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


Achieving Sustainable Food Security in the Face of Climate Change: Adaptation Mechanisms and Policy Recommendations for Sound Economic Livelihood of Northern Samar
Ron Paolo Felipe, Marites Tiongco, Anelita Obrar
Labor Mismatch in the Philippines: Analysis of the Impact of Education-Occupation Mismatch on Wage and Analysis of the Beveridge Curve
Mary Del A. Jasa, Mary Ann A. Corpuz, Edralyn L. Corpuz
Philippine Consumption Dynamics: An Empirical Study of the Life-Cycle Profiles of Household Consumption and Its Broad Components
Angeli Grace Juani
Short-Run and Long-Run Relationship of Selected Labor and Macroeconomic Indicators of Employment Rate: The Case of National Capital Region
Ver Lyon Yojie V. Pilitro
Factors that Affect the Price of Condominiums in Metro Cebu
Clark Ellis Pacana, Justin Vincent Gaisano
The Economic Condition of Selected Street Food Chicken Vendors in Legazpi City
Ciena May Luminario
Corporate Social Responsibility Programs of a Mining Company in Southern Philippines
John Vincent C. Espenido, Sulpecia L. Ponce
The Nexus between Crude Oil Prices and Inflation
Katherine Joie Ocampo
Determinants of Academic Performance of De’s Freshmen Students: A Three – Year Comprehensive Study
John Alexander L. Fellizar, Lejean Z. Dunlao, Mayeta C. Guerrero
Pension Distribution Crisis: The Right Scheme Between Defined Benefit and Defined Contribution in Solving Inadequate Pension Coverage in Singapore
Eun Hyun Kim, Princess Chezica T. Cruz, Carla Felize C. Lao
Explaining Food Security through Agriculture and Fisheries in the Philippines
Diana Keneth Buñag, Leslie C. Garcia, Rhey Tumaca Larisma
An Analysis on the Effect of Globalization to Poverty in the Philippines from 1991-2011
Aiza Dalangin Mañibo, Manilyn Martinez Bronce, Jaivee Magno Bermudez
Shocks and Volatility Spillovers to the Philippine Bond Market
Jesson A. Pagaduan and Alyssa Cyrielle B. Villanueva
The Analysis on the Incidence of Excess Reserves: Case of the Philippines
Felipe Tablan Polintan Jr.
Poverty Incidence, Infrastructure Development and Human Capital: an Empirical Study of Provinces in the Philippines
Edgardo Jopson
Reviving the Accelerator Model: The Philippine Case
Paolo Kris T. Adriano, Alvin Kyle A. Agnir, Josh Matthew C. Javier
Impact of Labor, Trade Liberalization, and Credit Access to the Domestic Supply of Coffee and Cocoa Emily Jane S. Ortiz