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Message from the
PES President
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Philippine The Philippine Economic Society (PES) was established
Economic in August 1962 as a nonstock, nonprofit professional
Society organization of ECONOMISTS.
(PES)
Over the years, the Society has served as one of the strongest
networks of economists in the academe, government, and
business sector.
Recognized in the international community of professional
economic associations and a founding member of the
Federation of Asean Economic Associations (FAEA),
the PES is truly a significant national and international
institution.
The PES continuously provides a venue for open and free
discussions of a wide range of policy issues through its
conferences and symposia.
Through its journal, the Philippine Review of Economics,
which it jointly publishes with the UP School of
Economics, the Society performs a major role in improving
the standard of economic research in the country and in
disseminating new research findings.
For more information about the Society, please visit its
website www.phileconsociety.org.
PES SECRETARIAT
Asia-Pacific Policy Center
Rms. 303-304, Philippine Social Science Center
Commonwealth Avenue
Quezon City
Telefax: 926.4615
email: secretariat@pes.ph
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45th Annual Meeting
14-16 November 2007
Bangko Sentral ng Pilipinas
Conference
Program
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45th Annual Meeting Day 1. Wednesday, 14 November
14 November 2007
Master of Ceremonies
TERESO TULLAO, JR.
De La Salle University
08:00 AM REGISTRATION
• Opening Remarks
MICHAEL M. ALBA
President, Philippine Economic Society
Panelists
DANTE CANLAS
School of Economics, University of the Philippines
Constraints to long-run growth in the
Philippines
JONG-WHA LEE
Asian Development Bank
6
JEHAN ARULPRAGASAM 45th Annual Meeting
World Bank
14 November 2007
SAMIE LIM
Philippine Chamber of Commerce & Industry
12:00 NN LUNCH
Hosted by
Friedrich Naumann Foundation
Luncheon Speaker
SIEGFRIED HERZOG
Friedrich Naumann Foundation
Panelists
EDSEL BEJA
Ateneo de Manila University
On the relevance of export-led growth to the
Philippines
ELIZABETH TAN
Ateneo de Manila University
GLORA PASADILLA
Philippine Institute for Development Studies
B. Economics Education
Organizer
AGHAM CUEVAS
University of the Philippines-Los Banos
Panelists
AMELIA BELLO
RODGER VALIENTES
University of the Philippines-Los Banos
Grade inflation: Fact or myth?
7
45th Annual Meeting CHRISBELLE DIMAPILIS
University of the Philippines-Los Banos
14 November 2007
A review of tertiary economics education in
selected higher education institutions in the
Philippines
WALFRIDO BELEN
Ateneo de Manila Unviversity
Panelists
ROLANDO PENA
Consultant, Lepanto Mines
Mining investments in the Philippines:
Strategic issues
ART BOQUIREN
University of the Philippines-Baguio
Cost-benefit case study of mining in Benguet
communities
MARVIC LEONEN
College of Law, University of the Philippines
Law and economics of mining
RINA ROSALES
Panelists
TERESA DUENAS-CAPARAS
Bangko Sentral ng Pilipinas
Firm-level determinants of export performance:
Evidence from the Philippines
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SANTOS JOSE DACANAY III 45th Annual Meeting
University of the Philippines-Baguio
14 November 2007
Profit and cost efficiency of Philippine
commercial banks under periods of
liberalization, crisis and consolidation
NICETO POBLADOR
Kalayaan College
The changing face of competition
Moderator
CELIA REYES
Philippine Institute for Development Studies
Panelists
FELIPE MEDALLA
School of Economics, University of the Philippines
VICENTE VALDEPENAS
Bangko Sentral ng Pilipinas
LOURDES HOMECILLO
National Statistics Office
Discussant
ESTRELLA DOMINGO
National Statistical Coordination Board
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45th Annual Meeting F. Local government financial
14 November 2007 planning and management
Organizer
LEONARDO LANZONA
Ateneo de Manila University
Panelists
RAYMUND FABRE
EPRA-Ateneo de Manila University
Introductory note: Highlights of
accomplishments of the sector
RUFO MENDOZA
Ateneo School of Government
Benchmarking study: Local financial
management framework for good governance
FLORECITA FLORES
Local Government Research & Consultancy Service
Situs of the tax: A study of its implementation
Discussants
PRISCILLA MONTESA
Department of Finance
FELIXBERTO MONASTERIO
Consultant, EPRS
G. Monetary reforms 1
Organizer
FRANCIS DAKILA JR.
Bangko Sentral ng Pilipinas
Panelists
MA. CYD TUANO-AMADOR
RACQUEL CLAVERIA
FERNIDAND CO
VIC DELLORO
Bangko Sentral ng Pilipinas
Philippine overseas workers and migrants’
remittances: The Dutch Disease question and
the cyclicality issue
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FRANCIS DAKILA JR. 45th Annual Meeting
RACQUEL CLAVERIA 14 November 2006
Bangko Sentral ng Pilipinas
Identifying the determinants of overseas
Filipinos’ remittances: Which exchange rate is
most relevant?
AGNES YAP
CRISTETA BAGSIC
Bangko Sentral ng Pilipinas
Adjustments in the face of peso volatility:
Perspectives from the past and policy directions
Panelists
ALELI KRAFT
JOSEPH CAPUNO
STELLA QUIMBO
CARLOS ANTONIO TAN JR.
School of Economics, University of the Philippines
Information, incentives and practice patterns:
The case of TB DOTS services and private
physicians in the Philippines
JHIEDON FLORENTINO
STELLA QUIMBO
School of Economics, University of the Philippines
How will expanded insurance benefits and
quality improvements change patient behavior?
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45th Annual Meeting I. Financial markets development
14 November 2007 Organizers
LEONARDO LANZONA
Ateneo de Manila University
Moderator
ZENO ABENOJA
Bangko Sentral ng Pilipinas
Panelists
KAREN TECSON
Ateneo de Manila University
A stakeholder analysis on the initiative to
harmonize/integrate regulatory functions of
the Bangko Sentral ng Pilipinas, Securities
& Exchange Commission, and the Insurance
Commission
ROSEMARIE EDILLON
Asia-Pacific Policy Center
The consumer finance survey
Discussants
ANGELO UNITE
De La Salle University
EMMANUEL GUINA
Rural Bank Association of the Philippines
J. Energy
Organizer
PETER LEE U
University of Asia & the Pacific
Panelists
ANNA WHITEHOUSE
Total Philippines Corporation
ZENAIDA MONSADA
Department of Energy
RAYMOND TAN
De La Salle University
Bioenergy from a system level perspective
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K. Urban and land issues 45th Annual Meeting
Organizer 14 November 2007
ARTURO CORPUZ
Ayala Land Inc.
Panelists
MARIFE BALLESTEROS
Philippine Institute for Development Studies
Land administration and management issues:
Implications on CARP
Panelists
RAUL FABELLA
School of Economics, University of the Philippines
JOY ABRENICA
School of Economics, University of the Philippines
MARVIC LEONEN
College of Law, University of the Philippines
LOURDES MONTENEGRO
University of San Carlos
Policing pollution control in Central Visayas,
Philippines
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45th Annual Meeting M. Monetary reforms 2
14 November 2007 Organizer
FRANCIS DAKILA
Bangko Sentral ng Pilipinas
Panelists
ELOISE GLINDRO
Bangko Sentral ng Pilipinas
Are Asian housing prices too high for comfort?
HAYDEE RAMON
Bangko Sentral ng Pilipinas
Forecasting the volatility of Philippine inflation
using GARCH models
N. Student papers
Organizer
MARK ALVIN BAQUIRAN
San Beda College
Panelists
RONALDO ICO
School of Economics, University of the Philippines
Catastrophic health care, poverty and
impoverishment in the Philippines
Discussant
ALITA ROXAS
Mindanao State University
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Day 2. Thursday, 15 November 45th Annual Meeting
Master of Ceremonies
15 November 2007
FERNANDO ALDABA
Ateneo de Manila University
08:00 AM REGISTRATION
Panelists
PONCIANO INTAL
Angelo King Institute, De La Salle University
NORBERTO VIERA
Texas Instruments
Panelists
ERNESTO PERNIA
School of Economics, University of the Philippines
Population as public interest
HYUN SON
Asian Development Bank
Analysis on poverty, equity and labor market in
the Philippines
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45th Annual Meeting RANA HASAN
15 November 2007 KARL JANDOC
Asian Development Bank
Occupational dynamics and workers’ welfare:
The Philippines before and after the Asian
financial crisis
12:OO NN LUNCH
Hosted by
Bangko Sentral ng Pilipinas
President’s Report
MICHAEL ALBA
President, Philippine Economic Society
Sponsored by
“Bridges – Dialogues towards a culture of Peace”
Program of the International Peace foundation
Hosted by
De La Salle University with the
Mapua Institute of Technology
Venue
Teresa Yuchengco Tower
7F Yuchengco Building
DLSU Campus, Taft Avenue, Manila
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Day 3. Friday, 16 November 45th Annual Meeting
16 November 2007
Master of Ceremonies
WINFRED VILLAMIL
De La Salle Universityv
08:00 AM REGISTRATION
Panelists
MANOLO ABELLA
International Labor Organization
Migration and development: Still an unsettled
relationship
RAUL DELGADO-WISE
Zacatecas University
MICHAEL ALBA
De La Salle University
FABIO BAGGIO
Scalabrini Migration Center
Factoring in the social dimensions of
international labor migration: The Philippine
experience
Panelists
JAMES MCCORMACK
Asian Sovereign Ratings
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45th Annual Meeting SIN BENG ONG
JP Morgan
16 November 2007
CIELITO HABITO
Ateneo de Manila University
Growing at 7.5 percent: Too good to be true,
too good to last?
VICTOR ABOLA
University of Asia & the Pacific
12:OO NN LUNCH
Hosted by
The Asia Foundation
• Announcement of the results
of the PES election
• Closing Remarks
FERNANDO ALDABA
Chairman, Organizing Committee
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Abstracts and
Curriculum Vitae
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Abstracts & KEYNOTE SPEECH
Curriculum Vitae Achieving broad-based development
SENEN C. BACANI
Senen C. Bacani was awarded the SGV Ernest & Young Enterpreneur
of the Year in 2006, for his achievements as chairman and president of La
Frutera, Inc.
Mr. Bacani graduated summa cum laude from De La Salle University,
with a degree in commerce. After finishing his MBA from the University of
Hawaii East West Center, he joined Dole Food Co., where he rose to become
country manager in Costa Rica and in the Philippines.
Mr. Bacani served as secretary of agriculture under President Corazon
Aquino. In 1993, he established Ultrex Management & Investments Corp.
which, in 1996, partnered with Chiquita Unifrutti to form La Frutera, Inc.,
a 1,000-hectare banana plantation in the Autonomous Region of Muslim
Mindanao (ARMM).
• • • • •
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PLENARY SESSION 1 Abstracts &
Sustaining economic growth in the long run Curriculum Vitae
• • • • •
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Abstracts & JONG-WHA LEE
Asian Development Bank
Curriculum Vitae
We assess East Asia’s growth experience in a broad historical and
international context. East Asian countries grow faster than the rest of
the world for the last four decades. The growth performance can largely
be attributed to the strong fundamental growth factors such as investment
rate, human resources, fertility, institutional quality, macroeconomic
stability, and the degree of trade openness. We extend the discussion
on growth determinants to the role of balance of payment crisis, income
distribution and the quality of education.
• • • • •
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PARALLEL PANEL A Abstracts &
Trade: Regional & economic integration Curriculum Vitae
Edsel Beja, Jr. is deputy director of the Ateneo Center for Research and
Development. He is also an assistant professor in the economics department
and a research fellow at the Institute of Philippine Culture of the Ateneo de
Manila University.
Dr. Beja completed his PhD in economics at the University of
Massachusetts Amherst, and his master of philosophy degree in geography from
the University of Cambridge. He finished his MA as well as BA in economics
at the Ateneo de Manila University.
Dr. Beja’s project “Never Again to a Crisis: The Costs of the 1997
Asian Financial Crisis” was recognized with the IPC (Institute of Philippine
Culture) Merit Research Award for 2007-2008, while his project “The
Philippines on Debt Row” is the Loyola Schools Faculty Research grantee for
2007-2008.
• • • • •
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Abstracts & ELIZABETH TAN
Ateneo de Manila University
Curriculum Vitae
FTAs have been proliferating in Asia since the late 90s and show no
sign of abating. Asia, in particular East Asia must harness the strong
regional sentiments and harness it into a potential regional trade block.
The ASEAN+ 3 model should ideally serve as the starting point because
of existing linkages in the real and monetary sectors. Nevertheless, what
has taken off are the ASEAN +1 Initiatives, each moving at different
speed and covering wide and varied areas of liberalizaton. What are
their common characteristics and differences? Can these initiatives
complement the multilateral process of liberalization?
• • • • •
GLORIA PASADILLA
Gloria Pasadilla is a senior research fellow at the Philippine Institute
for Development Studies, as well as an APEC convenor with the group on
subservices forum and lead negotiator for services in the ASEAN-ANZ FTA
negotiations.
Her areas of interest include international trade, financial services
and international legal framework, regional integration, political economy,
international macroeconomics, banking, and insolvency.
Dr. Pasadilla obtained her Ph.D. (Economics) at New York University.
She also holds a Master of International Law and Economics (summa cum
laude) from the World Trade Institute, University of Bern, Switzerland,
and an M.S. (Industrial Economics) from the Center for Research and
Communication. Her B.S. degree is in Mathematics, from the University
of the Philippines.
• • • • •
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PARALLEL PANEL B Abstracts &
Economics Education Curriculum Vitae
RODGER VALIENTES
University of the Philippines-Los Banos
• • • • •
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Abstracts & A review of tertiary economics education in selected
Curriculum Vitae higher education institutions in the Philippines
CHRISBELLE DIMAPILIS
University of the Philippines-Los Banos
• • • • •
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PARALLEL PANEL C Abstracts &
Environment: Economics of mining Curriculum Vitae
• • • • •
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Abstracts & Cost-benefit case study of mining in Benguet communities
Curriculum Vitae ART BOQUIREN
University of the Philippines-Baguio
• • • • •
PARALLEL PANEL D
Competitiveness and productivity
Firm-level determinants of export performance: Evidence
from the Philippines
TERESA DUENAS-CAPARAS
Bangko Sentral ng Pilipinas
• • • • •
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Profit and cost efficiency of Philippine commercial banks Abstracts &
under periods of liberalization, crisis and consolidation Curriculum Vitae
SANTOS JOSE DACANAY III
University of the Philippines-Baguio
• • • • •
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Abstracts & The changing face of competition
Curriculum Vitae NICETO POBLADOR
Kalayaan College
• • • • •
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PARALLEL PANEL G Abstracts &
Monetary Reforms 1 Curriculum Vitae
RACQUEL CLAVERIA
Bangko Sentral ng Pilipinas
The study considers which exchange rate measure is the most relevant
determinant of overseas Filipinos (OF) remittances. The study employs
a microeconomic framework (involving a utility maximizing household)
to help form the basis for selection of variables to be included in the
estimations. Different versions of the vector autoregressions (VARs), which
vary by the particular exchange rate measure utilized, were estimated to
quantify the impacts of the major influences on OF remittances. An OF
deployment-based effective exchange rate index was constructed in the
study which proved to be a significant predictor of the movement of OF
remittances. Moreover, an incidental but significant finding of the study
is the procyclical nature of OF remittances.
• • • • •
CRISTETA BAGSIC
Bangko Sentral ng Pilipinas
• • • • •
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Abstracts & PARALLEL PANEL H
Curriculum Vitae Health
JOSEPH CAPUNO
School of Economics, University of the Philippines
STELLA QUIMBO
School of Economics, University of the Philippines
• • • • •
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How will expanded insurance benefits and quality Abstracts &
improvements change patient behavior? Curriculum Vitae
Presentor
JHIEDON FLORENTINO
School of Economics, University of the Philippines
Co-Authors
ORVILLE SOLON
School of Economics, University of the Philippines
STELLA QUIMBO
School of Economics, University of the Philippines
RITI SHIMKADA
University of California at San Francisco
JOHN PEABODY
University of California at San Francisco
• • • • •
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Abstracts & PARALLEL PANEL I
Curriculum Vitae Financial markets development
• • • • •
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PARALLEL PANEL J Abstracts &
Energy Curriculum Vitae
ANNA WHITEHOUSE
Total Philippines Corp
• • • • •
35
Abstracts & Bioenergy from a syatem level perspective
Curriculum Vitae RAYMOND TAN
De La Salle University
• • • • •
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PARALLEL PANEL K Abstracts &
Urban and land issues Curriculum Vitae
• • • • •
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Abstracts & A Primer on Land Administration in the Philippines
Curriculum Vitae and the Mango Avenue Project
PATRICK GERARD SIMON-KING
Ateneo de Manila University
• • • • •
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PARALLEL PANEL L Abstracts &
Regulation and development Curriculum Vitae
• • • • •
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Abstracts & PARALLEL PANEL M
Curriculum Vitae Monetary reforms 2
Co-Authors
TIENTIP SUBJANIJ
Bank of Thailand
HAIBIN ZHU
Bank for International Settlements
JESSICA SWETO
Hongkong Monetary Authority
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credit rating and risk assessment is likewise imperative. To address
the bubble issue, the policymaker may adopt measures that control Abstracts &
unwarranted high expectation of capital gains in the housing market. Curriculum Vitae
• • • • •
• • • • •
41
Abstracts & Policy considerations in the light of oil price volatility
Curriculum Vitae JADE ERIC REDOBLADO
Bangko Sentral ng Pilipinas
• • • • •
42
PARALLEL PANEL N Abstracts &
Student papers Curriculum Vitae
• • • • •
43
Abstracts & Selected demographic variables affecting the educational
Curriculum Vitae attainment of children in the Philippines
MIGUEL ROBERTO BORROMEO
JESUS CARLOS EXEQUIEL CASTILLO
ELEAZAR LOPEZ, JR.
De La Salle University
• • • • •
44
PLENARY SESSION 2 Abstracts &
Pushing Philippine manufacturing towards Curriculum Vitae
sustained growth
NORBERTO VIERA
Texas Instruments
• • • • •
45
Abstracts & Financing SMEs in the manufacturing sector
Curriculum Vitae MA. FLORDELIS AGUENZA
Planters Development Bank
• • • • •
46
PLENARY SESSION 3 Abstracts &
Poverty, population, and the labor market Curriculum Vitae
• • • • •
47
Abstracts & Analysis on poverty, equity and labor market
Curriculum Vitae in the Philippines
HYUN SON
Asian Development Bank
• • • • •
48
Occupational dynamics and workers’ welfare: Abstracts &
The Philippines before and after the Asian financial crisis Curriculum Vitae
RANA HASAN
Asian Development Bank
KARL JANDOC
Asian Development Bank
• • • • •
49
Abstracts & PLENARY SESSION 4
Curriculum Vitae Labor migration and development
• • • • •
50
Factoring in the social dimensions of international Abstracts &
labor migration: The Philippine experience Curriculum Vitae
FABIO BAGGIO
Scalabrini Migration Center
• • • • •
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Abstracts & PLENARY SESSION 5
Curriculum Vitae Fearless forecast for 2008: The take-off?
• • • • •
• • • • •
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Growing at 7.5 percent: Abstracts &
Too good to be true, too good to last? Curriculum Vitae
CIELITO F. HABITO
Ateneo Center for Economic Research and Development
Ateneo de Manila University
• • • • •
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Officers & President MICHAEL M, ALBA
Board of Directors De La Salle University
ARTURO CORPUZ
Ayala land, Inc.
PETER LEE U
University of Asia & the Pacific
EMMANUEL ESGUERRA
University of the Philippines
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1961 Armand V. Fabella Past Presidents
1962/63 Amado A. Castro
1963/64 Benito F. Legarda, Jr.
1964/65 Agustin L. Kintanar
1965/66 Placido L. Mapa, Jr.
1966/67 Jose Encarnacion, Jr.
1967/68 Gerardo P. Sicat
1968/69 Edgardo P. Zialcita
1969/70 Sixto K. Roxas
1970/71 Antonio V. Ayala
1971/72 Jose E. Romero, Jr.
1972/73 Quirico S. Camus, Jr.
1973/74 Bernardo M. Villegas
1974/75 George Piron
1975/76 Vicente B. Valdepeñas, Jr.
1976/77 Vicente R. Jayme
1977/78 Jesus P. Estanislao
1979 Mahar K. Mangahas
1980 Manuel S. Alba
1981 Ramon K. Katigbak, Jr.
1982 Cesar P. Macuja
1983 Vicente T. Paterno
1984 Filologo Pante, Jr.
1985 Emmanuel T. Velasco
1986 Edita A. Tan
1987/88 Ernesto M. Pernia
1989 Ramon B. Cardenas
1990 Benjamin E. Diokno
1991 Vaughn F. Montes
1992 Alejandro N. Herrin
1993 Mario B. Lamberte
1994 Victor B. Valdepeñas
1995 Margarito B. Teves
1996 Felipe M. Medalla
1997 Emilio T. Antonio, Jr.
1998 Cayetano Paderanga, Jr.
1999 Romeo L. Bernardo
2000 Dante B. Canlas
2001 Ruperto P. Alonzo
2001 Cielito Habito
2003 Emilia Boncodin
2004 Gilberto M. Llanto
2005 Alexander C. Escucha
2006 Aresenio M. Balicacan
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OFFICIAL EQUIPMENT SUPPLIERS SUPPORTING INSTITUTIONS
PLDT-SMART FOUNDATION
MEDIA PARTNER
PEACE AND EQUITY FOUNDATION