Policies and Philippine Agriculture. by Cristina C. David. Changing Comparative Advantage in Rice Production. Laurian J. Unnevehr nio M. Balisacan.
Philippine and Arse-
The Impact of Government Policies on Philippine Sugar. Gerald Nelson and Mercedita Agcaoili. Comparative Advantage and Government Price Intervention and Teresita
Policies in ForestTy, Tumaneng,
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Government Expenditures and Agricultural cies in the Philippines 1955-1980_ Manuel
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Econofruc Incentives and Comparative Advantage in the Livestock Industry. Liborio S. Cabanilla,
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An Analysis of the Economic Policies Affecting the Philippine Coconut Industry. Ramon Clarete and J. Roumasset,
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Economic Incentives in the Philippine Balisacan.
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and Comparative Advantage Cotton Industry. Arsenio and Balanced the Philippine_
An Analysis of Fertilizer Policies in the Philippines. Cristina C. David and Arsenio M. Balisacam (Printed also in J,P.D. 1981) Credit and Price Policies in Philippine Agriculture. Cristina C. David. Government Policies and Far/n Mechanization in The Philippines, Cristina C, David. Shadow Prices of Goods and Resources in the Philippines An Assessment. Erlinda M. Medalla. An Analysis of the Behavior Banks. Mario 8. Lamberte Exchange Rate Flexibility Policy in Pante, Jr.,
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Mario B. Lamberte. Effective Protection
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Forest Land Mana_Jement in the Context tionalLand Use. Adolfo V. Revilla, Jr.
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W.P. #
8403
Policy Issues on Commercial Forest Management. Cerenilla A, Cruz and Marian Segura-delos Angeles. The Impact of Government Policies on Forest Resources Utilization, Gerald C. Nelson.
and Rates
Philippine
to Balance
Agro. Ma-
Intersectoral Capital Flows Industrial Development in nuel S.J. de Leon.
Intervention Filologo
in Selecting
Economic and
Activity_
Internal
Setting.
of Payments
Indirect
Rosario Crises
G.
in the
1970s Korea and the Philippines. John H_ Power. A Study of Philippine Real Property Taxation, Cayetano W. Paderanga , Jr,,
8401
8401
and
1973-1981_
the DRC Criterion M. Medalla.
Aggregates
S.P_ #
W.P, #
of the Commercial
PhilipPines,
7.
11.
10.
8404
1.
in the Philippines in Taxonomical Exercise,
1982: A Rosario
the Shadow Exchange Rate, the Wage Rate and the Social Rate of
Discount for the Philippine_ Erlinda M. Medalla. Development Finance and State Banking: A Survey of Experience. Edita A_ Tan. Derived Protection for Nontraded Primary Product, Erlinda M. Medalla.
13.
W.P..#
14.
W.P. -# 8405
Population Implications Concepcion
Pressure, Migration and Markets: for Upland Development. Ma. Cruz.
16.
S.P.
#
8406
Modelling the Effects of Devaluat#on Output and the Trade Balance: The Experience. Ma_ Cecilia Gonzales,
15,
W.P. #
8406
17.
S.P.
#
8407
16.
W.P. #
8407
Tenure, Technology and Productivity of Agroforestry Scheme_ Ana Doris Capistrano and Sam Fujisaka, Environmental Effects of Watershed Modifica-
18.
S.P.
#
8501
The Development Bank of the Philippines and the Financial Crisis, A Descriptive Analysis. Mario B. Lamberte, The Protection Structure, Resource Flows and
17.
W.P. #
8408
18.
W.P. #
8409
19.
W.P, #
8501
20.
W.P. _
8502
tion& Wilfredo P, David. Management and Cost of Watershed Reforestation: The Pantabangan and Magat. Jose A. Galvez. Workshop Papers on "'The Consequences of Small Rice Farm Mechanization in the Philippines" A Review Of Welfare in the Coconut Industry. Sylvia N, Guerrero, Financing ,the Budget Eli M. Remolonao
Deficit
in
the Capital-Labor Ratio in Philippine Manufac. turing: A Short Empirical Note. Erlinda M, Medalla. A Decomposition Analysis of Philippine Export and Import Performance, 1974-1982. Poneiano S. Intal, Jr., Philippine Export'and Terms of Trade Instability,
19.
S,P.
#
8502
20.
S.P.
_
8503
21.
S,P.
#
8504
22.
S,P.
#
8505
Food, Fuel and Urbanization Alejandro N Herrin, Manuel F Florentino.
23.
S.P.
#
8506
Rural
the Philippines
1965-1982. Ponciano S. Intal, Jr., Methodology for Measuring Protection and Comparative Advantage. Erlinda M, Medalla and John H. Power.
Development
pectives 24.
S.P.
#
8507
Financial
Robert
I
II
III
IIIII
in the Philippine_ F, Montes, Rodolfo
Experience:
Economic
Pers-
Eo Evenson.
Liberalization
and
ture of the Capital Markets: Case, Mario B. Lamberte,
[]
on Prices, Philippine
the
internal The
Struc-
Philippine
_111
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