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51st Annual Meeting

51st Annual Meeting

Theme: “Markets and Institutions for Sustained Inclusive Growth”

The conference sought to revisit the role of efficient markets and a strong institutional framework in realizing the country’s twin goals of inclusiveness and sustainability.

USec. Gil Beltran of the Department of Finance delivered the conference keynote address on behalf of Sec. Cesar Purisima.

The opening plenary session featured National Competitiveness Council Private Sector Co-Chair, Guillermo Luz as well as Bank of the Philippine Islands President, Cesar Consing. They shared the views of the private sector on the sustainability and inclusivity of growth.

The second plenary session on the global, regional and national views on Philippine and Asian growth prospects featured Josh Felman, Assistant Director of Research at the International Monetary Fund in Washington D.C.; Eli Remolona, Chief Economist for Asia and the Pacific of the Bank for International Settlements, Hong Kong; and Rogier van den Brink, Lead Economist of the World Bank East Asia and Pacific.




    Master of Ceremony


    De La Salle University

    President’s Welcome and Opening Remarks


    University of Santo Tomas

    Introduction of the Keynote Speaker


    Department of Finance

    Keynote Address


    Secretary, Department of Finance


    Plenary 1: Private Sector Views on Sustainability and Inclusivity of Growth


    Chair, National Competitiveness Council


    President, Bank of the Philippine Islands

    10:10 Coffee Break (Poster presentations)

    Plenary 2: 

    The Global, Regional and National Views of International Financial Agencies

    Assistant Director, Research Department
    International Monetary Fund


    Chief Representative for Asia and the Pacific
    Bank of International Settlements


    Lead Economist, Poverty Reduction and Management
    Dept. of East Asia


    PES Election


    Luncheon Plenary

    Introduction of the Speaker


    UP School of Economics

    Plenary Speaker

    A Historic Moment to Transform the National Budget Process


    Secretary Department of Budget and Management


    Parallel Session 1

    1:00 – 2:30

    Panel 1A


    • Natural Resources and Environment: Climate Change, Water, and Waste (PCED Session)
    • Session Chair: Majah Ravago
    • Venue: Dasmariñas Room
    Inter-Generational Games with Dynamic Externalities and Climate Change Experiments
    Katerina Sherstyuk, Nori Tarui, Majah-Leah V. Ravago and Tatsuyoshi Saijo


    Economic Regulation of Water Supply in the Philippines

    Adoracion Navarro

    Who Should Shoulder the Cost on Solid Waste Management?

    Levi Guillermo Lima Geganzo

    Panel 1B


    • Poverty and Development (PCED Session)
    • Session Chair: Toby Monsod
    • Venue: Legaspi Room
    Geography and Development
    Toby Monsod


    Shocks to Philippine Households: Incidence, Idiosyncrasy and Impact
    Joseph J. Capuno, Aleli D. Kraft, Stella A. Quimbo and Carlos Antonio R. Tan, Jr.

    The Impact of the Philippines’ Conditional Cash Transfer Program on Consumption

    Melba Tutor

    Panel 1C


    • Financial Markets
    • Session Chair: Victor Abola
    • Venue: Grand Ballroom
    Measuring Asymmetric Volatility and Stock Returns in the Philippine Stock Market
    Francesca Tomaliwan, Daniel Hofileña


    A Renewed Econometric Analysis on the Efficient Markets Hypothesis of the Philippine Stock Market
    Cyrus Paolo Macapili Buenafe

    The Multifractality in the Philippine Stock Market and its Implication to Market Efficiency

    Harvey M. Niere

    Panel 1D


    • Economic sectors 1: Agriculture, Industry, and Services
    • Session Chair: Ramon Clarete
    • Venue: North Forbes Room
    The Philippine Manufacturing Industry Roadmap: Agenda for New Industrial Policy, High Productivity Jobs and Inclusive Growth
    Josef Yap


    Market Competition in the Downstream Oil Industry: Is there Evidence of Price Asymmetry?
    Ma. Joy Abrenica, Nimfa Mendoza and Rolando Danao

    Analyzing and Forecasting Movements of the Philippine Economy using the Dynamic Factor Models (DFM)

    Dennis Mapa and Ma. Christina Simbulan

    Re-Examination of the Contribution of Net-Exports to GDP Growth (1961-2000)
    Kristine Joy Cruz Martin

    Panel 1E


    • The Philippines and the Global Economy
    • Session Chair: Peter U
    • Venue: Bel-Air Room
    Managing Economic Shocks and Macroeconomic Coordination in an Integrated Region: ASEAN Beyond 2015
    Ruperto Majuca


    The Economic Potential via the Gravity Model of Trade
    Nikkin Beronilla, Jude H. Esguerra , and J. Ocampo

    Trade Liberalization and Trade Performance in Asia: 1974-2008
    Marissa Maricosa Paderon

    Panel 1F


    • Institutions and Governance
    • Session Chair: Victor S. Venida
    • Reactors: Edsel Beja and Temario Rivera
    • Venue: San Lorenzo Room
    The Effect of Emigration on the Quality of Governance at Home: Evidence from Local Institutions in Moldova
    Toman Omar Mahmoud, Hillel Rapoport, Carl von Schweinitz and Andreas Steinmayr


    What Prevents the Philippines from Undertaking Tax Reform? State Capture, Middle Class Opt-Out and Disempowerment of the Poor– A Story in the Un-raveling of the State
    Rosa Maria Alonso Terme

    Will Access to Information on Political Dynasties Alter Voting Behavior? Evidence from a Youth Voting Experiment
    Tristan Canare, Ronald Mendoza and Gladys Navarro


    Parallel Session 2

    3:00 – 4:30

    Panel 2A


    • Economic Sectors:Agriculture, Industry, and Services
    • Session Chair: Ruben Nayve
    • Venue: Dasmariñas Room
    Call Me Maybe: The Impact of Telecommunications on Economic Growth in the Asean Region
    Mc Reynald S. Banderlipe II


    Korean Inbound Tourism to the Philippines: A Macroeconometric Evaluation
    Cesar C. Rufino

    An Inoperability Input Output Approach in Evaluating the Impact of the Mindanao Power Crisis
    Francesca Dianne B. Solis, Krista Danielle S. Yu, Raymond R. Tan

    An Inquiry into Nexus between Demand for Aviation and Economic Growth in Philippines
    Bilal Mehmood

    Assessment of Prospective Impact of Fruits and Vegetables Research at the Industry Level in the Philippines: The Case of the ACIAR-PCAARRD Horticulture Project
    Roehlano Briones and Ivory Myka Galang

    Panel 2B


    • Methods and Metrics
    • Session Chair: Edsel Beja
    • Venue: Legaspi Room
    The Easterlin Paradox: Empirics on the Income Happiness Relationship sans Hedonic Adaptation
    Edsel Beja


    A Global Macroeconomic Forecasting Model for the Philippines
    Ruperto Majuca

    Aggregate Labor Productivity as the Driver of Real Per Capita GDP: A New Look at Philippine Economic Growth, 2002-2011
    Jesus C. Dumagan

    Aspirations of Filipino Women Entrepreneurs in the Informal Economy
    Marites Tiongco

    Panel 2C


    • CHED Proposed Standards for Economics Programs
    • Session Chair: Jose Camacho
    • Venue: Grand Ballroom
    Outcomes-based Education for Economics
    Lawrence Dacuycuy


    Proposed Policies, Standards and Guidelines (PSG) for Economics Education
    Fernando Aldaba

    Panel 2D


    • Student Papers
    • Session Chair: Mary Anelle Lopez
    • Venue: North Forbes Room
    Nature versus Nurture of Trust
    Deanne Lorraine C. Dumo, Mary Kristine Rabe


    The Labor Participation – Fertility Trade-off: Exploring Fecundity and its Consequences to Women’s Employment in the Philippines
    Ariane Gabrielle Lim, Daphne Ashley Sze, Kenneth Santos

    Factors Affecting Farmer’s Participation in the Philippine Crop Insurance Corporation Rice Insurance Program and the Effects of the Insurance program in Reducing Income
    Armand Christopher Rola

    The Diamond Years?: A Study on the Healthcare Expenditure Patterns of Elderly Household Heads in the Philippines
    Nicholas Andrew U. Price, Nico Angelo M. Rabang

    Panel 2E


    • Health Equity and Financial Protection in Asia (HEFPA Session)
    • Session Chair: Aleli D. Kraft
    • Venue: Bel-Air Room
    Coping and Consumption Adjustments for Similar Shocks Over Time
    Aleli D. Kraft, Joseph J. Capuno, Stella A. Quimbo, Carlos Antonio R. Tan, Jr.


    Squeezing the Middle: A Randomized Experiment to Promote Voluntary Enrollment in a Social Health Insurance Program
    Joseph J. Capuno, Aleli D. Kraft, Stella Quimbo, Carlos R. Tan, Jr. and Adam Wagstaff

    Will Insurance Subsidies and Information Improve Willingness-to-Pay for Health Insurance? Evidence from the Philippines
    Stella A. Quimbo, Aleli D. Kraft, Joseph J. Capuno, Carlos Antonio R. Tan, Jr. and Adam Wagstaf

    Panel 2F


    • Human Capital
    • Session Chair: Melly Paraiso
    • Venue: San Lorenzo Room
    K to 12: Human Capital for Whom?
    Bernardita R. Churchill


    Returns to Education in the Philippines: A Quantile Regression Perspective
    Jan Carlo Punongbayan





















































    Cesar Consing, President-BPI Plenary Speaker I

    Usec Gil Beltran Keynote Speech