Suchergebnisse

As 2015 draws near, assessing ASEAN's progress toward the ASEAN Economic Community (AEC) defined by the AEC Blueprint is necessary and instructive. This paper constitutes the Mid-Term Review (MTR) of the AEC Blueprint for the Philippines. The Philippines Country Report presents the results of the surveys related to the MTR on areas including trade liberalization and facilitation, services and investment liberalization, labor mobility, and agriculture. In assessing the progress of implementation of the country's commitments under the AEC, a scorecard mechanism is applied. The report also covers two case studies as well as discussions on the role of the private sector and SMEs, and concludes with recommendations to raise the implementation rate of the AEC measures in the country.Overall, the survey results demonstrate how the AEC and the AEC Blueprint could address some of the issues that have constrained private sector response to the opportunities provided by greater openness in the Philippines, particularly the complex and inefficient administrative processes and procedures, and lack of effective competition in key sectors of the economy. While the Philippines has demonstrated its commitment to the AEC and the AEC Blueprint, key measures still need to be realized, particularly those that relate to services liberalization, customs integration, and ratification of transport protocols and agreements. The analyses of the study have demonstrated the benefits of the accomplishment of AEC measures in the Philippines, particularly those that precisely addressed the key institutional weaknesses faced by the private sector. Further delays in implementation could be costly for the country.

This paper looks at the issue of reforming financial regulatory structures from the New Institutional Economics perspective. In particular, it examines how the broader institutional environment prevailing in developing countries like the Philippines may affect the institutional arrangements for financial regulation, and how these might be taken into consideration when designing or reforming financial regulatory structures. The paper argues that the state of financial conglomerates in the Philippines does not warrant a shift toward integrated financial supervision. Instead, any effort to reform the financial supervisory structure must explicitly address the country's most fundamental need, which is to strengthen institutions and governance structures. Key institutional characteristics must already be in place to undertake such a reform successfully, including sound political and legal systems and enforcement mechanisms. That being said, properly structured independent regulatory agencies in the financial sector can play a part in strengthening the overall regulatory environment.

This paper looks at the issue of reforming financial regulatory structures from the New Institutional Economics perspective. In particular, it examines how the broader institutional environment prevailing in developing countries like the Philippines may affect the institutional arrangements for financial regulation, and how these might be taken into consideration when designing or reforming financial regulatory structures. The paper argues that the state of financial conglomerates in the Philippines does not warrant a shift toward integrated financial supervision. Instead, any effort to reform the financial supervisory structure must explicitly address the country's most fundamental need, which is to strengthen institutions and governance structures. Key institutional characteristics must already be in place to undertake such a reform successfully, including sound political and legal systems and enforcement mechanisms. That being said, properly structured independent regulatory agencies in the financial sector can play a part in strengthening the overall regulatory environment.

This paper looks at the contagion effects of the Asian crisis on the Philippine economy, the policy responses, and their social implications. In particular, the paper discusses the role of the financial sector in the evolution of the crisis. In Section II, the recent performance of the Philippine economy, the financial sector and the social sector is reviewed in order to better situate the Asian crisis and its contagion effects on the Philippines. Section III then looks at the economic and social impacts of the Asian crisis on the Philippines, as well as the government's policy responses. The government's social safety net programs are then discussed in Section IV. Finally, Section V presents some conclusions and the continuing policy issues.

This paper has reviewed four major developments in the last 30 years: the collapse of the Bretton Woods arrangements; deepening of economic integration worldwide; the frequency and severity of the crises that affected not only developing economies but developed economies as well; and the formation of the Euroland. Against this background was the increasing intra-regional trade and investment in East Asia. Existing empirical studies generally show that East Asia has satisfied the economic criteria for an optimum currency area. This implies that East Asia will benefit from having a common monetary arrangement. However, this requires a strong political commitment, which admittedly is absent in East Asia at the moment. Should East Asia be able muster enough political will to go ahead with deeper economic integration, then it must also prepare itself for monetary integration. The paper then went on to review and assess the strengths and weaknesses of five possible common monetary arrangements for East Asia that can contribute to the stability of the financial system in the region and support the deepening of economic integration in the region. The best arrangement for a more integrated East Asian region is the East Asian common currency union, with the regional currency independently floating vis-à-vis other currencies in the world. However, given the present economic and political realities in East Asia, this arrangement should be considered as a long-term goal that should be accomplished over 2 or 3 decades. In the interim, it is better for East Asia to agree on a regional currency basket system consisting of the yen, the euro and the US dollar. During this transition period, East Asian economies should strive to work on the following pre-conditions: strengthening central bank independence, enhancing wage and price flexibility, strengthening the financial sector, and harmonizing monetary policy. The emerging arrangements under the CMI and the expanded ASEAN Surveillance Process are a constructive sign that East Asian economies can work together to advance their common interests. Success in these arrangements will eventually lead to greater monetary cooperation in the region.

As 2015 draws near, assessing ASEAN's progress toward the ASEAN Economic Community (AEC) defined by the AEC Blueprint is necessary and instructive. This paper constitutes the Mid-Term Review (MTR) of the AEC Blueprint for the Philippines. The Philippines Country Report presents the results of the surveys related to the MTR on areas including trade liberalization and facilitation, services and investment liberalization, labor mobility, and agriculture. In assessing the progress of implementation of the country's commitments under the AEC, a scorecard mechanism is applied. The report also covers two case studies as well as discussions on the role of the private sector and SMEs, and concludes with recommendations to raise the implementation rate of the AEC measures in the country.Overall, the survey results demonstrate how the AEC and the AEC Blueprint could address some of the issues that have constrained private sector response to the opportunities provided by greater openness in the Philippines, particularly the complex and inefficient administrative processes and procedures, and lack of effective competition in key sectors of the economy. While the Philippines has demonstrated its commitment to the AEC and the AEC Blueprint, key measures still need to be realized, particularly those that relate to services liberalization, customs integration, and ratification of transport protocols and agreements. The analyses of the study have demonstrated the benefits of the accomplishment of AEC measures in the Philippines, particularly those that precisely addressed the key institutional weaknesses faced by the private sector. Further delays in implementation could be costly for the country.